Bitcoin is Eating Itself

December 26th, 2017

Disclosure: I hold Bitcoin and other cryptocurrencies.

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Bitcoin has become utterly terrible to use. The slow confirmations and high fees are insane. The article below is old. The average Bitcoin transaction fee is now $41.66, which is down from a record high $55.16 from a few days ago.

I did a couple of small transactions with Bitcoin Cash and couldn’t believe the speedy confirmations and pennies for fees.

I like the look of Dash. Lite Coin has a vocal fan base, but can it scale?

What coins do you think have potential to become a popular transaction medium?

Via: Medium:

Fees keep going up. And every time they go up, more of the money stored on the blockchain becomes worthless.

Over 3000 BTC, worth over $4M, is stored in “coins” (or “utxos”) whose value is too low to be spent in a normal transaction without incurring fees greater than the value of the “coin”.

If fees were back at January 2017 levels, only half as much stored BTC would be worthless. Bitcoin is eating itself.

Posted in Economy, Technology | Top Of Page

One Response to “Bitcoin is Eating Itself”

  1. MBerger47 says:
    January 8, 2018 at 11:18 am

    When the Lightening network on Bitcoin is operational later this year, Bitcoin will be able to handle all transactions for coffee, groceries, gas, etc…

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