Silk Road forums

Discussion => Philosophy, Economics and Justice => Topic started by: slash on April 05, 2013, 05:40 pm

Title: is bitcoin ready to handle its growth?
Post by: slash on April 05, 2013, 05:40 pm

since the new popularity of bitcoin there is so many issues
I can name a few ones  -a week ago coinbase has issues with transfer and withdrawal(no access to my money for a week)
                                     -same with SR withdrawal delayed
                                     - instawallet hacking things
I remember when the bitcoin value was at 10$ the transfer was cleared in 5 minutes time
Bitcoin is great because of the rapidity of transaction but if in the future it would take 2 3 days to get it cleared
there is no point
my question is will we have more and more issues with the growth of bitcoin economy?

thanks

Title: Re: is bitcoin ready to handle its growth?
Post by: astor on April 06, 2013, 03:08 am

The average confirmation time has actually gone down:

https://blockchain.info/charts/avg-confirmation-time

And we haven't had any big hacks in a long time, so I think overall the service providers are safer and more mature.

Will there be more issues? Certainly. With a hard limit of 1 megabyte per block, bitcoin can't handle as many transactions as Visa. Some things will have to change before it becomes a global currency.