The latest number of unconfirmed bitcoin transactions has climbed to just over 180,000 again today, after it peaked at just about 220,000 yesterday. With no foreseeable end in sight and an ever decreasing market cap, Bitcoin could be in for some rough waters. Most experts agree that it is the discontent within the Bitcoin community over how to handle the size of the blocks that is causing the decrease in market share. Since the community, as a whole, cannot come to some common ground, many people are jumping ship and heading for more stable and thriving altcoins.
To make matters worse, the transaction fees are climbing ever higher to ensure that transactions get confirmed quickly. According to some sources, transaction fees have been as high as 1.4%. Combine these severely increased fees with the uncertainty of Bitcoin’s future and a dilemma is born.
Bitcoin No Longer Top Cryptocurrency
Bitcoin fell below 50% share of the cryptocurrency market for the first time ever a few days ago and it looks like the downward trend may continue. While the price of bitcoin flirts with the $2,000 mark, many experts are wondering when the bottom might just fall out. Online wallet services, as well as several bitcoin Exchanges have released announcements informing their customer base that there will be an increase in transaction fees. As they raise their transaction fees, to ensure their customers get their transactions in a timely manner, the cost of the transaction fees just goes up to compensate.
A Vicious Cycle Leading To Extinction
To show an example:
If there are 100 transactions that need to be confirmed, and those 100 transactions have a $1.00 fee to ensure they are given priority, then another service offers the same to its users and the 100 transactions becomes 200. Now another service joins the band wagon and you have 300 and then eventually you are at a point where the entire block is filled with priority transactions. Then you have people who paid the premium transaction fees that cannot get on the block at all. The solution is that a service will increase the transaction fee to $1.50 and then the cycle repeats itself continuously until the transaction fees actually total more than the transacted amount.
While it may seem foolish to believe that this could ever happen, it is in fact already begun. The countdown timer is running on bitcoin and it will self-destruct if something is not done to ease the pressure. When Bitcoin was first released, and throughout its infancy, one of the biggest selling points was how fast you could send the Bitcoins to another person and how low the transaction fees were. Today, in comparison, the transaction fees are higher than PayPal’s fees in some cases and the time to receive your Bitcoin can be up to 4 days by some accounts. As the old saying goes, “Fool me once, shame on you. Fool me twice, shame on me.” Bitcoin users are not going to be fooled into believing that it is a short term issue. Not when the community is split into 2 camps who cannot come to common ground in finding a solution. People are cashing out and heading for the greener grass that altcoins like Monero, Ethereum and Zcash are providing.
It is really quite simple:
Stop the bickering, name calling and public attacks and come to an agreement; even if that agreement is to disagree until the crisis is solved. The amount of effort spent slinging insults, placing blame and attacking servers could be better spent in solving the block size issue and preventing the end of Bitcoin totally. Even a temporary solution at this point is better than nothing at all. It should be pretty plain to see, especially for developers who do this type of work day in and day out, that doing nothing guarantees the end of Bitcoin. If that were to happen, finding a job might prove difficult when your resume shows that you were partially responsible for the collapse of an entire currency; all because you were being stubborn.
The only sane advice that anyone can give Bitcoin Developers is this:
Grow up, use your talents and skills as developers and develop the damn solution already.
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