What has happened to Bitcoin? by godfish

View this thread on steempeak.com
· @godfish ·
$5.51
What has happened to Bitcoin?
**Did you try to send Bitcoins last days? I did. But since I hadn’t checked the mempool size and recommended transaction fee, my money are stuck in queue for almost two days now. Yes, my bad.**

But the point is: What has happened to Bitcoin? Why that many transactions remain unconfirmed for days and why shall you pay about 450 satoshis per byte if you want your payment to be processed within an hour? It cannot be caused merely by the recent price growth. Bitcoin actually reached the very peak on August 17 and now it tries to get back. However, the number of unconfirmed transaction grows like this:

![Výstřižek.GIF](https://steemitimages.com/DQmbsTxmE6GToJqnkagLVLuE9wn2MtWbCwJSwGz8jRekxoA/V%C3%BDst%C5%99i%C5%BEek.GIF)

With the increasing difficulty of mined blocks and expected spread of cryptocurrencies among millions of end-users we can assume that regardless the SegWit and such upgrades the fees will keep growing slowly.

As a result Bitcoin, as the father of all altcoins (I usually imagine it as Zeus, the almighty father of Greek gods, sitting on his throne), turns into a long term investment like gold is. No worries about its value.

But what are the currencies that can be used daily for cheap and swift transactions? I am not so keen about plain Bitcoin copies such are Litecoin or Dogecoin. I am sure the currencies of tomorrow shall offer some unique advantages that the others lack.

I see two of them nowadays. **Monero** is going to be perfect for most payments. It is absolutely private, which is an awesome perk for almost anybody. Great for traveling, business or buying anything over, lets say 50 USD. Besides Monero mining (and hence confirming transactions) is and always will be more effective and cost less compared to Bitcoin mining.

The other one is quite unsurprisingly **Steem**. It is unbeatable for minor daily payments as its transactions take just a few seconds and are free of any charge. If I would like to pay my lunch or have a coffee downtown, I would most definitely pick Steem. And I am sure that any vendor appreciates that he gets the money instantly.

Anyway, do you have a clue why there are so many unconfirmed Bitcoin transactions within this week?

![a.png](https://steemitimages.com/DQmZ7DC82PQ933KMg1XCiuK4rhzLD6Z6vd335REkdPnvSxQ/a.png)

**Co se stalo s Bitcoinem?**

**Zkusili jste v posledních dnech poslat Bitcoiny? Já ano. Ale protože jsem si nezkontroloval velikost mempoolu a doporučený transakční poplatek, mé peníze zamrzly kdesi ve frontě skoro na dva dny. Ano, moje chyba.**

Ale zpátky k tématu: Co se stalo s Bitcoinem? Proč je tolik nepotvrzených transakcí a měli byste platit asi 450 satoshi za byte, když chcete, aby vaše platba byla zpracována během hodiny? To přece nemůže být způsobenou pouze nedávným růstem ceny. Ve skutečnosti dosáhl Bitcoin maxima už 17. srpna a nyní se snaží dostat zpátky. Navzdory tomu počet nepotvrzených transakcí roste jako na grafu výše.

S rostoucí obtížností těžených bloků a očekávaným rozšířením kryptoměn mezi miliony koncových uživatelů můžeme očekávat, že navzdory SegWitu a dalším vylepšením, poplatky budou vytrvale mírně růst.

Ve výsledku se Bitcoin, otec všech altcoinů (obvykle si ho představuju jako Dia, všemocného otce řeckých bohů, sedícího na trůně), promění v dlouhodobou investici jako je zlato. V tohle ohledu není třeba se obávat.

Ale jaké jaké měny mohou být denně využívány pro rychlé a levné transakce? Nejsem příliš nadšen z prostých kopií Bitcoinu jako jsou Litecoin nebo Dogecoin. Jsem si jistý, že měny zítřka by měly nabízet nějaké unikátní výhody, které ostatní  postrádají.

V téhle chvíli vidím dvě. Monero se stane perfektní volbou pro většinu plateb. Je absolutně anonymní, což je skvělé pro téměř každého. Výborná pro cestování, byznys a kupování čehokoli co stojí více než řekněme tisícovku. Kromě toho těžba Monera (a tedy i potvrzování transakcí) je a vždycky bude efektivnější a levnější než u Bitcoinu.

Druhý je zcela nepřekvapivě Steem. Je nepřemožitelný u menších každodenních plateb, protože jeho transakce trvají jen několik vteřin a jsou úplně zdarma. Kdybych chtěl zaplatit za oběd nebo si dát kafe v centru města, určitě bych si k platbě vybral Steem. A jsem si jist, že každý prodejce ocení, když dostane zaplaceno okamžitě.

