Bitcoin Struggles to scale

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One issue that has been the topic of much debate is that of scalability.
Scalability refers to the ability of a technology to be used by increasing numbers of people.
In the context of Bitcoin, it refers to the number of transactions that the network can
confirm in a certain amount of time.
As of March 2018, Bitcoin blocks are created every 10 minutes and can only hold 1MB of
transactions, which is about one to three thousand transactions per block.
Thus, we can estimate that the Bitcoin blockchain can process about three transactions a second.
In 2015, the transaction volume exceeded the network’s capacity so much that blocks actually
began to run out of space, meaning that transactions were left unconfirmed, left without being
included in a block.
This led to proposals like Bitcoin XT, Bitcoin Classic, Segregated Witness (commonly abbreviated
as SegWit), and more recently, SegWit2x in order to improve the network’s transaction
processing capacity.
Some of these proposals rely on increasing the block size in order to fit more transactions,
while other ones modify the underlying protocol.
Each of these solutions have their pros and their cons, but we won’t discuss them in
too much detail right now.
The important thing to understand right now are the questions that the scalability debate
raises about decentralized governance.
For example: what do we do when we want to change Bitcoin?
Governance is the mechanism by which a protocol makes changes to itself, but no such mechanism
was encoded into the Bitcoin protocol.
Instead, users introduce proposals called BIPs, or Bitcoin Improvement Proposals, outside
of the Bitcoin network, on forums and online discussion boards, and then the community
votes ad hoc on whether or not they want to go through with that change.
Members can't directly propose and vote
on updates to Bitcoin within the actual software, but at least the current mechanism gets the
job done.
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