No doubt Bitcoin is going to stay on the top of the pyramid in the time being, but every day people are having hard time to deal with it and the difficulties are increasing.
Today Mark Mason (Director of PR / Media & Webmaster at Dash Force News) has tweeted some concerning news about Bitcoin, as he said and I quote:
My colleague @ArellanesIII just tried to send $500 of #Bitcoin on @exodus_io desktop wallet. $144.44 Fee for a $500 Transaction! That's outrageous!
Exodus have commented on the tweet saying:
We don't keep any of these fees. Unfortunately, this is how expensive the Bitcoin network is at the moment. In the last few days, we've seen the highest network fees in the whole history of Bitcoin.
However, paying almost 30% of your transaction amount and on top of that you have to wait forever to get your transaction confirmed have turned some red alerts on.
Now, the market cap is growing significantly with more people getting in every day and more money folding, the question here how long it ll take for exchanges to realize that they have to move on and add a better main tradable coin?
I know most of the exchanges offers an alternative to BTC like ETH or USDT and etc.. But here is the problem:
- ETH today is very slow to proceed the transactions because of one only successful game, I know ETH team is looking for a solution which is coming soon I guess, but until than I ll stay away of Ethereum to buy and sell alts.
- USDT is like the small brother of BTC, it cannot go anywhere unless it goes with the bigger brother, as we all knows USDT is using BTC to pay fees which force us to return to the biggest problem here, Waiting, so its not a solution.
- Some exchanges have started to add LTC, LTC is great with low fees but transactions usually takes from 10 minutes up to 25, im not gonna say its bad because its not but we need something faster and more reliable.
Here is some solutions in my opinion:
- Fee less coins like IOTA or RaiBlocks would be great, I know IOTA is in beta same as RaiBlocks and Iota is having some difficulties in the time being but it can be a great idea for exchanges to add it (in the future when everything is working smoothly).
- Ripple, Ripple’s XRP has proved to everyone especially the haters (Which btw there is a lot of them) that its capable to do heavy duty, I know people don’t like it because the think its centralized, but trust me on this one bitcoin is the most centralized coin on the market, XRP can sustain nearly 1500 transactions per second with very low fees, which is in my opinion is very important so people won’t lose money while transferring and will make is faster and easier.
And this picture tweeted by ripple describe everything:
Note: more than 270K unconfirmed BTC transaction and counting…
Finally here is a Disclaimer: I love BTC its like the grand grand father of alts and it will stay with us as a store of value just like gold, no one pays in gold! Right?
Comment below your opinions on what coin should be the successor of BTC.
Source:
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