Is Bitcoin simply living off it's name? 🕵️
Bitcoin is the daddy of all cryptos as we all know, it was the first to start this blockchain revolution and it has rightly gained a lot of attention and value.
Sadly though if we look under the hood, it's actually pretty poor at performing it's intended function. Crypto"currency" was how it was described in the white paper and sadly it can't be any further away from that. First off the transaction fees are beyond crazy. Who want's to buy a cup of coffee with Bitcoin when the fees can be up to $20?
Steam has stopped excepting it as a payment method for this reason. along with it's volatility.
Secondly it is soooooo slow. 2 hours and counting and my transaction is still unconfirmed. You send Steem from A to B and it flies there faster than the Millennium Falcon. Even the "store of value" line isn't a day saver because you wouldn't feel safe buying say 10 Bitcoin and having that as your retirement fund 30 years down the road.
There are so many better coins out there that do what they are suppose to, Litecoin being one.
I think most newcomers buy into Bitcoin simply because of it's name and later find out it's slow as hell and the fees are a joke.
And as for the lightning network, that just sounds like a fast pass at Disney Land. Give us more money and we'll get you through faster.
As usual thanks for listening
Happy Steeming Steemers and Steemettes.
Better watch out, that kind of talk will get you banned around here. Quick....repeat after me!
(droning tone) I LOVE BITCOIN.
IT WILL NEVER GO DOWN.
BITCOIN TO $1,000,000 IN 2018.
Now repeat over and over again until you are a true believer.
Haha let's hope not. It's sad to say but it's a dinosaur now.
$20 transaction fees on my last transaction and it's been stuck for hours now. Just had to speed it up with a parent pays for child (another $40) and it's still stuck. It's slow and expensive.
I totaly agree! 20$ for a transaction, what is that? I think people will realize that litecoin (for exemple) is a lot cheaper and faster, and maybe the price of litecoin will rise ;)
I think now Bitcoin Cash has been added to CoinBase it may give Bitcoin a run for it's money as it faster and cheaper.
If you follow me after reading this post let me know in the comments and I will follow you back :)
I tell this to everyone, the tech is outdated and have no intention for improving . followed you
Yeah I watched a video where the devs were saying high fees were a good thing because it shows it's a premium product.
Followed you back
Bitcoin was created to help fight poverty and inflation also fight against centralized markets.
Yep and it has now been hijacked for profit. It was also created to protect against Wall Street and the big banks after the 08 crash and here Wall Street are piggy backing off it with CME futures for profit. Sad times.
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Great view about BTC and it is charging to much high fees too.
Yeah! Instead of BTC, other cryptocurrencies Steem and Lietcoin are much better and have long term policies.
Yeah I can 100% see Bitcoin being over taken soon.
I totally agree, it's very frustrating trying to find a space to talk about the problems of Bitcoin without being called a shill or accused of spreading FUD, hopefully there is a big enough correction that will make people snap out of it. Great post!
Yes. The second you say anything bad the "FUD" label comes out. After paying $60 in fees my transaction finally completed after about 6 hours. I was sending it to an exchange to take advantage of a low price. By time it got through I had well and truly missed the boat.
Recommended read if you liked the content of this post written by a fellow Steemian (https://steemit.com/bitcoin/@pawsdog/is-bitcoin-dead)
@pawsdog
I agree, I feel that BTC has failed to make the necessarily technological leaps forward maintain its market share. It kinda reminds me of Myspace in a way. If it does not act in a manner to correct it's short coming and do it fast it will quickly be swallowed by other coins.. @pawsdog
Good comparison with Myspace. I think the best bet is to have a foot in both camps. (BCC and BTC)
True, but ready to pack up and leave one at a moments notice... :)
Very true 😂
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