Scalability is Blockchain’s Biggest Problem But it Can Be Resolved
Cryptocurrencies are continuing to become more mainstream. With each passing day, the number of daily Bitcoin transactions inches upward. The problem is, we still haven’t found a way to solve the scalability problem. Why is Blockchain Scalability Such an Issue? Cryptocurrencies were not initially designed with the idea of widespread use and adaptation in mind. As the number of daily transactions continues to rise, an increasing number of issues are popping up. Many crypto enthusiasts are holding onto the hope that cryptocurrencies will eventually be able to compete with the likes of PayPal and Visa. However, as it stands, we are far from it. Visa is currently the fastest measured payment network. It is capable of processing approximately 24,000 payments per second. In comparison, PayPal can process approximately 193 transactions per second. Most cryptocurrencies are still lagging far behind. Ripple is the outlier and can process up to 1,500 transactions
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