Bitcoin Unlimited’s New Milestone
In a twist that could have folks dusting off their party hats, Bitcoin Unlimited has rocketed past SegWit, capturing 28.5 percent of the mining landscape in the last 144 blocks. This isn’t just a fluke; it marks the second time this month that Unlimited outperformed SegWit. Meanwhile, Bitcoin Core can’t help but watch, as it experiences a dip below the 75 percent mark in network usage.
Scaling Concerns Raised
It’s no secret that Bitcoin’s network has wheezed under the weight of user demand. As someone might lament about their gym membership, Bitcoin is also struggling to manage its “weight.” With growing activity on the blockchain, factors like average block size, median confirmation time, and mempool transaction counts have seen significant surges. This has led to a hashtag-worthy topic of discussion regarding the raising of the block size limit beyond the current one megabyte threshold.
Fees Rising Faster than Gas Prices
Take a moment to unpack this: the average fee to get a transaction included in the next six blocks is now sitting pretty at around $0.37. To put that in context, that’s higher than some coffee shop tips! For comparison, Square slaps a 2.75 percent fee on swiped transactions, which seems petty next to Bitcoin’s eventful pricing. Just try moving a small amount of Bitcoin, like 0.05BTC, and you might be greeted with a fee that honestly feels like a troll in a dungeon charging way too much for passage.
User Frustrations and Alternatives
With Bitcoin’s fees rising faster than a helium balloon at a birthday party, users are looking for alternatives. Take Erik Voorhees of ShapeShift.io for instance; he’s considering holding onto a stash of Ethereum for payments because the sluggish transaction speed of Bitcoin is starting to feel more like a slow-motion film than a currency to transact. Even cryptocurrency exchanges, like Nocks, are saying ‘no thanks,’ ditching Bitcoin in favor of coins that offer lower fees and faster transactions.
A Cautionary Tale
One user on Reddit shared a not-so-fun tale about trying to move his hard-earned 0.05 BTC from micropayments and being hampered by fees that outstripped his entire balance. Meanwhile, advice from other users suggests concentrating small payments to mitigate the impact of fees—you know, like grouping your ice cream into one bowl to make it worth the brain freeze.
The Future of Bitcoin and Blockchain
As we look toward the horizon, the increasing adoption of Bitcoin Unlimited may herald a shift in the landscape of cryptocurrency transactions. With more miners adopting larger blocks, a hard fork could be on the way that might just help Bitcoin shake off its congestion woes. However, the question remains: will these changes be enough to lure users back from alternative currencies or will Bitcoin continue to decline in utility?
