How Are Developers Dealing With Bitcoin Transactions Fees in 2018?
There is nothing perfect and flawless in this world and anything that is related to digital transactions can be subject to a number of issues and setbacks. This week that problem has become very real. Some people and businesses that use Bitcoin have found that their funds have been frozen after attempting to transfer them to other users. They seem to be stranded in the transaction process and this is making a lot of business owners and individuals feel uneasy.
Bitcoin has an issue that forces the system to accept no more than 7 simultaneous transactions at a time. Once that capacity is reached, there is a queue that needs to be started and some people seem to be waiting much longer than they would consider comfortable. While you read this article, there are over 30 thousand Bitcoin transactions on queue to be processed and the numbers continue to grow. This could pose a huge issue, but that is the reason why additional charges are added to the transaction in order to ensure a faster process. You can add an additional charge to a Bitcoin transaction to be processed with priority, and some Bitcoin software programs have this as part of their automatic suggestion, but there is still also a queue for priority orders. This is much faster than the regular queue, but still not an instant transaction.
You do not need to pay a large amount of money to be able to skip to the top of the queue. The common costs of this fee is around 3 to 4 bucks in most situations and this is definitely not an amount that would worry most people who are making large transactions. The problem is that those fees make it seem like things are starting to be regulated in their own way and that rubs some people the wrong way. The real problem is the overall limit of Bitcoin capacity and the need for a good provisional measure to increase the capacity could be implemented soon, so hopefully this is going to improve things greatly. This is important for the community because it shows that things are being done to make the process easier for people and that is always a positive change.
Recent studies have concluded that some radical changes are needed if we are to see any serious changes in the way that Bitcoin is verified in terms of transactions all over the world. The most important thing is for these fees to remain as low as possible and we need to accept that any massive system of verification is going to have a queue regardless of any tweaks that are made to ensure that it works efficiently.
The most important thing when it comes to cryptocurrency is to remember that many tweaks and fine-tuning are still needed and will be coming in 2018 before we can see a true change in the way that things work. There are always downsides to innovative ideas but they can all be polished to create a powerful result that benefits everyone involved.