Mimochodem tušíte někdo, proč je tento týden takové množství nepotvrzených bitcoinových transakcí?
👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 33 others
properties (23)
post_id11,106,501
authorgodfish
permlinkwhat-has-happened-to-bitcoin
categorybitcoin
json_metadata"{"app": "steemit/0.1", "format": "markdown", "image": ["https://steemitimages.com/DQmbsTxmE6GToJqnkagLVLuE9wn2MtWbCwJSwGz8jRekxoA/V%C3%BDst%C5%99i%C5%BEek.GIF"], "tags": ["bitcoin", "steem", "monero", "cryptocurrency", "cesky"]}"
created2017-08-26 09:25:03
last_update2017-08-26 09:25:03
depth0
children18
net_rshares1,365,342,572,059
last_payout2017-09-02 09:25:03
cashout_time1969-12-31 23:59:59
total_payout_value4.352 SBD
curator_payout_value1.154 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length4,384
author_reputation27,968,338,463,090
root_title"What has happened to Bitcoin?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (97)
@godfish ·
@originalworks
👍  
properties (23)
post_id11,106,743
authorgodfish
permlinkre-godfish-what-has-happened-to-bitcoin-20170826t092917417z
categorybitcoin
json_metadata"{"app": "steemit/0.1", "users": ["originalworks"], "tags": ["bitcoin"]}"
created2017-08-26 09:29:15
last_update2017-08-26 09:29:15
depth1
children1
net_rshares501,792,631
last_payout2017-09-02 09:29:15
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length14
author_reputation27,968,338,463,090
root_title"What has happened to Bitcoin?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (1)
@originalworks ·
@OriginalWorks Mention Bot activated by @godfish. The @OriginalWorks bot has determined this post by @godfish to be original material and upvoted it! 
<center>![OW2.gif](https://steemitimages.com/DQmezPDjarzhbcNvy3CGQqf55zSnCfUJCFreUKLWdNyiL7m/OW2.gif)</center> 

To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message! 

For more information, [Click Here!](https://steemit.com/writing/@originalworks/originalworks-bot-explanation-and-info)
properties (22)
post_id11,106,813
authororiginalworks
permlinkre-re-godfish-what-has-happened-to-bitcoin-20170826t092917417z-20170826t093013
categorybitcoin
json_metadata"{"app": "pysteem/0.5.4"}"
created2017-08-26 09:30:15
last_update2017-08-26 09:30:15
depth2
children0
net_rshares0
last_payout2017-09-02 09:30:15
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length488
author_reputation79,229,860,066,508
root_title"What has happened to Bitcoin?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@booster ·
<p>This post has received a 1.12 % upvote from @booster thanks to: @godfish.</p>
properties (22)
post_id11,112,083
authorbooster
permlinkre-godfish-what-has-happened-to-bitcoin-20170826t110441041z
categorybitcoin
json_metadata"{"app": "drotto/0.0.1", "tags": ["bitcoin"]}"
created2017-08-26 11:04:51
last_update2017-08-26 11:04:51
depth1
children0
net_rshares0
last_payout2017-09-02 11:04:51
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length81
author_reputation68,830,001,303,403
root_title"What has happened to Bitcoin?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@chandankumar007 ·
really my favt topic bitcoin nice post
properties (22)
post_id11,129,282
authorchandankumar007
permlinkre-godfish-what-has-happened-to-bitcoin-20170826t152736636z
categorybitcoin
json_metadata"{"app": "steemit/0.1", "tags": ["bitcoin"]}"
created2017-08-26 15:27:45
last_update2017-08-26 15:27:45
depth1
children0
net_rshares0
last_payout2017-09-02 15:27:45
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length38
author_reputation71,706,009,704
root_title"What has happened to Bitcoin?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@krakonos ·
Ichtys, Iesus Christos Theu Yios Soter. Tak snad jsi opravdu Ryba Boží a ne falešný Mesiáš...
properties (22)
post_id11,143,439
authorkrakonos
permlinkre-godfish-what-has-happened-to-bitcoin-20170826t190115638z
categorybitcoin
json_metadata"{"app": "steemit/0.1", "tags": ["bitcoin"]}"
created2017-08-26 19:01:21
last_update2017-08-26 19:01:21
depth1
children1
net_rshares0
last_payout2017-09-02 19:01:21
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length93
author_reputation59,186,440,518,630
root_title"What has happened to Bitcoin?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@godfish ·
Tobě určitě nemusím představoval [Monty Pythonův Život Briana](https://www.csfd.cz/film/23587-zivot-briana/prehled/), skvělý film o životě mesiáše ;)

