Posts Tagged ‘Bitcoin (BTC)

Do you remember the time when Bitcoin was advertised as a fast and easy way to transfer money all over the world with a minimal transaction fee. Well, these times are long gone now that we are seeing the 1MB blocks full with transactions, a backlog of almost 200000 unconfirmed transactions and over 100 BTC in fees alone with almost 100MB backlog (100 blocks behind with 1MB block size). As a result there are high transaction fees that start at more than a dollar and can go as high as a couple of dollars just to have your transaction included in a block in a reasonable time. Things are not looking good, unless a consensus for a solution (even temporary) to the small block size is found as with the increase of the price of Bitcoin. Services such as online Bitcoin wallets and such have started to increase the transaction fees already so, that there will be no extra delay for their customers, the problem is that these extra costs are usually covered by the users.

For example the online Bitcoin wallet and a Bitcoin-powered debit card issuer Xapo has recently informed its customers about their plans to actually have the transaction fees for withdraws paid by the users. Prior to that the service did not have users paying the fees for outgoing transactions, but the high fees associated with transfers on the Bitcoin blockchain have forced this change. With low transaction fees covering the extra cost is not a problem for some services, but with the constantly growing transaction fees you can even end up paying more for the actual transaction to be included in the blockchain than the amount you are transferring if it is just a couple of dollars.

Do you remember those promo images comparing Bitcoin to Western Union, PayPal and other popular payment services and talking about how BTC is better with the very low transaction fees cited as one of the key advantages. Well, if this trend continues and a solution is not found soon, then things might end up with Bitcoin transaction fees actually making transfers more expensive than to use a more established alternative payment method like the ones mentioned…

The last couple of days were very good not only for the many altcoins that are rising in value, but also for Bitcoin as the crypto currency has pushed past the $1500 USD price point and seems to by trying to reach new heights every day. Not that we are complaining, however there are concerns regarding this serious peak as if it is a bubble getting ready to burst. The enthusiasm regarding crypto currencies such as Ethereum, ZCash and Litecoin as well as many other altcoins is nice and all, but we are seeing some overblown in terms of proportions ICO sales and that is also a reason for some concerns. On the positive side, if this trend continues we might be able to see new highs for BTC and other coins earlier than some optimistic predictions about prices…

It seems that the mysterious 21 company is continuing to try to figure out what and how they should capitalize on their huge investments and Bitcoin. Their latest incarnation is a combination between an email and social media service with integrated Bitcoin payments. They compare it to LinkedIn’s InMail service where you pay to get in contact with a member of the service that is not your contact and you don’t know personally. With a 21 profile the idea is similar, however here a member of the service can contact you by paying you in Bitcoin and you get the money, not the service. It is not an actual email service, nor it is a fully fledged LinkedIn alternative or a Facebook-like social media… it is a kind of a hybrid between multiple things with Bitcoin added in the mix.

Registration for 21 profiles are apparently open to the public now, so you can reserve your name by creating a profile now. Once you do you will need to get it confirmed in order to Earn your first $0.50 USD in Bitcoin and then you will be available to be contacted with survey type questions, though apparently not only limited to that, from other members and get paid for responding to them. You are also able to get in touch the same way with other members of the community, there are already a number of lists that group different people like a list of CEOs or VCs, programmers, students, crypto currency traders and other specialists in their areas.

It seems that 21 is currently in need of attaining a large user base in a relatively short period of time and they have figured out a way to make things work for both themselves and the users of their service. The 21 profile can be a useful tool in the hands of a professionals in many different fields, but it does not seems that much attractive to the regular Joe at this point. Sure you may be able to get some extra money from it, but at this point if you are not a professional is some field you will hardly be somebody that will be paid for his/hers opinion. Still you might be interested in checking out the service and if you already have a LinkedIn profile, then you might also want to get a 21 Profile as well… even if you are not into Bitcoin or crypto currencies (yet).

For more information and to check out the service and maybe make a 21 profile…


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