Wednesday, August 9, 2017

Bitcoin Fees Will Only Rise Now: Lightning Dev Rusty Russell

Bitcoin Fees Will Only Rise Now: Lightning Dev Rusty Russell

Lightning Network developer Rusty Russell has issued a damning report on Bitcoin scalability, adding that fees would only rise from now on.


In a blog post Monday about the need to increase Bitcoin’s capacity long term, Russell said that the solutions currently available all fall short.


“Bitcoin can’t scale to meet demand unless demand vanishes and it all fails,” he wrote.


“If Bitcoin is used by 100,000 people today, and we want everyone to use it, we need Bitcoin capacity to grow 75,000 times larger. Yet we’re already struggling with 140GB of storage caused by Bitcoin’s first eight years when it was mainly not being used[.]”


Full story at http://bit.ly/2hIREiB


Source: CoinTelegraph


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