BTC Fees, WTF?
In the past few months, the cryptomarket has grown exponentially and with it, almost all cryptocurrencies marked an increase in value. More and more people are drawn to the other alternatives, coins that promise better working models than the current one. As more people exchange Bitcoin for altcoins to invest in, they must pay the Bitcoin network a transaction fee to pass through exchanges. This is one of the main reasons the price of Bitcoin is soaring, among other factors. Lately, these fees have become so expensive, it's unpractical to use Bitcoin for many transactions. And it looks like there is much work to be done before it delivers what it promised.
The miners are betting higher and higher fees and as long as people are paying them the only direction the transaction fees are going is up. Despite the rise of Bitcoin the network is still struggling with fundamental problems like the fact that transaction times have become very slow, the network is becoming highly centralized, and not to mention the amount of electricity the network needs to operate and verify transactions. If Bitcoin is to become the next payment system of the future it has to deliver a superior service than the ones we already use like Visa or PayPal, for example.
Although better alternatives in the crypto world already exist, most of the focus still remains in the hands of the Bitcoin network. In the past couple of months, I've been trying to avoid using Bitcoin as much as possible. If I want to deposit some funds to an address, Bitcoin is my last choice.
The first cryptocurrency is unique and widespread but has many inherited inefficiencies. Instead forking sub currencies the miners must fix the original one…
Agreed!
I was actually intending to make a service that accepts bitcoin, however, micro transactions are a big partof this service, and bitcoin simply doesnt offer these anymore. I currently use gridcoin as its price helps microtransactions be easy
As more people start to accept crypto the need for micropayments will increase. I think this is where some competition will start to emerge among the altcoins. It looks like Bitcoin will become a store of value, rather than a fast and cheap transaction network.
I agree with ya! . I personally use LTC to diversify into another alt coin! also even during purchasing goods with btc the fee is almost as the same of the goods or even more expensive if being used to buy small items.
we shifted from banks to bitcoin because they offer low fees. Now we will shift from bitcoin to any other alternative crypto most probably iota.
I agree, maybe ripple or iota offers a better solution then bitcoin. Over time there will be may more options to get into altcoins besides buying btc and exchanging it.
Decentralization is the way to go.
In Xapo they steal you more, a vote comes out salu2
I ask you a question in what currency do you recommend to save? from your point of view @rossenpavlov
Its becoming like centralized, which defeats its purpose.
IOTA seems the best solution for it.
Bitcoin still out-performs all others on the market, and will always be the "gold" of cryptos, but it does seem some organizations are over-charging for it use. If the market works, those organizations will be replaced by more competitive ones charging lower fees. In the meantime, the best thing to do with bitcoin is to sit on it and watch it accumulate value ;)