Bitcoin is getting a ton of attention. The top cryptocurrency is breaking out strongly leaving alt-coins, like STEEM, in the dust. Runs like this capture the imagination of people and send FOMO into high gear.
There is just one problem: Bitcoin is still not ready for prime time.
Like always, the recent run up caused people to jump on board. In a POW system, this causes problems.
Take a look at this.
https://www.blockchain.com/btc/unconfirmed-transactions
The unconfirmed transactions are showing a backlog. This amount keeps waffling between 70,000 and 90,000. We saw this during the massive run up at the end of 2017.
Then we also have this.
https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#3m
Not only do transactions get backlogged but the fees jump. While this is nowhere near what they were during the peak frenzy, you can see how they can creep up. I will grant that they are about 1/10th where they were before. However, there is nothing that says the fees can't increase significantly again.
This is a big difference from STEEM. During the massive run up, the transaction fees were identical to what they are now. STEEM at $9 and at $.40 equates to the same transaction costs. The total amount charged per transactions = zero (yes Resource Credits are required).
At the same time, we have 3 second block times and I have yet to hear of any backlogged. All transactions are verified within 3 seconds. A counter like that on Steem does not exist where you see 75,000 transactions awaiting approval.
This is why, when you hit send, money moves around the Steem network almost instantly.
Do not read into this that I am negative on Bitcoin. I am not a token maximalist. Bitcoin has some great attributes to it and I believe it will approach the market cap of gold at some point.
My point here is to show, once again, that Steem has a lot going for it. While there are problems on here, scaling is not one of them. In fact, isn't it interesting that the cost of running the Steem network is going to decrease with the implementation of MIRA?
It is easy to overlook some of the basics but we do so at our own risk. The technological capability of the network is vital. People tend to get caught up in the hype and euphoria of "shiny new things". Sometimes, the best approach is to look at the basics to see what is going to take place.
Steem's best selling point: Fast AND FREE.
Something Bitcoin is not.
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