Remember when a week ago I made a post complaining about Bitcoin transactions fees here https://steemit.com/cryptocurrency/@ghayas/bitcoin-transaction-fee-s-record-high-avoid-small-transactions
And then after 3 days, when the transaction fee's further mounted I had to make another post, well again complaining here https://steemit.com/cryptocurrency/@ghayas/bitcoin-transaction-fee-s-goes-all-time-high .
Little did I know that I had to make another rant-post about Bitcoin transaction fee's that's just keep mounting day after day.
And it's funny but again while making a $10 transaction, well this time I couldn't even make it. Lolx
$11.62 as a Transaction fee for a $10 transaction? That's just plain ridiculous. It's like a way of saying, do not use me.
While Bitcoin Network is suffering scaling and network congestion problems it's rival Bitcoin Cash is enjoying the highs.
Pending transactions in the mempool
Bitcoin has plummeted, extending its drop to 29% from a record high ($7,800), on speculation some traders were buying its offshoot amid a struggle over the digital currency’s future. It has dropped to as low as $5,605 on Monday.
I tried to search for any new news but couldn't find anything other than the SegWit2x cancellation earlier this week. And it seems that it will show haunt Bitcoin for a while.
Of course most of us have expected Bitcoin crash either way after SegWit2x but I guess what we haven't expected was the cancellation when everyone was jumping onto Bitcoin Train. The crash drop was rather inevitable.
In the meanwhile Bitcoin Cash has found some support and touched the $1500 mark for the second time since the fork in August. Bitcoin Cash supporters believes that with the developers of the Bitcoin network stubbornly resisting capacity increase, it's only a matter of time before these advantages make it replace the Crypto King.
I guess not many of us believe those towering claims. From Bitbeans to DogeCoin and Blackcoin to BellaCoin has made those claims and remain unfulfilled. But for Bitcoin to remain the No.1 it must solve what it need to solve.
About the recent surge in Bitcoin Cash prices, Arthur Hayes the chief executive officer of BitMEX said;
It’s the bitcoin cash pump
He goes on further saying;
It’s obviously a coordinated action of certain individuals who have a vested interest in bitcoin cash.
As for Bitcoin, the more congestion in the Blockchain get's worse the more consensus will take place. There's a strong need for a durable solution to the scaling problems. Those who support small blocks somehow see's a ray of hope in implementing a lightning network.
For those who don't know about Lightning Network, it's basically a new type of network payment that allows you to make minimal amount of transactions without posting it into the Bitcoin Blockchain. Hence, now worries for transaction confirmations. While many are convinced that Lightning can be implemented without increasing the block size and think of it as a solution but it's still very far from being clear that whether Lightning Network will work or not.
Let's just hope things goes well in the end. And I hope against hope that my rant-posts about Bitcoin transaction fee's doesn't become a series. lolx
