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RE: Steemit is Bitcoin's Killer App | Evidence, Numbers, & Analysis
And what happens when Fiat exchanges add Steem Dollar gateways?
Can bitcoin even handle 1M users transacting that frequently?
Bitcoin may be a bottleneck if it attempts to stay in the loop between users and cashing in and out.
More details here: https://steemit.com/bitcoin/@dantheman/can-bitcoin-scale-to-keep-up-with-demand-created-by-steem
That is a good point. I would say that this level of traffic should be good for bitcoin and other crypto systems. As if bitcoin gets bogged down THAT bad, someone will come in and provide a service that fills the need. That is the beauty of capitalism.
Bitcoin will never adapt. In the "killer app: scenario, Bitcoin will be out of the loop. Other alts will blow by Bitcoin.
Great point. It can play out a couple ways, right? More than I could ever list. But here are some potential scenarios.
Certain Bitcoin community members may see these microtransactions as spam and not want newbies who write posts about fashion tips as part of their version of Bitcoin. So maybe they work to repel them, and keep Bitcoin cloistered at a social level and tx limited at a technology level.
Or maybe the bottleneck forces change to happen. Where the case and value for adapting the Bitcoin technology become more clear one way or another.
Or maybe it becomes a place for Lightning to shine.
Or Bitcoin faces Steem developing its own fiat bridges and other bridges, which will likely happen anyway (you know better than I, obviously), and sees its critical mass barrier eroded on a relative basis.
But if Bitcoin is the bottleneck AND gets ditched, I still think this is good for Bitcoin, because it would represent so many fresh people getting exposure to overall cryptoworld.
It's going to be fun to watch. Exciting times.
This is true. I had a nightmare last night that this happened haha
The site's exchange could allow for alternative currencies to be traded for Steem thus reducing the load on BTC. A shapeshift-esque implementation may work.