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Did Bitcoin just prove it can’t scale?
26 by graniter | 12 comments on Hacker News.
The past few days have shown what happens when many people attempt many transactions using Bitcoin. The network slowed to a crawl. Transaction prices went through the roof. And we still are at a point where only a tiny fraction of people are using Bitcoin, and only a tiny fraction of all financial transactions are using Bitcoin. How is this expected to work with 7 billion people using it for every tiny financial transaction? I don’t think it can. I have owned BTC for 5 years and I am enjoying the rally, but with the high transaction fees, back log, and long transaction times, I wonder how well it can really work as a replacement for banks. Am I wrong?
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