This is the one myth that, sort of, holds water. Bitcoin, in its current state, is not truly scalable. Bitcoin can only process 7 transactions per second at best. When compared to VISA's tens of thousands of transactions per second, it's easy to see why scalability is frequently cited as the major force holding Bitcoin back.
Bitcoin, on the other hand, is not required to be scalable. As long as Bitcoin continues to carve out its own niche as a digital store of value, the network can remain unscalable and successful.
Payment solutions based on it, such as Paypal, Mastercard, and Visa, will still allow for real-time settlement of transactions for goods and services without regard for block processing speed.
Yes, intermediaries are involved, but this is no different than how we interact with our current financial ecosystem. Bitcoin, like SWIFT, SEPA, or other settlement technology, serves as the backend for securing the global financial network.
It is also understandable that intermediaries are no longer required because the network can scale on its own. Projects like the Lightning network, a second layer solution built on top of Bitcoin that boosts throughput, may one day make Bitcoin usable and efficient for payments on its own.
While such solutions are still being developed, I would not rule out Bitcoin becoming scalable in the future just yet.
I hope I was able to enlighten you a little bit about Bitcoin and dispel any misconceptions you may have had about it.
I would encourage you to continue your research on your own, or to contact us at Iconic, so you can learn more and determine whether Bitcoin and cryptocurrency are a good fit for you.
Adoption is now available, and I would be remiss if anyone missed out on this once-in-a-lifetime opportunity due to a lack of relevant information.
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