It goes without saying there has been a lot of debates and discussions taking place in the world of Bitcoin and digital currency lately. However, various industry experts feel how everybody should calm down, as the situation is far less dire than imagined.There is no reason to think Bitcoin is losing momentum, let alone dying, simply because of a few misconceptions.
Also read: Host Card Emulation is a Prime Example Of Why Bitcoin is Better Bitcoin Is Not Your Average Payment Platform
TheMerkle_Bitcoin is Strong Many people have been comparing Bitcoin with other established payment services all over the world, such as PayPal, Western Union, and even Neteller. Doing so does not only limit the imaginative possibilities of the popular digital currency, but it also shows that people give Bitcoin far less credit than it deserves. People see Bitcoin as an answer to certain questions, but are those the right questions to ask? For instance, do we even need instant transaction confirmations? In fairness, the system works – in this regard – fine the way it is, and it has been doing so for several years.
Another interesting topic of debate that sprouted on the Internet a few weeks ago is whether or not Bitcoin should remove the transaction fees altogether in the future. These fees are an incentive for the miners to include that specific transaction in the next network block, assuming the transaction is a valid one. Bitcoin without a fee model would do the digital currency – and underlying blockchain – a lot more harm than good in the long run.
Maintaining a high level of network security comes at a cost, and those costs have to be recouped from somewhere. Transaction fees does not mean digital currency is no longer suitable for cheap value transfer […]
