In this section, we will see that what are the various advanced protocols that have been suggested or implemented for improving the Bitcoin protocol.
Transaction throughput is one of the critical issues that need to be addressed. Inherently, the Bitcoin network can only process from approximately 3 to 7 transactions per second which is a tiny number as compared to other financial networks, such as Visa which can process approximately, on average, 24,000 transactions per second. PayPal can process approximately 200 transactions per second whereas Ethereum can process up to on average 20. As Bitcoin Network grew exponentially over the last few years, these issues started to grow even further. The difference of processing ...
