The developers behind both- Bitxcoin, a new crypto currency and a new Bitcoin Fork being released soon ‘Bitcoin Everyday’ say they have been focused on solving the biggest issue of Bitcoin, i.e. its slow verification process and now high charges.
This has been the biggest criticism of Bitcoin, as it hasn’t been used widely enough as a payment system even though that’s one of its intended uses.
If the developer claims are correct, then both Bitxcoin, (which has its ICO on Feb 28th and has already sold over 20 million of its coins in pre-seed rounds) and Bitcoin Everyday could become very popular crypto payment methods.
Bitcoin Everyday is expected to release its fork in March 2018 with many miners eagerly awaiting it. Some predict it could do as well as Bitcoin Cash.
Recently, in a report Medium.com brought to light the biggest obstacle Bitcoin users are currently facing. The author of the article articulately explains:
“Fees are high because transaction capacity has become an artificially scarce resource. There’s only 1MB of data allowed per Bitcoin block, or in other words, only 1 MB of data allowed every 10 minutes. It’s a piddling amount of data, considering that my home internet connection has a download speed that’s 420,000% greater.
“It’s important to realize that transaction capacity is currently scarce because of a limit that was placed into the code and that has been kept there intentionally by the Bitcoin Core developers.
“Without this artificial limit, there could still theoretically be a scarcity for transaction space, but it would be purely market driven (based on the willingness of miners to produce bigger blocks.)
“As it is now, this artificial constraint of 1MB means that you have compete with everyone else and simply outbid the rest of the world.
“To use an analogy: Imagine there’s a city bus that comes along every 10 minutes and only has 12 seats. Seats go to the highest bidders and if you aren’t willing to pay more than the other 800 people waiting for one of the 12 seats, too bad. Maybe you’ll get lucky if you wait long enough, but you’ll still pay a lot”, he said.
The opportunity for new cryptocurrencies to solve these restraints of Bitcoin means it would have a bright future and solve Bitcoin’s biggest criticism. If Bitxcoin and Bitcoin Everyday can deliver on instant payments, they’ll soon become one of the hottest new cryptos, said one industry expert ANR spoke too.
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