Newfound Bitcoin problems and why RaiBlocks might replace it. by auginis

View this thread on: hive.blog | peakd.com | ecency.com

cryptocurrency · @auginis · Jan 4 '18

Newfound Bitcoin problems and why RaiBlocks might replace it.

# Current Bitcoin Problems
Bitcoin was always **the** cryptocurrency in the market. Recently, a lot of people started coming into the market, hearing of Lambo tier's rewards. But the more people started speculating with Bitcoin, the more problems it started to have.
![bitcoin.gif](https://steemitimages.com/DQmVbrRwKwzcXtPteVFJvQmyjLhy6Cx6PEfx96STMhAxvau/bitcoin.gif)
One of the harshest troubles became very high fees and long confirmation times. As of now, the median fee for a Bitcoin transaction is a whopping $10.38. And the average confirmation time is 164 minutes. That means that if you want to go to Starbucks and order a latte with Bitcoin until the transaction will be completed you will have paid the double amount of your order and your latte might just become an iced latte with that confirmation time!

And Bitcoin as well has some serious power insufficiency problems. Right now it consumes an estimated 27.28TWh per year. That is almost equivalent to a power consumption of whole Bulgaria!
How can this!![bitcoin-2880x1800-color.jpg](https://steemitimages.com/DQmXqR1K48fTxsm4dwh9pDrt57ruLSNdweDHNwbW5v3NHSY/bitcoin-2880x1800-color.jpg)
Be equal to this?
![](https://steemitimages.com/DQmPU6qGGPDrj5duW5rZ2jXv5umyUGV8GFLFFu7vcQhuDRG/image.png)

# So this is where comes RaiBlocks.
![raiblocks.jpg](https://steemitimages.com/DQmUz9ui3zbcZLxpdxYKgaj7NX2HJqgUKhUKmkMP3TLBjC1/raiblocks.jpg)
RaiBlocks, known as XRB, just exploded in December, going from $1 to $37 ATH. It literally solves every problem Bitcoin has.
The original RaiBlocks paper and first beta implementation
were published in December 2014, making it one of the first DAG (Directed Acyclic Graph) based cryptocurrencies.
What RaiBlocks offer, that Bitcoin doesn't have?
![oRpO8lc.gif](https://steemitimages.com/DQme3tyetsaJ4L25LDoDzEaUywEqLsAjbcBpaLFGHKMi4VS/oRpO8lc.gif)
* Instantaneous transactions
* No fees for any size of transaction
* Unlimited scalability

One of the use cases in real life scenario (found on Reddit, by a real dad):
Imagine you are a parent. You are giving your child lets say $5 a week. If you send those $5 to his account, he won't get $5 fully, because of fees. With RaiBlocks you can send as much as you want and the transaction will be feeless.

How it works:
RaiBlocks operates on a crypto architecture they call “block lattice”.
Each user has its own blockchain (account-chain), equivalent to the account's transaction/balance history.

RaiBlocks has already reached its maximum supply of 133,248,290 XRB.

I believe this coin has a lot of potential and might replace Bitcoin in the near future.
I'm a huge fan of the community, so be sure to visit /r/raiblocks on Reddit! You can find lots of beautiful people out there.

# If you liked this post, follow me for more! This is my first submission, be harsh for me, so I could do better next time!
Sources:
[RaiBlocks whitepaper](https://raiblocks.net/media/RaiBlocks_Whitepaper__English.pdf)

