The problem with Bitcoin and it's huge transaction fees.

The problem with Bitcoin and it's huge transaction fees.

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In an ever-growing technological space, bitcoin has been gaining more attention than we have ever seen before. This has resulted in a lot of demand being put on the network which consequently has sacrificed the effectiveness and sustainability of the technology as transactions become harder to confirm the price of fees goes up along with this difficulty.

In the media we are continuously seeing more and more people complain about the prices they're having to pay in order to get their bitcoin transaction confirmed across the network,  this has resulted in a lot of people becoming frustrated with the technology and has caused disruption across the community. Which is one of the main reasons why developers have created their own version of Bitcoin (known as a fork) in order to eliminate or mitigate these issues. However, the problem being is that a lot of people see this as the technology becoming more centralized (another main thing it aims to avoid).

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When we look up the average bitcoin transaction fee in the recent days it here and all-time high which was at $28 this means whenever you send a transaction you would have to pay the amount in order to get you all payment within the next block on otherwise you would have to wait hours  or even days for it to be confirmed on the blockchain.

Now my thought process is, how will be Bitcoin sustain itself? Will other coins be able to take over Bitcoin or make the competition a lot more difficult? For instance, we are now seeing currencies like IOTA, Ethereum and others that have a lot more sophisticated and reliable systems that allow transactions to go through extremely quickly across the network a little price or none at all.

IOTA is a currency that has been on the news a lot lately since he recently had partnerships with large tech companies like Microsoft, this is great news for the coin, but the most special thing about it is that is not based on the blockchain. In fact, it has its own network called it the Tangle, this is different to the blockchain as your transactions do not have to be confirmed by Miners when you send a transaction you fill another two behind you. How is Bitcoin able to compete with this? At the moment it is simply not able to.

In my personal opinion, which may differ to your average cryptocurrency enthusiast view is that bitcoin may not be sustainable for the long-term, (unless the developers do some extremely good work and sort the network dilemmas out). Bitcoin is not ready for the mainstream adoption at the moment, how can we expect to buy goods and services when we have to pay close to a $30 fee? Until this problem is fixed big businesses who control where the market goes will not be implementing Bitcoin into their services until it is sufficient enough for their customers and consumers. 

Discuss your thoughts below.

Sources - 1, 2.

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