Friday , July 28 2017
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The currency of the future has a settlement problem

Summary:
Anyone and everyone’s attention in bitcoin is currently transfixed on a single number: the amount of unconfirmed transactions building up on the bitcoin network.Earlier on Wednesday, the number surpassed 200,000, an unprecedented level.Professional bitcoin OTC traders FT Alphaville spoke with see this as an alarming development and one of the drivers of rival cryptocurrency ether’s growing popularity. The views of one trader:It definitely tempts people into ether. This is the biggest problem with bitcoin, it’s not just that it’s expensive to transact, it’s uncertain to transact. It’s hard to know if you’ve put enough of a fee. So if you significantly over pay to get in, even then it’s not guaranteed. There are a lot of people who don’t know how to set their fees, and it takes hours to

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Anyone and everyone’s attention in bitcoin is currently transfixed on a single number: the...

Izabella Kaminska
Izabella Kaminska joined FT Alphaville in October 2008, which was, perhaps, the best time in the world to become a financial blogger. Before that she worked as a producer at CNBC, a natural gas reporter at Platts and an associate editor of BP’s internal magazine. She has also worked as a reporter on English language business papers in Poland and Azerbaijan and was a Reuters graduate trainee in 2004.

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