Hi fellow Lions,
Today I wanted to complain a little bit about how slow Bitcoin transactions are now that the ETF is behind us!
Post ETF Congestion
Post ETF slowness - what the hell does that mean!? It means Bitcoin is fucking congested, that's what it means! Lol.
With the raved-about Exchange Traded Fund ETF for Bitcoin, the network has been going through a fuck ton of transactions with the new crap being dumped into it. I know that it's a part of the growing pains of the network but they are pretty annoying to deal with! Lol.
I was trying to withdraw my Bitcoin from the exchanges and port it over to my hardware wallet the other day, doing my normal process of doing test transactions and it usually takes 10-15 minutes for the preliminary transaction to show in my wallet, waiting for block verification. I went and did a couple things, to come back and check on it because I wanted to withdraw the rest of the amount since it was getting to a point where I don't trust the exchange with my funds, which is good practice of course. I looked at 15 minutes, nothing. Okay what the fuck?
I went and did a few things again, came back in 5 minutes and it was still not there. Now I was getting annoyed, I did a test transaction so it wasn't a lot of money but what the hell was taking it so long? I didn't typo anything, it should be there! I ended up having to leave and come back later to check it, and sure enough it was about 45 fucking minutes later that the damn transaction posted! I was very annoyed, because this is related to the congestion of Bitcoin after the ETF debacle has now settled. Yeah "mainstream" adoption is going to be good in some aspects, but this is not one of those good aspects let me tell you! Lol.
I need to do more transactions, as this was a timeframe that I was not expecting given the haste of the work it did before. I know we just have to adapt to the way things shape up in the future - will Bitcoin ever get faster transactions? Very unlikely, given they only want government regulation it seems instead of network improvements but whatever.
I haven't bought anything with Bitcoin but this is going to become something that I have to factor in. I am by no means rolling in crazy amounts of Bitcoin but in the future, where the price of Bitcoin is theoretically going to be a lot higher than what it is now, having the Bitcoin that I do now will come in handy to secure the financial future of my wife and son, myself hopefully included too lol. With that though, and my requirement of doing a TEST transaction, I will have to make sure that the other party I am dealing with for larger purchases will have to just suck it up and work with me over an hour to an hour and a half depending on how long it takes the initial transaction to post to their wallet.
One of the craziest things would be to send Bitcoin to an address that is new to me, and sending the full amount. I may be paranoid but it prevents the situation where if you are trying to send someone a substantial amount of money (1,000$ or more in my opinion, but those are pennies for some of the whales lol) you have to cover your ass. The person on the other side of the transaction doesn't give a fuck if you mess the transaction up, they just want to dispose of an asset and if you fuck up your Bitcoin, that's your fault and issue, not theirs. It's a brutal world, but it's also the price we have to pay for owning a sliver of the future of currencies.
This Bitcoin slowness in transactions because of the cluster fuck that the ETF has added to the network is definitely going to be a thorn in my side. We'll deal with it though, as we always do!
-CmplXty. Real human written content, never AI.
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