Bitcoin BlockChain is FULL... Better Use SteemDollars!
It's becoming painfully apparent that Bitcoin (BTC) needs a serious overhaul & hardforking if it's to survive into the future. Earlier this week I'd waited just a little under 5 hours to get first confirmation on the BTC blockchain even after using an above average miners fee. While I was just moving funds around it dawned on me that we have serious issue with BTC at the moment. The 10 minute blocks that Bitcoin tends to attempt to target are not feasible in real life situations such as purchasing groceries, purchasing items in face to face merchant situations or going out to a restaurant to eat.
Had I paid at some fancy restaurant with Bitcoin when the transaction was left hanging unconfirmed in the Bitcoin mempool for 5 hours they'd have had me in the back washing the dishes for the rest of the night to settle the bill till the damn thing confirmed! Absolutely unacceptable waits for a currency!
In walks the Steem Backed Dollars (SBD). It's fast, stable and does everything you'd want a currency to do. If you bust out into comparison you can clearly see that using SBD is far superior when you put it up against Bitcoin:
As the illustration above shows it's not even a competition between Steem Backed Dollars and Bitcoin when you start to look at the specs and what one can tend to expect when using the currencies. When the popularity and reach of Steemit begins to grow it is possible you will see the users realize that the outdated and underdeveloped Bitcoin will likely lose traction and Steem Dollars will rain king.
Great post as always @klye you make some valuable points that are shared by many within the community.
Thanks man. (love the lochness monsta joke)
klye is the bestest!
oh you... :3
Neckbeard PhD made me choke on my coffee
I'm sorry for nearly killing you.
Haha! Your posts always make me laugh. Maybe it's just your humor and free spirit that makes me think of this (the name is similar too) but I can't help but think of the hatchet wielding hiker who changed the youtube game forever
(In no way do I mean to offend you, but the similarities crack me up. Hope you see as much humor as I. Still waiting on my rabies badger ;) ).
I had never seen Kai before.lol that guy is awesome! Best comment ever!
Rofl. Not the first time someone has showed me this video and been like " Dude this be you "
Haha I figured, but if you hadn't I knew you would have appreciated it. Maybe you could draw yourself as a steem wielding hiker
Great analysis @klye exactly what SBD is designed to do be fast at transactions and stable! SBD will have more people interested simply just because it is more stable as a currency and faster at transactions for sure!
Right?! SBD seems way faster and more useable than BTC these days.
Neckbeard
wkwkwkwwk. Yeah I had a giggle making that illustration. <3
Technical analysis looks legit.
I do my best to provide good info!
LOL neckbeard PHd! Funny stuff bro, it would be even funnier if it wasn't true!
Yeah.. The learning curve on BTC is sorta out there for most consumers sadly.
There are already solutions for this in place. There is currently bitcoin debit cards you can get, which offer a great solution. You simply deposit your BTC into an account with them, and then use the debt card as if you are using any other bank card. This will result in fewer larger transaction on the BTC network, if widely adopted. Also as BTC rises in value, more will join mining pools. The problem with BTC right now is that it is not yet valuable enough to attract enough people to mining, so the networks combined hash rate is lower than it should be. You must also keep in mind that the simpler the confirmation process for a coin is, the easier it is the hack. BTC was created to stay ahead of the hackers. With all security you are not trying to make it impossible, just not profitable.
Still requires trusting the payment guys don't run off with your BTC!
so does steem. upvoted because i think the post is funny and you made some OK points, but the owners of steem can pretty much do whatever they want. I don't think they will, but they can.
Great advice Kyle. I'm dropping bitcoin and sticking with SBD!
I always say keep some diversity in your portfolio!