👍 auginis, anthonyjleo

`author`	auginis
`permlink`	newfound-bitcoin-problems-and-why-raiblocks-might-replace-it
`category`	cryptocurrency
`json_metadata`	{"tags":["cryptocurrency","bitcoin","raiblocks","coins"],"image":["https://steemitimages.com/DQmVbrRwKwzcXtPteVFJvQmyjLhy6Cx6PEfx96STMhAxvau/bitcoin.gif","https://steemitimages.com/DQmXqR1K48fTxsm4dwh9pDrt57ruLSNdweDHNwbW5v3NHSY/bitcoin-2880x1800-color.jpg","https://steemitimages.com/DQmPU6qGGPDrj5duW5rZ2jXv5umyUGV8GFLFFu7vcQhuDRG/image.png","https://steemitimages.com/DQmUz9ui3zbcZLxpdxYKgaj7NX2HJqgUKhUKmkMP3TLBjC1/raiblocks.jpg","https://steemitimages.com/DQme3tyetsaJ4L25LDoDzEaUywEqLsAjbcBpaLFGHKMi4VS/oRpO8lc.gif"],"links":["https://raiblocks.net/media/RaiBlocks_Whitepaper__English.pdf"],"app":"steemit/0.1","format":"markdown"}
`created`	2018-01-04 21:46:12
`last_update`	2018-01-04 21:46:12
`depth`	0
`children`	4
`last_payout`	2018-01-11 21:46:12
`cashout_time`	1969-12-31 23:59:59
`total_payout_value`	0.000 HBD
`curator_payout_value`	0.000 HBD
`pending_payout_value`	0.000 HBD
`promoted`	0.000 HBD
`body_length`	2,968
`author_reputation`	57,457,938
`root_title`	"Newfound Bitcoin problems and why RaiBlocks might replace it."
`beneficiaries`	`[]`
`max_accepted_payout`	1,000,000.000 HBD
`percent_hbd`	10,000
`post_id`	27,124,746
`net_rshares`	1,919,725,240
`author_curate_reward`	""

properties (23)vote details (2)

voter	weight	wgt%	rshares	pct	time
auginis	0 B		1,160,490,295	100%
anthonyjleo	0 B		759,234,945	100%

@niallon11 · Jan 4 '18

$0.13

Im an iota man myself. I think with the backing that they have it is the most likely coin to bridge the gap to the mainstream.

👍 crookshanks, auginis

`author`	niallon11
`permlink`	re-auginis-newfound-bitcoin-problems-and-why-raiblocks-might-replace-it-20180104t215524848z
`category`	cryptocurrency
`json_metadata`	{"tags":["cryptocurrency"],"app":"steemit/0.1"}
`created`	2018-01-04 21:55:27
`last_update`	2018-01-04 21:55:27
`depth`	1
`children`	1
`last_payout`	2018-01-11 21:55:27
`cashout_time`	1969-12-31 23:59:59
`total_payout_value`	0.112 HBD
`curator_payout_value`	0.016 HBD
`pending_payout_value`	0.000 HBD
`promoted`	0.000 HBD
`body_length`	126
`author_reputation`	622,878,111,591,069
`root_title`	"Newfound Bitcoin problems and why RaiBlocks might replace it."
`beneficiaries`	`[]`
`max_accepted_payout`	1,000,000.000 HBD
`percent_hbd`	10,000
`post_id`	27,126,276
`net_rshares`	12,539,244,919
`author_curate_reward`	""

properties (23)vote details (2)

voter	weight	wgt%	rshares	pct	time
crookshanks	0 B		11,523,815,911	100%
auginis	0 B		1,015,429,008	100%

@auginis · Jan 5 '18

I have both invested into IOTA and XRB. I believe they both have pretty good potential. I still can't decide which one is better though.

👍 auginis

`author`	auginis
`permlink`	re-niallon11-re-auginis-newfound-bitcoin-problems-and-why-raiblocks-might-replace-it-20180105t092513530z
`category`	cryptocurrency
`json_metadata`	{"tags":["cryptocurrency"],"app":"steemit/0.1"}
`created`	2018-01-05 09:25:12
`last_update`	2018-01-05 09:25:12
`depth`	2
`children`	0
`last_payout`	2018-01-12 09:25:12
`cashout_time`	1969-12-31 23:59:59
`total_payout_value`	0.000 HBD
`curator_payout_value`	0.000 HBD
`pending_payout_value`	0.000 HBD
`promoted`	0.000 HBD
`body_length`	136
`author_reputation`	57,457,938
`root_title`	"Newfound Bitcoin problems and why RaiBlocks might replace it."
`beneficiaries`	`[]`
`max_accepted_payout`	1,000,000.000 HBD
`percent_hbd`	10,000
`post_id`	27,238,257
`net_rshares`	1,143,082,941
`author_curate_reward`	""

properties (23)vote details (1)

