Bitcoin may no longer be attractive for micropayments

THE VALUE OF COMMISSIONS OF TRANSACTIONS WERE SHOT UP

By Alex Vallenilla / @alexvallenilla

The Bitcoin commissions cease to be economic. To the extent that the price has been rising, the cost of commissions and the increase in the number of transactions, the cryptocurrency has ceased to be economical in order to make micro payments and the confirmation time of operations has also been on the rise.

On the website of Bitcoin.org they resign themselves to the situation and the change in the characteristics of the currency stops being of fast transactions and very low price processing rates, to indicate that the transactions are between pairs and the payment is without borders. This could weaken Bitcoin in coming days, since transactions with other alternative currencies are lower cost and could be a migration to the use of these.

There are transactions that are generating between 20 and 10 dollars of commission, which does not make sense for transfers of smaller amounts. Bitcoin could thus begin to stop being a micro-payment option that has been one of its first strengths, to start being a cryptocurrency of trade only of big capitalists.

Last year there was a debate in the community, for the increase in the size of the block, for this reason, which led to a bifurcation, the Bitcoin Cash was born, which until now has been on the rise and which is criticized by some sectors, considering it a kind of fraud.

The rise in the price of Bitcoin has attracted more miners and a greater number of transactions, which to be verified and approved by the network, has made the cryptocurrency commissions also rise in price, this makes the participation of small investors unviable. They put faith in this active crypto, which will undoubtedly affect the market in future sessions. Bitcoin currently trades 10,656 dollars on the platform. / 22/01/2018