Bitcoin, or BTC, is the first cryptocurrency that was created in the world, which has been in existence for more than a decade. The passing of the days forced him to receive adaptations, in order to be competent in the market. This time, some of the improvements it had from its creation to 2020 will be presented.
To improve the Bitcoin protocol, not only does it take time, it is also necessary to have a large number of developers dedicated to carrying out this work. Although a little over 10 years have passed since its launch, it can be said that BTC still maintains its essence, despite having received some improvements.
Due to multiple limitations of the token, it remains in the market as one of the most profitable digital currencies. Its properties, algorithms and codes are the possible causes that Bitcoin It is a market leader and for this reason, they have not been changed yet.
Bitcoin’s development and growth in recent years has been exorbitant, however the stability it has in the market could not yet be considered good. This is one of the variables that causes slow BTC development. Furthermore, limitations and barriers have also sharply slowed down the acceptance and advancement of the token.
Barriers and limitations
When Bitcoin’s limitations and barriers are mentioned, reference is made to all those drawbacks that the cryptocurrency went through to get to the point where it is now.
A wide number of countries decided to limit the use, as well as the acquisition of the token. However, over time, the cryptocurrency was adopted by companies and users.
Which certainly forced political systems to have to adjust the nation’s rules, so that Bitcoin could be used without any problem. Thanks to the adoption that took place in many countries, today it is possible to pay for and purchase services with cryptocurrencies.
However, these were major drawbacks that BTC went through; Even still in China, one of the largest powers in the world, the ideal of “non-crypto blockchain” is maintained.
Lightning Network and Bitcoin
This is a second-layer peer-to-peer Bitcoin network, whose main objective is to allow users to make micropayments faster and with greater privacy. That is why the Lightning Network is the most relevant second layer technology that BTC has.
Allows for almost instantaneous transactions and without the obligation that the block must be verified or confirmed by the Blockchain network. This method created by the developers of Lightning Labs, ensures that each user can receive the funds in their wallet instantly.
The development of this technology was one of the advances or changes that Bitcoin has had since its birth. Therefore, highlighting this aspect is considered of great importance.
Mining and Halving
Mining started in 2009 with the first Bitcoin genesis block, which awarded a reward of 50 BTC tokens; it currently equals approximately $ 375,000. It should be noted that every 210,000 blocks increases the difficulty of mining, forcing users to have to update their mining equipment.
It is worth mentioning, that this is mainly due to Bitcoin Halving, which occurs every 210,000 blocks; that is, approximately every 4 years. Furthermore, mining will be possible until 21 million BTC tokens have been reached.
This year there will be a halving, which many miners and investors are looking forward to. Because, it will surely cause a big increase in the price of Bitcoin. Some estimate that the growth rate will be up to 200%.