Bitcoin Core Is Slow and Unreliable – Roger Ver

everyone wanted to make another little video today pointing out something that people still don’t seem to understand so I love to say that Bitcoin cash has fast cheap reliable transactions I say Bitcoin core is slow expensive and unreliable a lot of people take issue with me saying that it’s slow and unreliable they all say oh it’s it’s expensive to use that’s great pop the champagne bla bla bla bla that’s nonsense of course it’s expensive to use everybody knows that that’s paying attention although they love to to ignore that sometimes they say oh today it’s cheap it’s well do you want cheap transactions or do you want expensive transactions like the official party line for Bitcoin cords that they want expensive transactions but when the fees are cheap they all cheer against like they cheer when it’s expensive they cheer when it’s low that’s a double standard it’s a bunch of nonsense but today I want to talk about it being slow and especially unreliable right so here I have a chart from blockchain calm you can see the URL where you can see this chart for yourself and it’s the average confirmation time for Bitcoin BTC Bitcoin core transactions and we can see that the whole time back in you know 2016 and whatnot you know the average confirmation time was about 10 minutes right because the blocks for every ten minutes and as the blocks became fuller and fuller the average confirmation time got to be longer and longer right so in 2017 it started to be a really ton I look at this in March of 2017 you know the average confirmation time you know 200 minutes here for some of them even a hundred hundred thirty seven minutes that’s more than two hours was the average confirmation time and on top of that they made it worse for this whole replaced by fee nonsense later in 2017 the average you know confirmation time was getting to be you know hundreds of minutes eight hundred minutes that’s more than ten hours was the average confirmation time in June of 2017 ten hours almost half a day as the average confirmation time there so more than ten hours those are more than twelve hours there if you add it up so more than a half a day on that particular day but wouldn’t you really got bad was it the peak of the Bitcoin mania here look at this the average confirmation time 11450 three minutes on the Bitcoin core network right 11450 three minutes right so we’ll take that and we’ll divide that by sixty minutes per hour right so that’s a hundred and ninety hours is the average conformation time 24 hours in a day the average caught the average conformation time was more than a week on the Bitcoin core network at that point more than a week was the average conformation time so like of course Bitcoin core is slow expensive and clearly unreliable if you have to wait more than a week for your transaction to go through that’s not a reliable network if somebody’s been using Bitcoin for payments since 2011 I need something that’s fast cheap and reliable all the time not just some of the time and that’s why I switched myself in my infrastructure my business and my payments and everything over to Bitcoin cash because Bitcoin cash doesn’t have intentional fault blocks it doesn’t have intentional more than a week long waiting time to get your transaction included in a block there are more times than I can count where I spent more than a thousand dollars in fees on the Bitcoin network for a single Bitcoin transaction on the Bitcoin core network that’s not a reliable payment network that’s not a fast cheap or reliable payment network that’s not a payment network that merchants are going to want to use at all and that’s why we’ve seen so many businesses around the world from blockchain calm to coin based calm debit pay calm to Bitcoin calm of course starting to use Bitcoin cash because of its fast cheap reliable payments that’s what the world wants that’s what the world needs that’s the tool that’ll bring more economic freedom to the world I hope some day lightning Network will allow for fast cheap reliable payments but right now today it doesn’t and there’s another company I’ll I made the mistake I suppose of investing in them back in like 2014 probably and they were mad because I was complained to them oh you guys are doing the same thing now you’re trying to do the same thing with lightning network that you were able to do back in 2014 what I invested in you why are you why are you excited about this now and they were really mad they went on social media and they said oh we’re embarrassed to have an investor that would complain about what we’re doing well you had five years and now you’re doing the exact same thing five years later after I gave you $50,000 I think it was back when Bitcoin was a lot cheaper you’re doing the you’re trying to do the exact same thing now with Lightning Network that you were already able to do back in 2014 when I gave you the money to begin with and so they contacted me they said oh we want by out your stake in the company and I said good I’m happy to that what price do you want to do and they set a price and I said okay I’ll gladly do that the only requirement is you have to pay me with Lightning Network and then they went silent because they know you can’t mate you can’t use Lightning Network to make $50,000 payments and you can hardly even use it to make small payments it’s not reliable enough for commerce yet I hope that changes I hope it’ll work I hope it works great someday but it’s not there today for right now today Bitcoin cash can work fast cheap reliably for everyone every time all over the place and you know try setting up a Bitcoin calm wallet and permissionless lis using Bitcoin cash it’s the longest step is to download the app so you can do the whole thing in like 30 seconds if do you want to use lightning Network permissionless Lee it’s the entire day project it’ll take you hours and hours and hours to set that up so if you want to use lightning Network where you’re trusting somebody else no different than PayPal sure you can do that and good pretty quickly but then you’re just right back to where we started with before we have the invention of cryptocurrencies so that’s why I’m a fan of Bitcoin cash that’s why I wanted to show you guys right here here’s the exact data Bitcoin core transactions are incredibly unreliable at one point it was more than a week for the average confirmation time there this is crazy why would anybody use that so the only thing that Bitcoin has is the name recognition that was built up by people like me that made it useful in commerce to begin with but now with you know the Bitcoin core wallet removing bits 70 from the wallet so you can’t pay bit pay invoices with it anymore it just shows that Bitcoin BTC blockchain developers are openly hostile to its usefulness in commerce the people that actually want cryptocurrencies to be usable as peer-to-peer electronic cash for the world and usable by businesses around the world they’re busy building up mainly on things like Bitcoin cash and anyhow that’s it for this video if if you want to trigger a Bitcoin core maximalist share this video on Twitter and Facebook and social media and point out to them the Bitcoin core transactions are slow expensive and unreliable by the intentional design of the Bitcoin core developers so that’s why I switched from Bitcoin core to Bitcoin cash and if you’re looking at using cryptocurrency yourself you should make that switch too because Bitcoin cash transactions are fast cheap and reliable while Bitcoin core is slow expensive and unreliable so see you on the next video bye bye everyone

