Steem, Bitshares, Graphene and soon to be EOS is just in a different class.
Transaction speed on Blockchains and Crypto Currency is key driver for mass adoption. Sure Bitcoin is great as a store of value and might be the new gold standard but Bitcoin just cannot be the main form of transacting in the digital currency world.
As I mentioned in a few previous posts, I recently joined our company on a full time basis and therefor time is a differentiating factor in my day. I only have so much time to do specific things to reach my targets on a daily basis. So this morning I dropped of the kids at school and through I will quickly transfer some Steem Backed Dollars to an exchange, convert it to Bitcoin, move the money to another exchange, buy some South African rand and ay it into my account.
Steem vs Bitcoin transaction speeds
To all those not on the Steemit platform and do not know about it. Do yourself a favour, take some time and register an account on the Steemit Social Media platform. There are no fees for transacting in Steem and the transfers is instant. I went through the process as described above:
- Transferred money to Poloniex - Instant
- Bought Bitcoin with SBD - Instant
- Transferred Bitcoin to another Exchange - I am still waiting and I did the transfer more than an hour ago
Bitcoin was the first of its kind, but the transaction speeds are not acceptable and are hindering mass adoption.
Is transaction speed important?
Well not always, there are instances where transaction speed are not necessarily a factor. For example, when you buy a house or a vehicle, the back end processes are already slow, it would not be a problem for the delayed transaction speed.
But if I want to pay for my coffee or my dinner, I cannot wait for an hour for confirmation of the transaction.
Bitshares, Graphene and soon to be EOS.
There are no known blockchain out there that can even start to compete with the amount of transactions which these blockchain are already transacting. We do not have to say much more. I found a very nice post from @oaldamster which explains the speed of these chains very nicely. Have a look at his article here
In my opinion although Bitcoin aid the foundation of a new industry, the technology is uses is old. Old technology is good for is to learn from. Then you need to apply these leanings and incrementally improve and evolve to new technologies.
I have written an article about EOS which you can read here where I explain the exact point above in more detail.
Time for me to check if the Bitcoin confirmation came through by now…I am sure I will not still be waiting … or will I.... If I was in a restaurant waiting to pay for my food, I am sure that I will have to many beers by this time to actually drive home. Oh no wait I then need to pay for my beer and wait for the transaction confirmation again.
Oh shit, Bitcoin is going to make me an alcoholic!
Happy Steeming!
so nice ...... happy steeming.
Upped ^^
Thanks happy Steeming for you too !! :)
Bitcoin's lack of speed might not be so much of an issue if there was some kind of estimated confirmation time you could check on. Knowing when your transaction will go through would relieve a lot of anxiety about IF it will go through.
But faster is better.
I'm still waiting on a bitcoin transaction from Sunday... Feels like it's stuck in limbo forever :(
That is just ridiculous ad exactly my point... I have actually never waited that long. Dont't you think there might be a problem ?
Well another transaction on the same day took less than an hour, but I've been reading that long wait times have been becoming more common, and this is the first time I've been caught in it, it kind of sucks :L
Yes it definetly sucks 😭
RS and upvoted
Thanks @marketexpert
Too funny. I have been waiting on getting paid for April by Storj. It has been in the bitcoin queue for over 2 weeks. Yeah, keep waiting. "The check is in the mail" seems fast compared to this.
Lol ... But that sounds totally too long. I have never waited that long... is there not a problem.. Just don;t seem right.
Yeah, the way underpaid the tx fees. So it is in limbo basically until all the other transactions with higher fees are processed. Something like that anyways. Not happy with Storj since the last code update.
Good luck with that man. I'll go nuts :) I am always very careful to ensure I use the approriate address when transferring crypto. The whole house goes quite as it is so easy to make a mistake. If I must wait for weeks ... LOL no don't make me wait for weeks :)
I've checked Poloniex website and I don't see and SBD listed @jacor. What am I missing here?
Not sure what you mean @ozmaga
My bad! I went back to Poloniex and double checked. They do indeed list Steem!👌
My apologies @jacor! I'm still very new to this!
No Problem :) Note that there is both SBD (Steem backed dollars and Steem trading on the exhanges. SBD is the one that is pegged to the USD and Steem is the one that we ant to go to the moon ! Welcome to Steemit and please feel free to ask anything if you have questions. There is also Steemit Chat where you can join the community, ask questions via direct messaging and also promote your posts :) I am @jacor there as well.
Thank you very much @jacor. God bless you!👌
You are a really good author and curator as well!
Greetings from Munich, Germany.
Thanks for the great compliment @freiheit50
I don't see any real use of Bitcoin anymore other than being romantic about cryptos.
I is still a good investment in my opinion, except for the fact that it is Skyrocketing ... I am scared it grows too fast and might turn into a bubble...
always a possibility
Thank you for the mention @jacor, I am glad my post is appreciated!
No problem. It was a great post 👍🏻
Thanks and for following, followed in return!
👍🏻
i agree, it's like the internet and tv - most people come home from work, fall into the chair, grab the remote and watch perfect, no frame drop television. unlike the internet which has buffering/latency and the portal/interface is websites not easy 1 button channels - it's changing rapidly thou, people are now watching more internet content and tv stations are desperately packaging their stuffs into the digital companies. i think your right for the mainstream it's got to be on parr with what exists. in the meantime, for the digital savvy, it's a field day to get onboard! :)
Fully agree with what you are saying 👍🏻
I love it! You are so right. That is why I'm really surprised in this latest mega surge. I felt there were too many technical issues for BTC to push forward. When EOS comes out I'm going to be like a rat on a Cheeto!
Indeed @brianphobos :)