OpenBazaar co-founder vents at excessive BTC fees | 코인긱스

OpenBazaar co-founder vents at excessive BTC fees


Washington Sanchez, co-founder of open-source decentralised marketplace OpenBazaar, has expressed frustration over the high fees involved in BTC transactions.

Sanchez lashed out at the high transaction fees on Twitter, as well as expressing regret at his earlier BTC “maximalism,” to the exclusion of other, often more suitable cryptocurrency alternatives.

Since the launch of the project back in 2014, OpenBazaar has mainly processed payments in BTC. However, with fees and transaction times on the increase, and serious concerns about scalability with current technology, Sanchez appeared to suggest there was an appetite for embracing alternative cryptocurrencies.

In his frank tweet, Sanchez bemoaned the civil war in Bitcoin community, and suggested that the issue to embrace alternative cryptocurrencies had now been forced by the fundamental problems with BTC for payments.

He added, “The core lesson was to not let personal ideology interfere with designing what is best for open competition and experimentation within the marketplace…Openbazaar is supposed to be a free and open protocol for trade using cryptocurrency, a way for currencies and tokens to gain meaningful economic utility to acquire goods and services, and an entry point for people to earn/onboard. This vision cannot be limited to a single coin.”

The comments come with the suggestion that OpenBazaar is ready to introduce support for a raft of new cryptocurrencies to solve the issues of lengthy transaction times and ever-increasing transaction fees.

In particular, OpenBazaar is looking at increasingly incorporating Bitcoin Cash (BCH), for more efficient, cost-effective transactions. Without the legacy issues that affect BTC, Sanchez said OpenBazaar would be implementing support for BCH, along with several other cryptocurrencies by the end of the year.

“With any luck, by the end of the year, [Openbazaar] will look radically different,” Sanchez tweeted.

In addition to BCH, Openbazaar also suggested several other cryptocurrencies may be supported in future, including LTC, ETH and ZEC.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

The post OpenBazaar co-founder vents at excessive BTC fees appeared first on Coingeek.


No comments

베네수엘라, 암호화폐 제재를 두고 미국과 국제분쟁에 나서

베네수엘라가 미국의 경제재재를 이유로 세계무역기구(World Trade Organization)에 제소에 나섰다고 10일(현지시간) 코인데스크가 보도했다. 국영 암호화폐 페트로(Petro)에 대한 미국의 경제재재를 주요 이슈로, 마두로 대통령의 가족과 정치적 협력자들에…