These are hot questions that need speedy answers currently when dealing with cryptos nowadays. People are beginning to look in the direction of Bitcoins and Ethereum but the thing is letting them down and scaring them off with excessive fees and slow transactions. As if that isn’t enough, many are scared of the long strings of alphabets and numbers called private keys. They have been warned, “lose it, lose your funds”. It is particularly scary considering the fact that they don’t have to think of ‘how to secure their credit and debit cards’ or even bank cheques. “Anyone can be carefree with these things” you hear but not with your Bitcoin and Ethereum wallets.
After “How to buy Bitcoin” the next is “How to keep Bitcoin” or “Bitcoin Wallets” for beginners who are starting their crypto journeys. Exciting things are blooming pertaining to Cryptocurrency these days and everyone wants a fair share of their “free money”. But there is a catch- it’s risky, it’s technical, Bitcoin is slow, Ethereum is slow, Transaction fees are too high (more than the transaction fees for transferring fiat in many cases)- What the Finance?
Developers, yes even Bitcoin and Ethereum Developers, are not silent on these things, they know it downplays the popularity and identity of cryptos. Many have gone to create their own cryptocurrency and even blockchains. But for Beginners, there is only one Cryptocurrency and Blockchain and that is Bitcoin (and Maybe Ethereum for those who might have heard of Uniswap’s Free money, Forsage, Sushi-Trilema, etc.) Other Cryptos and Blockchains to them are non-existent. So how do developers want to scale Bitcoin and Ethereum up with low fees without sacrificing security?
Ethereum developers are already working on making a new version of Ethereum, they called it Eth2. Summary: Eth2 will be faster and with very low transaction fees-exciting times almost here.
For Bitcoins there seem to be no way around it. Recently, Bitcoin is seen to be consuming ten times the power it consumed at launch. So there is no way out?
Other developers are launching crypto-backed assets on another faster blockchain. An example is WBTC on the Ethereum blockchain but this is a closed-loop since Ethereum has its own obvious challenges.
Developers at COTI today launched the COTI-X platform which will potentially scale Bitcoins. Anyone can easily buy Bitcoins with their MasterCard or Visa. They can use their BTC to instantly pay merchants on the platform without paying the huge fee. What COTI-X does is to create the same value of BTC sent and process the transaction on COTI Trustchain then settle the receiver using the COTI-X liquidity pool. From a COTI-X introduction explaining how the liquidity pool works:
“As an example, when a consumer pays for a product on the COTI network using BTC, we can instantly create the same value on COTI’s Trustchain, complete the transaction instantly, and settle with the merchant using COTI-X’s BTC liquidity pool. This allows both the consumer and the merchant to use BTC as a method of payment, without any of the overhead of the BTC network, mainly speed and cost of transaction.”
COTI helped in building Myfirstwallet project that easily onboards new adopters of Bitcoins without burdening them with the issues of wallet security.
Blockchain technology will continue to expand but the way to its expansion must be creative, COTI developers have taken the creative pathway to Blockchain Expansion ahead of many others.