Current Barriers to Blockchain Adoption, Enterprise Demands, and How Bitcoin Latinum is a Next Generation Solution
Long lag times and high transaction costs are two significant barriers to broadscale cryptocurrency adoption. In order for crypto to be utilized by enterprises and consumers alike, blockchains must meet and exceed the high transaction capacities and low costs of the most trusted and reliable exchange networks, such as credit cards and digital payment platforms. This article will be an overview of the limitations faced by existing cryptocurrencies, enterprise demands to achieve universal crypto adoption, and how Bitcoin Latinum creates a new paradigm for digital asset capabilities and acceptance.
A major limitation to broad crypto adoption is the capacity and speed constraints of leading cryptocurrencies. The Bitcoin blockchain can only process three transactions per second (TPS), while the Ethereum blockchain can only process twelve. Additionally, it can take between 10 to 60 minutes to complete a Bitcoin transaction, while Ethereum’s network can take between 10 and 20 seconds. With increased transactional demand on these networks, lag time grows longer and longer, which is a crippling pain point deterring many from relying on crypto.
Another significant issue is the transaction costs of Bitcoin and Ethereum as the leading P2P transaction networks. The average costs of these transactions are near $20, an unfavorable cost that enterprises and customers will not be willing to spend at scale.
For blockchains to be implemented at large, they must offer a more dependable transaction network than credit cards as the most trusted form of digital payment, which can facilitate around 1700 transactions per second. Blockchains need to not only have the capacity to digest demanded transaction volume, but provide a better alternative to the near instant verification of credit cards and digital payment networks.
Likewise, the broad adoption of cryptocurrencies will not occur until transaction fees are predictable and cheap. Leading crypto networks are so jammed facilitating their current transaction demands that more would only increase these fees and slow processing times. To be adopted at scale, blockchains must employ cheap transaction costs by
withstanding greater capacities comparable to those of leading payment networks. When blockchains can withstand greater capacity demands than the most trusted infrastructures, transaction fees should lower significantly, encouraging mass adoption to take place.
Bitcoin Latinum seeks to be the cornerstone blockchain of the media, gaming, cloud computing and telecommunications industries, each of which are industries pioneering the future of the digital age. Aware of the growing demand for greater transaction capacity and low costs, Bitcoin Latinum can facilitate 10,000+ transactions per second for an average fee of $0.1. Compared to Bitcoin and Ethereum’s TPS limits, Bitcoin Latinum not only beats leading crypto network capacities, but it soars past the capacities of credit card networks. Further, Bitcoin Latinum transactions can be processed between 1 and 3 seconds, a fraction of the time it takes to process Bitcoin and Ethereum transactions.
A key feature of the Latinum blockchain that supports quick transaction facilitation and capacity capabilities is its 32 megabyte block size. This heightened block size significantly reduces the need for constant block creation as experienced by Bitcoin due the network’s mere 1 megabyte block size. The greater the block size, the more transactions a block can record without needing to mine more blocks, lowering transactions costs to more predictable levels.
With more reliable transaction speeds and costs, Bitcoin Latinum is poised to be adopted at scale, with utilities specifically supporting the media and entertainment, gaming, cloud computing, and telecommunications industries, all of which are industries where transactions and communication between consumers never stop. At the pace these industries are currently expanding globally, their demand for blockchain facilitation mediums will grow exponentially as third party verifiers are outpaced by the speed and dependability of blockchains. As this transition takes place, Bitcoin Latinum is the proven best solution for enterprise and consumer adoption.
Read our story to get an insight into our goals and aspirations for Bitcoin Latinum.