Bitcoin may have begun the fight for cryptocurrency, but the space has now opened up to a world of investors looking to make the next big cryptocurrency. Throughout 2017, bitcoin has been at the brunt of the headlines, increasing in value by over 1,500% throughout the year long period. The massive amount of attention brought to bitcoin has also brought a large amount of media coverage and interest to the rest of the cryptocurrency world, which otherwise would not have gotten the level of fame it currently has. One of the main issues with bitcoin lies in the fact that there is a 1MB block limit.
This means that transactions take a long time to go through, and transactions cannot run smoothly through the current system. This is where Raiblocks comes in. Raiblocks uses a new system wherein every transaction on the network has its own blockchain. This means that transactions on the Raiblocks network can be pushed through almost immediately, with little to no delay in transaction time. In addition, the transaction speed has no limit like bitcoin does if there is a high amount of volume or traffic in the space. Due to the fact that bitcoin has this low limit, the amount of miners needed to continuously push through the massive amount of transactions has become quite large.
Because of this, the fees for using bitcoin have become quite high. This turns many off to the idea of using bitcoin. With Raiblocks, since the transaction times are so quick, the fees are incredibly low. This means that the feasibility of using Raiblocks is incredibly high. As more and more individuals discover the massive amount of potential that Raiblocks has, more and more will be able to integrate this new coin into the expanding world of cryptocurrency.