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Bitcoin Core Is Slow and Unreliable – Roger Ver

October 10, 2019


everyone wanted to make another little video today pointing out something that people still don’t seem to understand so I love to say that Bitcoin cash has fast cheap reliable transactions I say Bitcoin core is slow expensive and unreliable a lot of people take issue with me saying that it’s slow and unreliable they all say oh it’s it’s expensive to use that’s great pop the champagne bla bla bla bla that’s nonsense of course it’s expensive to use everybody knows that that’s paying attention although they love to to ignore that sometimes they say oh today it’s cheap it’s well do you want cheap transactions or do you want expensive transactions like the official party line for Bitcoin cords that they want expensive transactions but when the fees are cheap they all cheer against like they cheer when it’s expensive they cheer when it’s low that’s a double standard it’s a bunch of nonsense but today I want to talk about it being slow and especially unreliable right so here I have a chart from blockchain calm you can see the URL where you can see this chart for yourself and it’s the average confirmation time for Bitcoin BTC Bitcoin core transactions and we can see that the whole time back in you know 2016 and whatnot you know the average confirmation time was about 10 minutes right because the blocks for every ten minutes and as the blocks became fuller and fuller the average confirmation time got to be longer and longer right so in 2017 it started to be a really ton I look at this in March of 2017 you know the average confirmation time you know 200 minutes here for some of them even a hundred hundred thirty seven minutes that’s more than two hours was the average confirmation time and on top of that they made it worse for this whole replaced by fee nonsense later in 2017 the average you know confirmation time was getting to be you know hundreds of minutes eight hundred minutes that’s more than ten hours was the average confirmation time in June of 2017 ten hours almost half a day as the average confirmation time there so more than ten hours those are more than twelve hours there if you add it up so more than a half a day on that particular day but wouldn’t you really got bad was it the peak of the Bitcoin mania here look at this the average confirmation time 11450 three minutes on the Bitcoin core network right 11450 three minutes right so we’ll take that and we’ll divide that by sixty minutes per hour right so that’s a hundred and ninety hours is the average conformation time 24 hours in a day the average caught the average conformation time was more than a week on the Bitcoin core network at that point more than a week was the average conformation time so like of course Bitcoin core is slow expensive and clearly unreliable if you have to wait more than a week for your transaction to go through that’s not a reliable network if somebody’s been using Bitcoin for payments since 2011 I need something that’s fast cheap and reliable all the time not just some of the time and that’s why I switched myself in my infrastructure my business and my payments and everything over to Bitcoin cash because Bitcoin cash doesn’t have intentional fault blocks it doesn’t have intentional more than a week long waiting time to get your transaction included in a block there are more times than I can count where I spent more than a thousand dollars in fees on the Bitcoin network for a single Bitcoin transaction on the Bitcoin core network that’s not a reliable payment network that’s not a fast cheap or reliable payment network that’s not a payment network that merchants are going to want to use at all and that’s why we’ve seen so many businesses around the world from blockchain calm to coin based calm debit pay calm to Bitcoin calm of course starting to use Bitcoin cash because of its fast cheap reliable payments that’s what the world wants that’s what the world needs that’s the tool that’ll bring more economic freedom to the world I hope some day lightning Network will allow for fast cheap reliable payments but right now today it doesn’t and there’s another company I’ll I made the mistake I suppose of investing in them back in like 2014 probably and they were mad because I was complained to them oh you guys are doing the same thing now you’re trying to do the same thing with lightning network that you were able to do back in 2014 what I invested in you why are you why are you excited about this now and they were really mad they went on social media and they said oh we’re embarrassed to have an investor that would complain about what we’re doing well you had five years and now you’re doing the exact same thing five years later after I gave you $50,000 I think it was back when Bitcoin was a lot cheaper you’re doing the you’re trying to do the exact same thing now with Lightning Network that you were already able to do back in 2014 when I gave you the money to begin with and so they contacted me they said oh we want by out your stake in the company and I said good I’m happy to that what price do you want to do and they set a price and I said okay I’ll gladly do that the only requirement is you have to pay me with Lightning Network and then they went silent because they know you can’t mate you can’t use Lightning Network to make $50,000 payments and you can hardly even use it to make small payments it’s not reliable enough for commerce yet I hope that changes I hope it’ll work I hope it works great someday but it’s not there today for right now today Bitcoin cash can work fast cheap reliably for everyone every time all over the place and you know try setting up a Bitcoin calm wallet and permissionless lis using Bitcoin cash it’s the longest step is to download the app so you can do the whole thing in like 30 seconds if do you want to use lightning Network permissionless Lee it’s the entire day project it’ll take you hours and hours and hours to set that up so if you want to use lightning Network where you’re trusting somebody else no different than PayPal sure you can do that and good pretty quickly but then you’re just right back to where we started with before we have the invention of cryptocurrencies so that’s why I’m a fan of Bitcoin cash that’s why I wanted to show you guys right here here’s the exact data Bitcoin core transactions are incredibly unreliable at one point it was more than a week for the average confirmation time there this is crazy why would anybody use that so the only thing that Bitcoin has is the name recognition that was built up by people like me that made it useful in commerce to begin with but now with you know the Bitcoin core wallet removing bits 70 from the wallet so you can’t pay bit pay invoices with it anymore it just shows that Bitcoin BTC blockchain developers are openly hostile to its usefulness in commerce the people that actually want cryptocurrencies to be usable as peer-to-peer electronic cash for the world and usable by businesses around the world they’re busy building up mainly on things like Bitcoin cash and anyhow that’s it for this video if if you want to trigger a Bitcoin core maximalist share this video on Twitter and Facebook and social media and point out to them the Bitcoin core transactions are slow expensive and unreliable by the intentional design of the Bitcoin core developers so that’s why I switched from Bitcoin core to Bitcoin cash and if you’re looking at using cryptocurrency yourself you should make that switch too because Bitcoin cash transactions are fast cheap and reliable while Bitcoin core is slow expensive and unreliable so see you on the next video bye bye everyone

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