The block size and scaling problem of Bitcoin have never been as important as these days. A number of Bitcoin customers have complained of transactions that stay unconfirmed for a few days. With the modern rate of Bitcoin volatility, what this means is that the value of a given transaction may also change substantially among the time of initiation and when it is finally confirmed. A situation, which makes it extraordinarily tough for the cryptocurrency to be used as a convenient medium for regular transactions.
Transaction expenses, keep growing exponentially, elevating doubts among customers about the original capability and perceived benefit of Bitcoin over different ways of payment. Michael Vogel, Chief Executive Officer of Netcoins, describes this as an important situation, which can cause an exodus of customers from the Bitcoin into some other cryptocurrencies.
Michael Vogel said:
“This problem with Bitcoin has now become important. I have already had new clients question me about the usefulness of Bitcoin, particularly because they were attracted to it by its purported fast and almost-free nature. It seems neither of those is the case nowadays, and it is irritating them. Bitcoin’s reputation is at stake, and the result is that different cryptocurrencies are drawing disappointed Bitcoin customers into their environment.”
Ghanaian Bitcoin professional, Nawaf Abdullah, stated that the modern issues of Bitcoin marketplace is a hard concept to new investors who may be interested in Bitcoin and blockchain technology. Nawaf Abdullah noted that the expanses of Bitcoin transaction was the main factors that attracted new customers to cryptocurrency environment.
Nawaf Abdullah said:
“Gone are the days when you could luckily want to speak to and suggest Bitcoin to people and organizations for the sake of how fast and cheap a transaction might be. Imagining yourself paying expenses as high as $0.56 for just a $1 dollar transaction nowadays is horrifying. This means higher quantities actually fetch higher expenses and even that is not actually as speedy as it was.”
Nawaf Abdullah blames this hassle on the politics of attention playing out within the Bitcoin community making it look like there’s no way to solve the scaling issues. Like most customers of Bitcoin who might not be concerned in identifying, what approach is employed. Moreover, he thinks that whatever needs to be accomplished to solve this issue should and be performed to define the motive.
Nawaf Abdullah mentioned that the Bitcoin community used to be with a single heart and reason of attention. Abdullah additionally mention that currently the power struggle has left the community very divided with each party feeling so right about the solutions it has, including Segregated Witness and Bitcoin unlimited. Until a consensus is reached and a solution adopted, this could keep damaging the entire idea of Bitcoin. As Nawaf Abdullah stated, the consequences for Bitcoin could be very severe particularly for those concerned in educating numerous others about such technology.
He said:
“Getting people to recognize how easy, speedy and reasonably-priced a Bitcoin transaction might be, which essentially is a promoting point to each organizations and people. We simply will not be satisfied for them to experience the alternative of what we tell them according to Satoshi’s dream. You can’t become your personal bank and be costing yourself every penny saved.”
Of course, Bitcoin has confirmed to the world the possibility of peer-to-peer transfer of value without the involvement of any central government. Furthermore, that is the foundation of the new technologies nowadays and additionally the motive why they’ll keep to do better should Bitcoin continue to fail.
http://crypto-insider.com/bitcoin-investors-switching-to-other-cryptocurrencies-due-to-rising-fees/