Last Sunday was a great day for Ethereum and cryptocurrencies in general. Due to governance and scalability problems of BTC, Ethereum processed more transactions, starting the process known as “Flippening”. I want to be clear: here nobody is against Bitcoin. Everybody should be thankful to Bitcoin because it’s started a completely new and free economy.
Anyway, let’s back to Flippening: Day 2.
Below you can see the last update, you can check the situation by yourself visiting http://www.flippening.watch/.
Anyway, yesterday was the third day that Ethereum processed more transactions than Bitcoin, and overall Bitcoin processed LESS than transactions than usual. What does it mean? Simply: Bitcoin is not convenient for small ($0.1-$99) and medium ($100-$350) transactions. So, who can, avoid it and prefer other cryptocurrencies to move small amounts.
Like many others, we hope that Bitcoin will fix its problems soon, in the meanwhile many things are changing:
- Mere mortals (newspapers, people who think that if you use Bitcoin probably you sell drugs online etc.) started talking actively about Ethereum. Not like before, who talked only about the amazing rising of Eth price, but as an alternative to Bitcoin. Today, for the first time, I read an article about Ethereum. ONLY about Ethereum. That could seem insignificant to you, but this means that more people start looking around and don’t stop at Bitcoin, read something about blockchain tech in general, why a coin is better than other for a specific purpose but it’s worse for others and overall, get interested in this new economy.
- Ethereum Network is stressed more than ever before. This is a good and a bad thinks at the same time. Good because mean that always more people use and move funds using Ethereum, and thanks to this “stress tests” Eth Devs are working harder than ever to improve Ethereum Scalability (and possibly avoid to be in a situation like Bitcoin). But this is a bad thing too because it shows that, even if Etherum has a good (for now) scalability level for daily transactions, it suffer a large number of transactions broadcasted in a short period of time (ex: during big ICO). This should be fixed ASAP, to prevent that an unusual use of the network become a DDoS attack.
There are many things to fix in the nearly future to assure a perfect (at least good) user experience, with no network “blackout” and fastest and cheapest transactions as possible. Many options are under development (first of all SegWit and Casper). Anyway, Bitcoin taught that when these sporadic problems become every-day problems, probably it’s already too late.