Libra's Launch Represents An Infection Point For Bitcoin

The pop-up and subsequent drop of Bitcoin over the last 48 hours has been seismic and shocking, even within a market shown for its instability. The highs pushed the worlds largest cryptocurrency up to over 22% in 24 hour period and going along for the ride were the many thousands of altcoins, pegged on various crypto exchanges to BTC. This represented a tremendous shot in the arm for blockchain projects all across the world who relied upon the sale of their crypto to fund their innovation.

What we learned from this return to a near December 2017 price level is that bitcoin still has a few kinks to work out in terms of its scalability. Chief among these difficulties is the relative expense of Bitcoin transactions. At the present time, the recommended fee to send a simple transfer across the Bitcoin blockchain is 164 satoshis/byte, meaning that you need to send at least a few USD in order to have a reasonable chance of getting your first confirmation through in the next 3 blocks (30 minutes), irrespective of how small the transaction. Further confirmations will require a good deal more time to be validated.

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