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Re: question_everything post# 63874

Friday, 01/08/2021 3:21:00 PM

Friday, January 08, 2021 3:21:00 PM

Post# of 160964
I believe building a tool like this on top of Bitcoin is a terrible idea. Bitcoin was the first and therefor the most well known. In reality it was built like a "beta" concept, it doesn't have the refinement and features of modern blockchain-based cryptocurrencies. That's my opinion, some people will disagree. Some call it a "gold standard", but that's more of a marketing thing if you ask me.

Casually you might judge a cryptocurrency by it's trading value and popularity, but that won't translate to a good user experience. Bitcoin is notorious for being slow now and you can't rely on how much it will cost you to execute any transaction. That's not the profile that financial institutions or high volume businesses look for. You can find this out very quickly if you try to conduct any bitcoin transactions right now. Someone I know spent about 48 hours trying to complete a transaction of about $30k this week and that was just between bitcoin wallets - not good.

I do believe building an exchange platform against a stablecoin variant cryptocurrency is going to turn out better from a performance and scalability perspective, and the transaction fees will be under control.

I'm trying not to say too much, this stuff can get pretty technical very quickly.
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