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RE: The Bitcoin Fee Problem (and Solutions?)

in #bitcoin • 7 years ago

Steem has zero fee transactions and three-second confirmations, but the problem is that it's not popular enough to be used for such transactions. Why?

My guess is that the account creation method is way too inefficient. Many people can't wait for days (to even weeks) just to get an account; on BTC or LTC, you can just create an address in seconds and you're good to go.

I think @steemit is going to try to fix this in the next hard fork (Steem protocol upgrade), titled "Velocity." Hopefully when this happens, more people will realize the potential in Steem.

7 years ago in #bitcoin by
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     7 years ago 

    I agree, the problem with DPOS blockchains is that you need someone else to create an account for you. Hopefully HF 20 will fix this (for STEEM at least).

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     7 years ago 

    HF 20 will likely make the account creation price completely free. This means that anyone can create an account creation service, from Steemit.com to Busy.org to Utopian.io or anyone else.

    These account creation services will likely be free and instant as well. HF 20 will also change bandwidth limits and make it so that new accounts do not come with free SP (but can still vote and everything).

    This way there's no incentive for spammers to spam up new accounts anyways, and the account creation services themselves can come up with ways to deter spam.