Bitcoin scalability has been in talks for past few months. The talks about 1mb blocksize, 2mb blocksize and even 8mb blocksize. The current situation of original Bitcoin is worst of all the current cryptocurrency.
Bitcoin is King no doubt about that but if I want to do a transaction for anything either exchange or buy, Bitcoin would be the last option. The current number of unconfirmed tx is very high. At the time of writing the number of unconfirmed tx where more than 172,000+. This number is insane.
Segwit didn't do anything in my opinion. I used segwit address and I see no difference in text fee. Segwit definitely failed to solve the scalability issue. Lightning is now the only hope for Bitcoin but I am skeptical about it. It leads towards centralization more than decentralization. Bitcoin core team is a sleeping panda. No information or feedback from them.
Ethereum and Litecoin in this respect are amazing. To be honest most altcoins are good for quick text. This is because Bitcoin was developed 9 years ago and most altcoins are new with better technology.
Facts-
- Difficulty 1,931,136,454,487
- Hash Rate 15,743,559,470 GH/s
- Time Between Blocks 8.19 minutes
Time between blocks have decreased significantly and hashrate has also increased. Even with this the scalability issue is not solved as it's unable to cope up with the exponential increase in transaction. It took my tx 1400+ minutes to get first confirmation with average fee and 7 hours with high fee. This sucks.
Still this doesn't mean that I hate Bitcoin or I'm against it.
