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A distinguished group of scholars from the Bitcoin Policy Institute, a respected not-for-profit research organization, has boldly countered the arguments presented in a 2022 academic article that suggests Bitcoin's scaling issues will hinder widespread acceptance.
This group of intellectuals, each hailing from prestigious American universities, openly challenges the assertions put forth in the 2022 article titled "Bitcoin's Limited Adoption Problem." They argue that the original article's arguments are flawed on three grounds.
The first flawed claim suggests that every transaction on the Bitcoin network requires the approval of the entire network for completion. The second flawed assertion argues that including more miners in the network would extend settlement times by delaying network-wide agreement. The third flawed premise posits that Bitcoin's blockchain structure imposes a limit on the number of Bitcoin transactions.
In their recent scholarly paper titled "Bitcoin works in practice, but does it work in theory?", the group of researchers refutes these assumptions, arguing that the alleged "limited adoption issue" is both theoretical and inconsistent with how Bitcoin functions.
While they agree with the original paper's conclusion that Bitcoin's blockchain does not scale well for on-chain payments, they emphasize that this scaling concern is not new and has been addressed over time.
The team concludes by pointing out that the original authors are fighting an imaginary enemy, as Bitcoin achieves scalability through off-chain transactions rather than by increasing throughput at the base layer, thus eliminating the need for network-wide agreement.
The research group highlights that the scaling challenges presented by Bitcoin's blockchain are known and manageable issues, rather than limitations to its future adoption.
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