That was a quote from the SatoshiPay CEO when he announced today that they would no longer be using the Bitcoin blockchain for Micropayments.
Specifically, the quote from CEO Meinhard Benn reads as follows:
"We love Bitcoin for its pioneering role in the creation of our industry, but some blockchain networks it inspired have evolved faster than bitcoin itself, so we decided to move on to superior technology."
Undoubtedly, not something the Bitcoin maximalists wanted to hear...
What is this superior technology you might ask?
Well, SatoshiPay announced today that they have partnered with the IOTA Foundation.
The IOTA Foundation is a not for profit that oversees network development. It will help explore replacing Bitcoin with the IOTA chain as it's primary settlement network.
The IOTA website can be seen here:
https://iota.org/
In the past, SatoshiPay had been relying on the Bitcoin network to settle payments since SatoshiPay's inception in 2015.
At that time the average transaction fee was around $.02. Now, the average transaction fee on Bitcoin is around $2.41.
Why IOTA?
To piggy back off of what was just mentioned above, it's transaction fees.
IOTA has zero fee transactions and has no limit on the number of transactions per second of its processing.
Fee free and the unlimited number of transactions make it an ideal fit for any company, especially SatoshiPay.
Not surprisingly, this is not the only startup to leave Bitcoin for another blockchain in the recent past...
"Yours" announced back in May that they would be switching to Litecoin from bitcoin also stating similar reasoning.
What this all means?
The clock is ticking for Bitcoin.
All of this further underscores why August 1st is such a huge deal for Bitcoin. If Bitcoin continues on as is, many blockchains will replace it.
It was the first but the technology is dated compared to what is out there currently, therefore Bitcoin must either adapt or be left behind.
Get out the popcorn, August 1st is rapidly approaching...
Stay informed my friends!
Sources:
http://www.coindesk.com/satoshipay-stop-using-bitcoin-blockchain-micropayments/
Image Sources:
http://www.newsbtc.com/2015/02/12/long-will-bitcoin-really-last/
https://satoshipay.io/press
https://www.pinterest.com/Molsworth/t-rex/
Follow me: @jrcornel