Wouldn’t the blockchain size become a bottleneck if all payments happened on Bitcoin?
I am learning about Bitcoin. I understand that bitcoins are stored on a ledger, and the ledger itself is widely distributed and available to all parties. I also understand that the ledger stores all the previous bitcoin transactions for all the bitcoins.
Suppose in the hypothetical future, everybody moved to bitcoins, with no USD or other fiat currencies. What would be the ledger size in bytes due to all transactions that happened within a year? If you were to record all past transactions from the time bitcoins started, so you could track it, it seems to me it would quickly become a huge network bottleneck, as the ledger is updated over the network. Even the size of the ledger itself might become a big concern over a few years.
Has anybody looked into this aspect of bitcoins?