I read an interesting article about cryptocurrencies.
tl;dr: Crypto is dysfunctional trash. The main area of criticism are, that it is hard and expensive to use, unforgiving, and sometimes even just ridiculous (burned fees for failed computations).
- The article states:
Back in the 2010s, when normal people foolishly thought that bitcoiners were talking about a currency , and tried to use Bitcoin like it was a currency, a lot of them had the Bitcoin Experience. Everything is complicated, and basic functionality you’d expect of a payment system just isn’t there. Irreversibility screws up everything — all frauds, thefts and fat-finger errors are final, and customer service is literally impossible by design.
Grin may be more complicated to use in comparison to Bitcoin, but its not that of an issue imho. However, we don’t have the fat-finger-error problem, right? If you type in a wrong address, nothing bad happens.
- It further states:
The NFT and the ether they had left over from this exercise are sitting there in their Metamask. Moving the ether out would be another expensive transaction — today’s average fee is $20.71, it was $60 a couple of days ago [ YCharts, archive ] — so they’re just going to give the recipient the Metamask wallet, private keys and all.
The horrible fees have been what annoyed me about Bitcoin and ethereum to no end. This year i was literally forced to pay ~ 80 € fees to move BTC and ETH. Absolutely ridiculous.
Grin does not have these issues and would not get them as fast as bitcoin since it can roughly throughput 3x more transactions per block. Lets hope for Grin this will become an issue one day that needs to be addressed
A second layer solution like lightning could help and since the first layer is interactive already, using it would likely not make things more complicated. But thats future-music.
- the article further states:
if a normal person trying to use Ethereum guesses wrong about today’s transaction fee, the transaction fails and their fee literally goes up in smoke. If your Ethereum transaction fails, then the ETH or the NFT doesn’t move — but you still lose the fee. Because it’s a computation that failed.
So try again! But guess a bit higher or something.
Or use an actual-money payment system instead of this dysfunctional trash.
I read a lot on reddit about these type of issues (example: https://www.reddit.com/r/ethereum/comments/mt7pya/lost_94_in_fees_for_nothing_in_metamaskuniswap_if/)
With Grin, if a transaction fails for whatever reasons, it does not get into the Block, therefore no fees are charged, right?
I really think Grin has nice attributes and as long as peeps are around and work on it, time will work in Grins favor.