I love that the price of Bitcoin is going up I don't doubt that it will continue to go up. I am former GPU miner and have spent half a decade now enjoying the roller coaster ride that is Bitcoin.
Last weekend I decided to use Gyft. I haven't used it in quite awhile but I had some hardware that I wanted to buy. After shopping around for a bit and finding exactly what I wanted, I pulled out my cell phone and sent BTC to the Gyft app for a gift card.
40 sad, boring, tired, sit on my ass in a store minutes later 1 confirmation went through and I got my card. 40 minutes for a transaction? How can Bitcoin compete? When other cryptos are running 15 second blocks why would any consumer ever try to use Bitcoin? Sure there are changes coming in the next release but how much ground must be lost in the meantime? How many businesses are going to say this technology is untenable and that Paypal does a better and faster job FOR LESS!
Now that Bitcoin is just 80% of the total crypto market cap I have to wonder how much of that remaining 80% is going to be given up in the next several years.
I put BTC into the ICO of Ethereum and Augur which was a much better outcome than just hodling BTC. Now I am considering ICONOMI and Zcash and putting my BTC into each of them.
I can't say I support 1 meg blocks, what a mess.
i only started hearing about ethereum and monero thx to steemers! :D
I agree with your statement , however, even if there are other currencies that have been proven more efficient, at the moment none have an high enough user base.
So for the future it's just a matter of which one will step up or whether bitcoin will make changes.