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Friday, May 19, 2017

Bitcoin Rising Fees, Confirmation Queues See Users, Investors Switching to Altcoins

Bitcoin Rising Fees, Confirmation Queues See Users, Investors Switching to Altcoins

Bitcoin politics plays too big a role in its scalability dispute, meanwhile, unconfirmed transactions queue and increasing fees scare investors away. It has become the most critical problem encountered by Bitcoin ever.

Despite having dragged over a long period of time, the block size and scaling problem of Bitcoin have never been as bad as is being experienced within the community presently.

A lot of users have complained of transactions that remain unconfirmed for several days. With the current rate of Bitcoin volatility, what this implies is that the value of a given transaction may change drastically between the time of initiation and when it is eventually confirmed. A situation which makes it extremely difficult for the cryptocurrency to be used as a convenient medium for everyday transactions.

Transaction fees, on the other hand, keep rising exponentially, raising doubts among users about the original functionality and perceived advantage of Bitcoin over other means of payment and transfer of value.

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