Leč já jsem jen prostá, lehce neobyčejná ryba.
properties (22)
post_id11,148,259
authorgodfish
permlinkre-krakonos-re-godfish-what-has-happened-to-bitcoin-20170826t201808217z
categorybitcoin
json_metadata"{"app": "steemit/0.1", "links": ["https://www.csfd.cz/film/23587-zivot-briana/prehled/"], "tags": ["bitcoin"]}"
created2017-08-26 20:18:09
last_update2017-08-26 20:18:09
depth2
children0
net_rshares0
last_payout2017-09-02 20:18:09
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length197
author_reputation27,968,338,463,090
root_title"What has happened to Bitcoin?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@steemitboard ·
Congratulations @godfish! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/posts.png)](http://steemitboard.com/@godfish) Award for the number of posts published

Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click [here](https://steemit.com/@steemitboard)

If you no longer want to receive notifications, reply to this comment with the word `STOP`

> By upvoting this notification, you can help all Steemit users. Learn how [here](https://steemit.com/steemitboard/@steemitboard/http-i-cubeupload-com-7ciqeo-png)!
properties (22)
post_id11,150,436
authorsteemitboard
permlinksteemitboard-notify-godfish-20170826t205606000z
categorybitcoin
json_metadata"{"image": ["https://steemitboard.com/img/notifications.png"]}"
created2017-08-26 20:56:06
last_update2017-08-26 20:56:06
depth1
children0
net_rshares0
last_payout2017-09-02 20:56:06
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length692
author_reputation38,705,954,145,809
root_title"What has happened to Bitcoin?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@samotonakatoshi ·
Rozšíříme bloky. :D
👍  
properties (23)
post_id11,161,035
authorsamotonakatoshi
permlinkre-godfish-what-has-happened-to-bitcoin-20170827t002720681z
categorybitcoin
json_metadata"{"app": "steemit/0.1", "tags": ["bitcoin"]}"
created2017-08-27 00:27:21
last_update2017-08-27 00:27:21
depth1
children2
net_rshares2,116,594,207
last_payout2017-09-03 00:27:21
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length19
author_reputation29,512,092,266,663
root_title"What has happened to Bitcoin?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (1)
@godfish ·
Vystřílíme broky! Ne, vážně, kdyby Bitcoin začali lidi opravdu aktivně využívat a denně s ním platit, kam by to vyhnalo transakční poplatky?
👍  ,
properties (23)
post_id11,293,321
authorgodfish
permlinkre-samotonakatoshi-re-godfish-what-has-happened-to-bitcoin-20170828t145046710z
categorybitcoin
json_metadata"{"app": "steemit/0.1", "tags": ["bitcoin"]}"
created2017-08-28 14:50:57
last_update2017-08-28 14:50:57
depth2
children1
net_rshares2,412,847,252
last_payout2017-09-04 14:50:57
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length140
author_reputation27,968,338,463,090
root_title"What has happened to Bitcoin?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (2)
@samotonakatoshi ·
No, a co by to udělalo s lidma? Nepřecházeli by třeba k BCH?
Bitcoin Unlimited mi stále více a více připadá jako rozumný nápad.
👍  
properties (23)
post_id11,353,232
authorsamotonakatoshi
permlinkre-godfish-2017829t83253640z
categorybitcoin
json_metadata"{"app": "esteem/1.4.6", "format": "markdown+html", "community": "esteem", "tags": "bitcoin"}"
created2017-08-29 06:32:57
last_update2017-08-29 06:32:57
depth3
children0
net_rshares2,162,607,124
last_payout2017-09-05 06:32:57
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length127
author_reputation29,512,092,266,663
root_title"What has happened to Bitcoin?"
beneficiaries
0.
accountesteemapp
weight500
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (1)
@shebe · (edited)
Sice jsem žádný bitcoin neposílal,ale i se segwitem jsem to čekal... Bohužel se to splnilo. ! originalworks
👍  ,
properties (23)
post_id11,211,259
authorshebe
permlinkre-godfish-what-has-happened-to-bitcoin-20170827t160243186z
categorybitcoin
json_metadata"{"app": "steemit/0.1", "tags": ["bitcoin"]}"
created2017-08-27 16:02:57
last_update2017-08-27 16:07:21
depth1
children0
net_rshares3,901,022,701
last_payout2017-09-03 16:02:57
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length107
author_reputation4,254,895,407,768
root_title"What has happened to Bitcoin?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (2)
@arslada ·
Very good topic.  I agree  Bitcoin is very similar investment in crypto world like the Gold is in our normal world. And MONERO altcoin is the best way how to secure transactions  and  the next  good reason to buying Monero is that everyone still can earn big money on his big way up. Monero is still very cheap crypto and his value will be increased many times  surely.
properties (22)
post_id11,284,309
authorarslada
permlinkre-godfish-what-has-happened-to-bitcoin-20170828t125913200z
categorybitcoin
json_metadata"{"app": "steemit/0.1", "tags": ["bitcoin"]}"
created2017-08-28 12:59:15
