Newfound Bitcoin problems and why RaiBlocks might replace it.
Current Bitcoin Problems
Bitcoin was always the cryptocurrency in the market. Recently, a lot of people started coming into the market, hearing of Lambo tier's rewards. But the more people started speculating with Bitcoin, the more problems it started to have.
One of the harshest troubles became very high fees and long confirmation times. As of now, the median fee for a Bitcoin transaction is a whopping $10.38. And the average confirmation time is 164 minutes. That means that if you want to go to Starbucks and order a latte with Bitcoin until the transaction will be completed you will have paid the double amount of your order and your latte might just become an iced latte with that confirmation time!
And Bitcoin as well has some serious power insufficiency problems. Right now it consumes an estimated 27.28TWh per year. That is almost equivalent to a power consumption of whole Bulgaria!
How can this!
Be equal to this?
So this is where comes RaiBlocks.
RaiBlocks, known as XRB, just exploded in December, going from $1 to $37 ATH. It literally solves every problem Bitcoin has.
The original RaiBlocks paper and first beta implementation
were published in December 2014, making it one of the first DAG (Directed Acyclic Graph) based cryptocurrencies.
What RaiBlocks offer, that Bitcoin doesn't have?
- Instantaneous transactions
- No fees for any size of transaction
- Unlimited scalability
One of the use cases in real life scenario (found on Reddit, by a real dad):
Imagine you are a parent. You are giving your child lets say $5 a week. If you send those $5 to his account, he won't get $5 fully, because of fees. With RaiBlocks you can send as much as you want and the transaction will be feeless.
How it works:
RaiBlocks operates on a crypto architecture they call “block lattice”.
Each user has its own blockchain (account-chain), equivalent to the account's transaction/balance history.
RaiBlocks has already reached its maximum supply of 133,248,290 XRB.
I believe this coin has a lot of potential and might replace Bitcoin in the near future.
I'm a huge fan of the community, so be sure to visit /r/raiblocks on Reddit! You can find lots of beautiful people out there.
If you liked this post, follow me for more! This is my first submission, be harsh for me, so I could do better next time!
Sources:
RaiBlocks whitepaper
Im an iota man myself. I think with the backing that they have it is the most likely coin to bridge the gap to the mainstream.
I have both invested into IOTA and XRB. I believe they both have pretty good potential. I still can't decide which one is better though.
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