In currency, total market capitalization of the top ten of the world’s major currencies, monetary payments as the main function of the encryption accounted for the majority, of these money invariably and peer-to-peer payments in this cookie paper currency concept is more or less have some similar, because the original intention of the birth of encryption currency is in order to solve the traditional currency and some problems to pay. No matter how good the other cryptocurrencies are, Bitcoin remains the dominant cryptocurrency, but how long will its first-mover advantage last as its problems continue to crop up?
Currency trading congestion caused by the high fees and wait longer for a long time, the core development team has made some attempts, for example, we can often hear LN + SW (lightning network + isolation validation), the solution is to have, but the problem is, in a recent COINS of the entire network without the confirmation number once again reached the peak, According to blockchain browser BTC.BOM, the number of unconfirmed bitcoin transactions across the network reached 12,134, breaking the 10,000 mark.
As unconfirmed transactions increase, so do waiting times, some of which exceed 12 hours.
The current optimal fee also increased to 0.0011BTC/kVB (kVB can be understood as KB).
A similar situation occurs at the peak of bitcoin transactions, where waiting times and fees are so high that bitcoin is no longer used for general payments, but only for investment and value storage. Bitcoin, however, is a virtual object with no value in itself. It has reached its current status through constant transactions, expansion of holdings and consensus. It is unclear whether bitcoin will hold its value once circulation dwindles.
LN+SW, the solution mentioned above, is proposed by Blockstream, whose shareholders are the core development team of Bitcoin. LN (Lightning Network) is to establish a lightning hub outside the main chain of Bitcoin and process transactions through one centralized node after another. Blockstream can charge commissions through node transactions. So this program has been criticized. Economist Frances Coppola, for example, tweeted yesterday that Blockstream had just transformed the lending market for banks.
However, bitcoin’s expanded Bitcoin Cash (BCH) seems to fit the definition of payment better. The latest hard fork upgrade (from 8MB to 32MB) has once again upgraded the Bitcoin Cash network, paving the way for bitcoin Cash to accommodate more transactions and more applications on the BCH network.
After the upgrade, BCH has attracted support from some vendors and infrastructure suppliers due to its various advantages being amplified again. This week, Andrew Lee, CEO of Purse, announced on Twitter that his company would no longer use Bitcoin to pay its employees, and would instead use BCH instead.
Lee said the company has been paying employees in Bitcoin since 2014, but switched to BCH to reduce unnecessary losses caused by bitcoin fees in the process of salary payment.
This week, several other websites, including sportbook.com and Amazon, announced that they accept or will accept BCH for paid purchases. Marco Coino has listed more than 100 brick-and-mortar stores around the world that accept BCH payments.