A new Reddit crypto fad is proving two points while barely trying. The dark coin industry is struggling to find ways to prove utility for their tokens, and nobody really wants to use SegWitCoin (BTC) for anything.
The new Interactive Bird Feeder is keeping bored internet users mildly entertained. Monitored by a live Youtube feed, users can contribute BTC, Litecoin, Dogecoin or Nano to feed the birds. A small contribution of $0.50 drops bird feed, and hopefully there are some birds around to enjoy it.
CCN, who looked into the donations the bird feeder has received, came up with some interesting results. The majority of donations received by the feeder have either been in Nano or Litecoin, which the outlet credits to the low transaction fees of these two cryptos. While Dogecoin donations weren’t specifically noted, BTC, of which you’d expect there would be plenty of donations with the popularity of the coin, only registered a single contribution.
The lack of BTC usage can easily be linked to a few possible reasons. The most obvious is the cost of transaction fees on the BTC network, which often are more than the price of some purchases. That’s clearly the case here, as a $0.50 donation fee could cost more than $1 in fees.
There’s also the slow pace of transacting in BTC. As the network isn’t built to scale, as Bitcoin SV (BSV) does in following Satoshi’s vision, blocks can get very congested causing slow transaction times. If that’s the case, and BTC users have made a bunch of donations to the birds, maybe a whole lot of food is just about to drop.
Either way though, is this the best that BTC and dark coins can be used for? If the best thing you can transact these coins for is to feed some birds on a webcam, and possible commit crimes, that’s not a very great use of money.
Meanwhile, BSV is providing the world a whole new realm of utility. As it can scale its blockchain massively, it’s being used for social media, big businesses, and real world applications; things other digital currencies can only dream of.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.