Why is bitcoin rising reddit
It seems that the growth of Bitcoin's popularity has brought with it some challenges to the dark-web marketplaces that exchange cryptocurrency for illicit goods and services, and people are pissed.
The transfer fees, you see, have gotten too damn high. What once was a pseudonymous way to buy bricks of cocaine has transformed into a relatively illiquid store of value. Transferring BTC from your wallet to your dark market of choice now costs you a pretty Satoshi — a bunch of them, actually. And why is that? At present, the number of transactions that can take place on the blockchain is limited to around 7 per second. In Bitcoin's early days, this was way more than enough capacity to handle the volume of trading.
As such, there can be long waits for transactions to confirm — unless you pay a transaction fee, that is. Those fees help your request cut the proverbial line, but as the line gets longer, those fees get higher. Even a relatively low fee seemed excessive to a would-be buyer transferring his or her BTC into a dark market ahead of a presumed purchase. Some aggravated buyers are even pressing markets to accept other forms of cryptocurrency , such as Monero or Bitcoin Cash.
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