RE: Bitcoin Cash and Bitcoin Legacy
I am still a noob at this and many of us that are reading your posts probably are too so forgive me if I ask stupid questions but I am concerned about bitcoin cash because I don't see a significant improvement.
Visa handles an average of 150 million transactions every day and is capable of handling more than 24,000 transactions per second compared to Bitcoin that can do an average of 7 transactions per second and 250,000 transactions per day with 1MB block size limit.
Bitcoin Cash has 8MB block size limit which is 2 million transactions per day. And I am guessing it's no more than 50 transactions per second which can't even be compared to Visa with it's 24,000 transactions per second and 150 million transactions per day. Correct me if I am wrong but even if bitcoin cash is 10 times faster than what i said it is, that still wouldn't be enough.
If we are going to do a bitcoin fork so we can progress why not do it properly and completely blow all competition away. I just don't see how bitcoin cash will not need another hard fork in the near future...
Anyways, thank you for your post and thank you for warning all the newbies to do their research before they rush to buy bitcoin or any other crypto currency for that matter :)
Because mining and the Proof-of-work algorithm can't become that fast, I believe. Eth is ridiculously fast with 13s blocktimer considering it still works through PoW and even so it sometimes leads to orphaned blocks due to latency and other stuff.
8mb is only the beginning, if adoption gets so big that they need more they will surely increase but that also means that the wallet will start getting really big - yet not too big for casual harddrives to handle considering technology is becoming better and better every day.
I mean, a 1 TB harddrive today is nothing considering how big they will become in a couple years. Bitcoin wants to keep PoW mining due to its safety against 51% double spend attacks and having to have real machines wasting electricity to make sure no one can cheat it although Proof-of-Stake such as Steem is has already proven to work really well and doesn't even come close to foul players trying to cheat it its still undervalued and overlooked, in my opinion. There are some others like it like BTS and Lisk and even Eth is planning on going PoS in the near future so we will have to see how the money starts shifting when that becomes more common.
Thank you for helping us understand better with the detailed response . I think Steem is undervalued for sure and I hope it reaches a thousand dollars in a couple of years :)
It appears that the transaction fees are too high for micro transactions with Bitcoin. What needs to happen to make Bitcoin work for small transactions?
I am not sure how the fees are because I have been mainly using litecoin for smaller transactions