The transaction speed and cost of Bitcoin (BTC), the first and largest cryptocurrency by market capitalization, has many times been referenced as its major disadvantages.
These shortcomings also fuel the uncertainty of Bitcoin (BTC) prospect of replacing money. The fact that the receiver has to wait for hours/days before BTC could fully settle, coupled with exorbitant transaction fees, unlike other digital currencies that could settle in a matter of seconds with bearable transaction fees, make many crypto pundits conclude that Bitcoin is best as a store of value, or better still, a safe haven.
Jared Tate Explains Why DigiByte (DGB) Is 40x Faster than Bitcoin (BTC)
Jared Tate, the creator of DigiByte (DGB) has in a series of tweets pointed out the reason why DGB is 40x faster than Bitcoin (BTC).
In one of the tweets, Tate made reference to the latest version of the Bitcoin core and the updated fee policy that are aiding the slow transaction speed and exorbitant transaction cost.
For DigiByte, Tate said it takes DGB 2 minutes to completely settle, which is why the transaction of DGB is 40x faster than the BTC transaction.
He shared this, “With the latest 0.19 version of Bitcoin core & updated fee policy you can choose to send a TX that takes 7 days to confirm which costs more than what it costs to send a normal DigiByte TX which confirms in 2 minutes. This is why DGB is 40x faster than BTC. Try it yourself.”
With the latest 0.19 version of #Bitcoin core & updated fee policy you can choose to send a TX that takes 7 days to confirm which costs more than what it costs to send a normal #DigiByte TX which confirms in 2 minutes. This is why $DGB is 40x faster than $BTC. Try it yourself. pic.twitter.com/i69G865IvM
— Jared Tate ©️ (@jaredctate) February 19, 2020
In another tweet, Tate suggested the use of DGB for those who are not ready to wait for 7 days for the confirmation of BTC transaction.
He wrote, “Seriously, who would ever send a Bitcoin transaction that takes 7 days to confirm? Might as well go back to the banks ACH system that takes 2-5 business days. Or just use DGB”