Recently, Ryan X Charles, the CEO of Money Button, elaborated on the definition of Bitcoin [BTC] at scale. He also spoke about the properties which Bitcoin had to possess in order to define Bitcoin at scale.
Bitcoin at scale refers to the limits on the number of transactions the Bitcoin network can process at any given point in time. It is related to the fact that blocks in the Bitcoin blockchain are limited in frequency and size.
According to Ryan, Bitcoin at scale has the property of an unlimited block size. This would enable individuals around the world to make daily transactions on-chain but is possible only if it has an unlimited block size. He added:
“Block size will have to be big enough for that to be adequate and that will give somewhere in the neighborhood of a terabyte-sized block. The maximum block size will actually need to be a good deal larger than that, because we need to deal with volatility throughout the day.”
He further stated that there could be a bombardment of high-value transactions at any particular time. Thus, it was important to have an unlimited block size which could handle such unusual, high-amount transaction volume.
Furthermore, the network should handle such transactions without changing the average cost of transaction fees.
Ryan stated that the end-user experience had to be something that was consistently low in transaction fees. According to him, the transaction fees did not necessarily have to be the same, but it was required to be “consistently” low.
In addition, the transaction fees had to be a value which is not just “out-competed” by other payment platforms. He further added:
“So it pretty much needs to be less than one cent. If it’s not less than one cent, it needs to be about one cent; something that is acceptable for human beings to pay.”
Bob Ami, a cryptocurrency enthusiast, stated:
“Bitcoin Cash [BCH] is not far from unlimited block size and huge scaling. Bitcoin Core [BTC] is way behind and not going anywhere in my opinion because the core maximalists decided to make it a store of value and nothing more.”
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Original Post: Bitcoin [BTC] transaction fees might be ‘out-competed’ by other payment platforms, says Money Button CEO