last_update2017-08-28 12:59:15
depth1
children0
net_rshares0
last_payout2017-09-04 12:59:15
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length369
author_reputation0
root_title"What has happened to Bitcoin?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@animus ·
This post received a 31.16% upvote from @animus thanks to @godfish! For more information, [click here](https://steemit.com/steemit/@animus/animus-anuncios-bot)!
properties (22)
post_id11,320,205
authoranimus
permlinkre-godfish-what-has-happened-to-bitcoin-20170828t203214895z
categorybitcoin
json_metadata{}
created2017-08-28 20:32:15
last_update2017-08-28 20:32:15
depth1
children0
net_rshares0
last_payout2017-09-04 20:32:15
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length160
author_reputation1,769,203,450,782
root_title"What has happened to Bitcoin?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@hairyfairy · (edited)
Brilliant article, again. It deserves resteeming. With rising transaction fees there will be decline in willingness to pay with Bitcoin. Monero is more users friendly in it. And absolute anonymity is  making out of Monero one of the best cryptos.  And Steem with its engaged community may also belong among cryptoleaders if it becomes generally popular.
properties (22)
post_id11,326,077
authorhairyfairy
permlinkre-godfish-what-has-happened-to-bitcoin-20170828t220556753z
categorybitcoin
json_metadata"{"app": "steemit/0.1", "tags": ["bitcoin"]}"
created2017-08-28 22:06:00
last_update2017-08-29 12:47:24
depth1
children0
net_rshares0
last_payout2017-09-04 22:06:00
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length353
author_reputation9,213,920,154,447
root_title"What has happened to Bitcoin?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@minnowbooster ·
@minnowbooster upvoted this post!
![@godfish got you a $1.22 @minnowbooster upgoat, nice!](http://minnowshares.net/upgoat/?user=godfish&receiver=godfish&value=1.22&hash=694)
*@godfish got you a $1.22 @minnowbooster upgoat, nice! (Image: pixabay.com)*
---
[Want a boost? Click here to read more!](https://steemit.com/minnowbooster/@minnowbooster/6rt2mn-introducing-minnowbooster-beta)
properties (22)
post_id11,346,283
authorminnowbooster
permlinkcomment-1503980973322
categorybitcoin
json_metadata{}
created2017-08-29 04:29:33
last_update2017-08-29 04:29:33
depth1
children0
net_rshares0
last_payout2017-09-05 04:29:33
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length349
author_reputation230,261,973,332,657
root_title"What has happened to Bitcoin?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@prince-maanisaad ·
Monero = XMR is a rising star.
👍  
properties (23)
post_id11,382,497
authorprince-maanisaad
permlinkre-godfish-what-has-happened-to-bitcoin-20170829t140310965z
categorybitcoin
json_metadata"{"app": "steemit/0.1", "tags": ["bitcoin"]}"
created2017-08-29 14:03:12
last_update2017-08-29 14:03:12
depth1
children0
net_rshares625,672,670
last_payout2017-09-05 14:03:12
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length30
author_reputation1,205,344,279,568
root_title"What has happened to Bitcoin?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (1)
@timehacker ·
$0.93
You're right about Monero, it definitely has a huge potential. The untraceable transactions it provides make it quite unique and when it will run over i2p, it will be truly anonymous payment solution. It's price went up significantly recently, but I think it's still just a beginning. When people will realize how important privacy is in crypto payments, we'll see another boom.
👍  , ,
properties (23)
post_id11,556,772
authortimehacker
permlinkre-godfish-what-has-happened-to-bitcoin-20170831t095419650z
categorybitcoin
json_metadata"{"app": "steemit/0.1", "tags": ["bitcoin"]}"
created2017-08-31 09:54:18
last_update2017-08-31 09:54:18
depth1
children0
net_rshares270,434,642,443
last_payout2017-09-07 09:54:18
cashout_time1969-12-31 23:59:59
total_payout_value0.697 SBD
curator_payout_value0.230 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length378
author_reputation2,537,724,335,964
root_title"What has happened to Bitcoin?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (3)
@randowhale ·
This post received a 1.5% upvote from @randowhale thanks to @godfish!  For more information, [click here](https://steemit.com/steemit/@randowhale/randowhale-is-now-only-1-steem-sbd-per-vote-spread-the-news)!
👍  
properties (23)
post_id11,569,325
authorrandowhale
permlinkre-what-has-happened-to-bitcoin-20170831t130701
categorybitcoin
json_metadata"{"format": "markdown", "app": "randowhale/0.1"}"
created2017-08-31 13:07:03
last_update2017-08-31 13:07:03
depth1
children0
net_rshares995,525,841
last_payout2017-09-07 13:07:03
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length207
author_reputation47,497,053,264,845
root_title"What has happened to Bitcoin?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (1)