Pass it forward

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Bitcoin is having a moment. In addition to becoming the talk of the town, its staggering premium rise over the last 12 months has stimulated some early holders of the cryptocurrency exorbitantly affluent.

But not everyone is travelling that high-pitched. In knowledge, it’s directly has participated in annoyed would-be Bitcoin transactors chasing a high of a different style: specific, the one provided by their stimulant of alternative.

It is felt 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 parties are pissed. The convey rewards, you witness, have gotten too damn high.

“Fuck Bitcoin and fuck its bullshit fees.”

What once was a pseudonymous acces to buy bricks of cocaine has transformed into a comparatively illiquid store of value. Moving BTC from your wallet to your dark market of pick now expenditure you a reasonably Satoshi — a cluster of them, actually.

And why is that? At present, the number of business that can take place on the blockchain is limited to around 7 per second. In Bitcoin’s early days, this was channel more than enough capacity to handle the magnitude of trading. Now? Not so much. As such, there can be long waits for transactions to confirm — unless you compensate a transaction reward, that is. Those rewards help your request cut the proverbial word, but as the line comes longer, those rewards get higher.

And, as a number of berths this week on Reddit make clear, this is NOT COOL.

“[ Why] is it so high and will it ever go down as i only make small fiats and having to pay PS15 fee is stupid high, ” wrote one individual on the Dream Market Reddit page.

Even a relatively low reward seemed undue to a would-be purchaser giving his or her BTC into a dark busines ahead of a presumed purchase.

“I just made a transfer of $70 from my electrum to the market with a reward of around $10 usefulnes of mbtc, ” wrote private individuals on a dark-market focused Reddit page. “When should I expect this to confirm? I understand a $10 bitcoin reward is low right now but I wasn’t expecting it to be as high-pitched as it was…”

“Uncut Amphetamine Sulfate Powder” advertised on a dark market.

Image: DREAM MARKET

Some aggravated customers are even pulping groceries to professed other forms of cryptocurrency, such as Monero or Bitcoin Cash.

“Fuck Bitcoin and fuck its bullshit fees, ” reads the claim of another DM Reddit weave. “VENDORS PLEASE PLEASE PLEASE ACCEPT BITCOIN CASH, ” notes the post.

Others are just hoping for some room to skirt the fees.

“The BTC transaction fee has realise buying from DNM unreasonable for me, ” noted another. “Is there a room round this? Nothing of world markets appears to take alt-coins.”

What’s next

Whether you’re buying concert tickets, Airbnbs, or supposedly 85 -percent unadulterated MDMA crystals , no one likes compensating costs.

And while people looking to composition questionably legal entries like bags of uncut amphetamine sulfate pulverize have only a few online alternatives — and those options may merely acquire Bitcoin — those hoping to use their cryptocurrency for legal deals may have the comfort of using altcoins with significantly lower event fees.

Whether dark sells like Dream Market will ultimately start professing cryptocurrency other than Bitcoin is anyone’s guess, but, ya know, the customer is always right and all that — perhaps peculiarly when that purchaser is furiously trying to value.

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