Real Scaling Solution For Bitcoin – Bitcoin Magazine

This is an opinion editorial by Knut Svanholm, author of “Bitcoin: Sovereignty Through Mathematics.”

Bitcoin skeptics often claim that bitcoin doesn’t scale. They say that bitcoin’s on-chain transaction capacity of about seven transactions per second is too low, especially compared to the most common credit and debit card networks. These networks are centralized databases capable of more than a hundred thousand transactions per second. The standard Bitcoiner reply is that these critics haven’t heard about Layer 2 solutions to the scaling problem, such as the Lightning Network. While it’s true that Layer 2 will probably solve the problem eventually, it is not a rapid enough solution in the event of a quick hyperbitcoinization. After all, if all base layer transactions are new Lightning nodes, only seven new nodes can be fired up per second, right? In truth, the critics and most Bitcoiners do not see the bigger picture here. Both groups are missing the forest for all the trees. Let us think this through.

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