52 thoughts on “Bitcoin Core Is Slow and Unreliable – Roger Ver”

  1. Something has to be a reliable store of value before it will become a widely adopted medium of exchange, and then unit of account. Game theory

  2. What about your own recommendation to whait for 6 confirmations on a BCH transaction to avoid doble spending? So, you are talking of the speed of an NON settled BCH transaction vs. a SETTLED BTC transaction. You are manipulating de data Roger.

  3. Roger Ver in my opinion I think you are correct and you have a good vision Bitcoin is slow, expensive and unreliable it's not the future of nothing. Let's imagine if google or was slow or even the internet if it takes a day or a week to load a page.?¿ BTC is past not future and not even good as store of value, there is much more potential in other crypto like per ex BCH. Hopefully will not drag down all other crypto with it.

  4. hi Roger! good job but i discovered a channel that is explained everything better than you

    Pls enroll this for the channel!

  5. As a person that started using BTC for overseas payment back in 2013, late 2017 was a total disaster. I switched to BCH for all my business uses.

  6. Stop focusing on the bad within BTC and focus on the good in BCH in the end the market will decide what coin produces more value to them

  7. Even if it is 24 minutes as it stands by today that is faster then any bank transfer. Trying to go ahead by trying to trash Bitcoin with OLD data is a bad tactics. That way you will never have success. So far your wonderful BCH is going down, down down. Stop your crap comments and start focusing on positive things. So far you are doing a bad job trying to convince the word. You are disappointing

  8. Roger, I enjoy your videos. You are a helpful voice in this space. I just suggest we stop focusing on comparing to each other, we are 2 + years post fork. BCH is building a community and growing better than all others. Please no more need to slam Btc we know it’s limitations. Don’t listen to this trying to ‘get your goat’

  9. Roger, correct me if I'm wrong on what I've understood. IF the global adoption continues and we'll see the prices going back up to areas around previous ATH (~20k USD) the waiting time and fees will go back to the arounds of peak levels you pointed?

  10. I cannot agree at all with the unreliability of btc but the slow and costly transaction on btc is why i buy BCH and BTC

  11. I'm starting to give up on humanity. There is a reason why they are called sheep by some, and I am afraid that that this may be correct unfortunately..

  12. I just cannot understand how people are so easily brainwashed by branding? Bitcoin Cash actually sounds better anyways.. And who the hell would transact everyday with "Satoshi's", what a stupid name for everyday transactions. "Hey man can you send me those Satoshi's that you owe me" lol

  13. Bilderberg Bitcoin Core meetings, have you been invited yet? Block the Stream of Bitcoin Core. Sorry LN not ready, 18 months more, rinse repeat.

  14. I don't understand why do you guys keep this nonsense cash vs core.
    It is obvious core wants btc to be store of value, with no other use. Not as a currency,but as digital gold. That implies high hash rate, priority to the security, not the transactions. They won't change idea.
    On the other side bitcoin cash is aiming to be digital cash. If one wants to keep his money safe, then he uses btc. If one wants to buy stuff, then he uses bch. They are both different views of bitcoin, they are both bitcoin. I don't like btc. I believe they both will exist. One will get value because of security and people investing in it to get rich. The other one will get value because of use cases, 1000s of merchants use bch, use case will bring bch to the sky.

  15. I love bitcoin but it doesn’t work. I’m a newer investor and can’t see bitcoin being used like bitcoin cash in the future. Its kind of simple if you stop being bias because your so invested in bitcoin.

  16. My last Bitcoin transaction confirmed in 2 seconds and was free. Ver also personally recommends you wait for 10 confirmations for bcash transactions which is approximately 100 minutes. I wonder if ver had generated his LN invoice for $50k before making the ridiculous suggestion? I'm doubting it though. More lies from roger that only stupid or uninformed people will believe. So sad…

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