Updated: Mar 3, 2022
Biconomy is a scalable relayer infrastructure aimed at improving the web 3.0 experience for all its users. The Biconomy team references the ETH network's high gas fees and strict payment methods as a partial inspiration and competition to the BICO solution.
-Biconomy claims to resolve 'terrible user onboarding and transaction experience' within the web 3.0 world by addressing 6 main problems-
1. Necessity to pay a gas fee
2. Users can only pay in ETH
3. New Users have a long complicated onboarding process
4. Proficiency in complex blockchain technicalities is required
5. Volatile and high gas fees
6. Pending and stuck transactions
Visit their website and maybe a couple other resources such as coinmarketcap or coinbase to learn more about Biconomy.
Other resources because each crypto program or coin will have its own website that doubles as a sales tool for its cause. Bottom line- a website's purpose is to get you to like what is being presented; an outside read from a credible author/team will often give another perspective.
Let's talk charts and trading. First thing I notice is the lack of an uptrend or any movement on the charts telling me we are on the way up. Most of crypto is in a deep pullback right now and many speculate when this bear market will end. The opportunity to buy is as good as ever, but our job as traders is to decide which assets will recover and which ones will be left struggling in what is hopefully a short-term recession.
For me personally, as good as the Bico program sounds, I will need a hands-on experience to trust this program more. I'm not knocking the product as much as admitting my lack of hands-on awareness to the usefulness of it. I have used the ETH network for various transactions and even games in the NFT world. ETH has become the standard by pioneering the crypto transaction and gaming marketplace to the incoming crypto enthusiast. The one thing that sounds the most appealing is the gasless transactions. ETH network operates in a manner in which higher traffic times on the network create much higher gas prices and the influx of newcomers has driven ETH gas prices too high for many common traders to enjoy. ETH network has become the reliable turtle in my book- it may be a little slow and expensive, but it works.
How does that relate to trading? I want to see signs of an uptrend in the Bico market before heavily investing in this asset.