From the time when Bitcoin was invented and became available to the public, criticism towards it never stops, especially on the level of its effectiveness. Transactions that involve digital currency are being processed, stored and verified using Blockchain.

Blockchain made ledgers harder to manipulate due to the reality of what transpired is verified. Not only that, this is a decentralized network and it is available on all computer systems worldwide.

What seems to be the issue with blockchain technology is that, Bitcoin network is quite slow, particularly when compared to banks that are dealing with credit card transactions.

Prominent credit card companies like Visa, Inc is processing to about 150 million transactions a day or about 1,700 transactions/second.

Bitcoin’s Processing Prowess

In Bitcoin network process, how many transactions is it actually capable to handle? Well one thing’s for sure and it is far from what credit card companies can do. A transaction may take few minutes or even more to complete. Like with the Bitcoin network, users have grown and waiting times become longer due to the increased transactions without developing and improving the underlying technology that’s processing them.

This pushes cryptocurrency miners and developers to think of a solution that will resolve the problem.