December 26, 2017

BitcoinGet Payouts

What a year it has been for Bitcoin. We saw a meteoric rise in price and an influx of new users. To say the least, it has been an exciting year for everyone involved.

The rapid growth of Bitcoin has also presented some interesting challenges. Up until recently, bitcoin transactions were fast, cheap, and reliable. Bitcoin blocks had sufficient capacity to confirm the majority of transactions going through the network. Now we're facing a situation where the number of transactions far exceeds capacity that Bitcoin can handle. The result is slow, expensive, and unreliable transactions. At the time of writing, a normal transaction would cost about $25 USD in fees to have a good chance of being confirmed quickly.

This is certainly problematic for BitcoinGet's promise of fast payouts. Under current conditions, the amount in fees would be higher than most payout amounts themselves. The volatility in network traffic also makes it hard to estimate when transactions will get confirmed. As a result, we have decided to delay payouts until the network traffic tapers off to a point where it becomes feasible to transact again.

The good news is that we are already working on a long-term solution to ensure that our users are paid out in a timely manner. The solution will involve providing an option to get paid in alternative cryptocurrencies, such as Ethereum and Litecoin. We will have more details for you once we launch this feature, which will be within the next two weeks. We appreciate your patience, and rest assured that we are doing everything we can to restore fast, daily payouts.