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RE: PSA: Do not Send Bitcoin Right Now!
Bitcoin is a mess right now. I bought my friend some food and he paid me back in bitcoin. The food cost $7 but he ended up paying $17 because of the Bitcoin fees. It was hilarious to see his reaction. lol
What ever way you look at it... basics are bitcoin will allways have a backlog because of the max transactions per second is under 7 and there being a block size cap of 1mb and the amount of data required for each transaction ( and there is currently an increase in the people sending BTC atm due to people wanting free btcGold and the price of BTC dipping and bch and a few others rising ) .
You can't really blame bch
There's miner collusion. Bitcoin isn't a mess, it's the network behind it playing games to scheme for Bitcoin Cash. IMO.
What I read was that since Bitcoin Cash spiked up, a lot of Bitcoin miners went over to mine Bitcoin Cash instead. This caused a backlog of transactions since there weren't enough miners to mine the blocks and verify transactions.
Yup, but there's more to the game underneath that level of news I've been hearing from lots of informal sources. It was potentially a staged clogging of Bitcoin's network to cause panic and negativity to further promote Bitcoin Cash as the newer, faster, cheaper, and fast running alternative that "could be the new Bitcoin!"
I honestly don't doubt it. I'm sure there are lots of shady things happening in the background to manipulate the markets. I have been seeing the term "pump and dump" associated with Bitcoin Cash. Haven't really been keeping my eye on either BTC or BCH too much and the news around them. Just picking up little bits here and there.
You guys, these transaction times and fees have been an issues since the beginning of 2017. It wasn't some elaborate ploy by BCH or "miner collusion". They have a right to choose which chains to mine. When they switch from one to the other, that's not collusion, that's free market. If BTC is better, they will release a solution to be faster and cheaper than BCH. In the meantime though, let's not forget all the events that have transpired in 2017 with Bitcoin. (Blockstream, etc)
Yes, "transaction times" and "fees" have been issues with BTC for quite some time. But, not like this. There's more to the story than free markets at work here. BCH is not BTC, but try digging a little deeper into what some of the experts have to say about recent events.
This specifically makes me not want to invest in Bitcoin Cash. Sounds sketchy to me.
It's all personal opinion. Definitely make your own determination based on your research.
It's not opinion when you follow the money. That's all the miners can afford to care about. I think BTC addicts are in denial. The old king is fighting for his throne with swords and arrows while the new blood just invented gunpowder. For the record, I own neither. My $ is on LTC and ETH. Both better than BCH and BTC months ago.
For the sake of influencing someone above as @jaderebel alluded, we should say it's opinion and not investment advice. That's where I was coming from.
Investing in bitcoin is a whole lot of mathematics you must do
Which exchange did the transfer go through?