DigiByte is a UTXO PoW network that focuses on digital payments, security, and decentralized apps. The decentralized blockchain was created by Jared Tate six years ago and has since been growing rapidly.
DigiByte prides itself on facilitating faster and cheaper transactions, unlike bitcoin. In a recent tweet, creator Jared Tate explains exactly why DigiByte is better than the OG crypto, bitcoin.
DigiByte is 40X Faster Than BTC
The argument about which cryptocurrency will be the next bitcoin has always prevailed in the crypto space ever since altcoins started catching on. Some altcoin creators have a penchant for making comparisons about transaction fees and speed in a bid to make a case for their pet projects.
In a recent 2-part tweet thread, DigiByte founder Jared Tate became the latest person to compare his crypto project with bitcoin. Tate pointed to the latest version of Bitcoin Core and the updated fee policy to prove his point. In particular, he noted that the new 0.19 version is now supporting slow transactions that take even a week to be confirmed, on top of being ridiculously expensive.
With DigiByte, transactions are much cheaper and it takes the blockchain approximately 2 minutes to fully confirm the transactions. Per Tate, this is why DGB is 40X faster than Bitcoin (BTC).
With the latest 0.19 version of #Bitcoin core & updated fee policy you can choose to send a TX that takes 7 days to confirm which costs more than what it costs to send a normal #DigiByte TX which confirms in 2 minutes. This is why $DGB is 40x faster than $BTC. Try it yourself. pic.twitter.com/i69G865IvM
— Jared Tate ©️ (@jaredctate) February 19, 2020
In the second tweet, the DGB founder quipped that using a bank would even be better than sending a BTC transaction that takes one week before it is confirmed because banks allow 2-5 business days. Predictably, he goes ahead to suggest that adopting DGB for transactions would be much wiser:
“Seriously, who would ever send a #Bitcoin transaction that takes 7 days to confirm? Might as well go back to the banks ACH system that takes 2-5 business days. Or just use $DGB.”
Does It Really Matter?
In all fairness, bitcoin’s slow transaction speed has been viewed as the chink in the asset’s armor. The fact that a single transaction can take hours or even days before it’s confirmed has led many to speculate that the crypto will not be replacing fiat any time soon unless major improvements are made. As such, bitcoin is better suited as a store of value.
DigiByte holders received this tweet with delight. For many of them, DGB is the most advanced cryptocurrency. Another Twitter user even noted that they are in Scotland and received DigiByte from Nigeria instantly.
That said, it is solely up to an investor to decide which of the two cryptocurrencies best serves their interests because the two have disparate use cases.
DigiByte is currently embroiled in the market-wide sell-off and is trading at $0.006847 at the time of publication, with almost 10% losses in the last 24 hours. Its market cap stands at $87,938,259 making it the seventieth-largest cryptocurrency on the planet.
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