voter	weight	wgt%	rshares	pct	time
auginis	0 B		1,143,082,941	100%

@steem-network · Jan 5 '18

<html>
<p>Congratulations <a href="/@auginis" target="_blank">@auginis</a>, you have decided to take the next big step with your first post! The Steem Network Team wishes you a great time among this awesome community.</p>
<hr>
<div class="pull-left"><img src="https://steemitimages.com/DQmaAdLUJ3yaSkmcmWECWyPGPWcjfbCoZ8Tu4RM6H4DbjCi/steem-network-thumbs-up.gif" alt="Thumbs up for Steem Network´s strategy" title="I suggest Steem Network´s strategy" width="320" height="222"></div>
<h1>The proven road to boost your personal success in this amazing Steem Network</h1>
<p>Do you already know that awesome content will get great profits by following these <a href="/steem-network/@steem-network/spread-your-posts-through-this-proven-strategy-and-get-great-profits-in-return--for-posts-created-at-2018-01-04" target="_blank" alt="Steem Network" title="Follow Steem Network´s suggestions to boost your success">simple steps</a>, that have been worked out by experts?</p>
</html>

properties (22)

`author`	steem-network
`permlink`	re-newfound-bitcoin-problems-and-why-raiblocks-might-replace-it-20180105t075721
`category`	cryptocurrency
`json_metadata`	"{"tags": ["steem-network"], "users": ["steem-network", "auginis"], "image": ["https://steemitimages.com/DQmaAdLUJ3yaSkmcmWECWyPGPWcjfbCoZ8Tu4RM6H4DbjCi/steem-network-thumbs-up.gif"], "links": ["/@auginis", "/steem-network/@steem-network/spread-your-posts-through-this-proven-strategy-and-get-great-profits-in-return--for-posts-created-at-2018-01-04"], "community": "steem-network", "app": "steem-network/1.0.1", "format": "html"}"
`created`	2018-01-05 07:57:21
`last_update`	2018-01-05 07:57:21
`depth`	1
`children`	0
`last_payout`	2018-01-12 07:57:21
`cashout_time`	1969-12-31 23:59:59
`total_payout_value`	0.000 HBD
`curator_payout_value`	0.000 HBD
`pending_payout_value`	0.000 HBD
`promoted`	0.000 HBD
`body_length`	975
`author_reputation`	-788,969,433,247
`root_title`	"Newfound Bitcoin problems and why RaiBlocks might replace it."
`beneficiaries`	`[]`
`max_accepted_payout`	1,000,000.000 HBD
`percent_hbd`	10,000
`post_id`	27,223,524
`net_rshares`	0

@steemitboard · Jan 5 '18

Congratulations @auginis! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/firstpost.png)](http://steemitboard.com/@auginis) You published your First Post
[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/firstvoted.png)](http://steemitboard.com/@auginis) You got a First Vote
[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/votes.png)](http://steemitboard.com/@auginis) Award for the number of upvotes

Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click [here](https://steemit.com/@steemitboard)

If you no longer want to receive notifications, reply to this comment with the word `STOP`

> By upvoting this notification, you can help all Steemit users. Learn how [here](https://steemit.com/steemitboard/@steemitboard/http-i-cubeupload-com-7ciqeo-png)!

properties (22)

`author`	steemitboard
`permlink`	steemitboard-notify-auginis-20180105t041233000z
`category`	cryptocurrency
`json_metadata`	{"image":["https://steemitboard.com/img/notifications.png"]}
`created`	2018-01-05 04:12:33
`last_update`	2018-01-05 04:12:33
`depth`	1
`children`	0
`last_payout`	2018-01-12 04:12:33
`cashout_time`	1969-12-31 23:59:59
`total_payout_value`	0.000 HBD
`curator_payout_value`	0.000 HBD
`pending_payout_value`	0.000 HBD
`promoted`	0.000 HBD
`body_length`	986
`author_reputation`	38,975,615,169,260
`root_title`	"Newfound Bitcoin problems and why RaiBlocks might replace it."
`beneficiaries`	`[]`
`max_accepted_payout`	1,000,000.000 HBD
`percent_hbd`	10,000
`post_id`	27,187,684
`net_rshares`	0