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Author: Admin | 2025-04-28
Could technically copy Wikipedia (all of the data can fit on a thumb drive) and try to host it on my website as Lynpedia. Would I be a real challenge to Wikipedia’s traffic if I did? Of course not. Even if I copy the full text, I can’t copy the hundreds of millions of links on countless websites pointing to the real Wikipedia, the top search rankings and massive server capacity that Wikipedia has, or the community of people that continually update Wikipedia. It would be a non-serious competitor.Similarly, anyone can copy bitcoin’s blockchain and fork it into their own design. The question is whether they can convince the majority of miners, node operators, and users to consider their fork to be the “real” bitcoin. So far, no contest.2) New Layers DevelopedAdditional layers like the lightning network, as well as third-party custodial services, have improved bitcoin’s scalability. In 2021, major exchanges like Kraken and OKCoin agreed to use lightning.Chart Source: Lightning Network ExplorerScalability, specifically referring to the number of transactions per second that the network can do, is the metric that bitcoin sacrifices on the base layer in order to maximize other metrics like security and decentralization. Bitcoin can only do about 120 million transactions per year, and a few hundred million payments per year since each transaction can have multiple destinations. So, any layers that improve bitcoin’s scalability, including trustless or non-trustless solutions, can enhance the network’s value and alleviate future concerns about bottlenecks.If we look at the global payments system, there are big settlement layers like Fedwire, and then there are layers on top of them that can handle more transaction throughput, and the banks settle those transactions in batches on the base settlement layers. Bitcoin has been evolving in the same direction.Many people incorrectly compare bitcoin transaction
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