Bitcoin, an electronic payment method based on Mathematical proof was developed in 2008. It was developed by Satoshi Nakamoto in a creative thought that people could exchange and trade independently of any central body that could be transferred electronically in a safe and secure manner. Bitcoins allow paying electronically for the things. It includes digital version of dollars, euros or yen. It differs from fiat currencies in many ways such as decentralization, Immutability, Pseudonymity, Limited supply, and immutability. The rising user base is naturally regularly increased by increasing number of transactions but in current state, the bitcoin is, unfortunately, unable to process transactions fast enough.
However, accessing anything in digital world may face some or other issues. Recently, there is severe issue concerned regarding big transaction fees in bitcoin wallet. Let us discuss below all about the encountered problem on the basis of Bitcoin Customer Service.
Once and all people should have insight that "All problem lies in a specific bound i.e. Block Size Limit". This means present limit is inadequate forever growing transaction strength. This size limit was introduced of 1 MB, meaning the blocks containing size over 1 megabyte would automatically be dumped or say rejected by the network as invalid. This was incorporated with thought of security measure, avoiding the serial attacks of hackers with the intention to paralyze it. Nevertheless, the bounded decision has had unfavorable long-lasting effect on the transaction capacity of the network. When we talk about the space it is fairly insufficient for single transaction as the data say: the amount of Bitcoins to transfer, sender, receiver, etc takes some space. But, it sums up when there is large number of transactions taking place every minute. Every single transaction has a particular transaction fee paid by the customers to the minor. This transaction fee is paid to miner if the user places transaction into their block.
SOLUTION TO RESOLVE THE PROBLEM
1 Lightning Network
A second layered protocol that enables to directly send transaction through payment channels. As soon as it is released it allows virtually zero fee transaction and immediate confirmation. If is able to release then it can overall solve the problem by largely lowering the fees providing immediate confirmation. But, it's said lately till now it Lightning
bitcoin wallet paper is not yet released.
2 On-chain scaling
Some users have a thought that increasing the block size limit makes blocks large in size and can solve the fee problem. Letting the blocks to become bigger means there is more space for transaction, lowering the fee amount. But, if the blocks become larger it will be much difficult for the miners to function on the network as these miners and nodes have to quickly download at rapid intervals. If there is less number of nodes this will create detrimental centralization.
Digital world faces various tech issues. And so same goes with Bitcoin wallet. The major issue targeted is big fee transaction during transaction. This creates trust failure of the clients from the crypto wallet. People hinder onto common sites to seek temporary help But people are unaware of the risk in the future. Taking this into account we have created our helper page for the Bitcoin users to provide a direct help without creating loophole. If the users are facing the set problem then they may contact Bitcoin Support Number and put forward the encountered issue to the tech team. The experts are alert to provide the best solution in no time. The customers investigate the problem and revert with efficient solutions. The other ways to connect Bitcoin Service Number and get reliable clarification. Make sure the client should provide background information regarding the issue to the team members. The solution will be given in steps to easily follow the instruction and get their problem fixed.
