One of the members of the development team for "The Lightning Network" has claimed that fees will only rise soon for Bitcoin in his blog he posted recently, read here https://medium.com/@rusty_lightning/dear-bitcoin-im-sorry-fees-will-rise-b002b1449054
It's a damning report on the future of Bitcoin Core and one that may have people thinking twice about the direction of Bitcoin Core. Meanwhile, with Bitcoin Cash the fees will only get lower, transactions speeds only faster the more blocks are created.
"Aug 7 Dear Bitcoin: I’m Sorry, Fees Will Rise Bad news travels slowly, in the cryptocurrency world. Tribalism causes unpleasant facts to be treated as an attack. But if nobody tells the truth, you can’t blame anyone for being confused. Decentralized payment systems don’t scale up; to really know if a payment to you is valid you need to know every payment which fed into it was valid. To know if the system is working you need to know nobody is faking money out of thin air, and that nobody is simply stealing money from others. To get this level of confidence, you need your own computer to check everything, and so it needs to see everything, and that’s never going to scale. It’s a superb and unprecedented level of trustlessness. But it doesn’t scale. Bitcoin can’t scale to meet demand, unless demand vanishes and it all fails. If bitcoin is used by 100,000 people today, and we want everyone to use it, we need bitcoin capacity to grow 75,000 times larger. Yet we’re already struggling with 140GB of storage caused by bitcoin’s first 8 years when it was mainly not being used, and rampant mining centralization which makes everyone nervous about making things more difficult for small, independent miners."
Do you think this will be reported on by the majority of Youtube channels that have been promoting corporate Bitcoin and trying to tear down Bitcoin Cash? I seriously doubt it.
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If it is true that the fees on Bitcoin Cash will always remain significantly lower than BTC, then it, along with other altcoins, would become the optimal choice for performing smaller everyday transactions. In the case of larger transactions, it would still be better to use Bitcoin Core (for the time being) or altcoins because it's relatively more established and reliable. Although I doubt Bitcoin Cash currently has any reliability issues, it's still hard to tell given how new it is and would make more sense to only make transactions on it where less is at stake. At the same time, it helps ease the burden on the BTC network to confirm transactions by reducing demand.
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This post received a 3.6% upvote from @randowhale thanks to @wvm! For more information, click here!
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I want lower fees!
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Bitcoin Cash fees are low, and will get lower in the future the more it grows.
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I don't think this is the case... the reason the fees rose in the first place was because we maxed out the capacity of the Bitcoin network and miners started mining the transactions with the highest fees paid first. Now Segwit is activated as long as the Bitcoin network capacity isn't max out fees will drop, soon as we hit capacity they will start t go up again. This is the same for Bitcoin Cash, soon as we hit the capacity of the network on that miners will start being selective again and fees will go up!
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@unbeaten, it's the informed opinion of one of the developers of the Lightning Network that the fees will rise, Lightning Network is what everyone is pinning their hopes on for Bitcoin to be faster. I think this guy knows more than both of us on this topic. Bitcoin Cash has safeguards against the fees going up, it was all embedded in the coding.... the fees will never go up for Bitcoin Cash, please do your research on that! It's important, because I think Bitcoin Cash will be called just "Bitcoin" soon, and Bitcoin Core will be split in another fork yet again with Segwit 2x and both will be called something else like maybe Bitcoin 2x and Bitcoin Classic. You do realize that in November Bitcoin will split again right?
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Wow so if this does end up happening Bitcoin Cash is going to go through the roof real quick!!
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Resteemed
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I think these are just some speculators trying to bring down bitcoin in favour of BCH just to make themselves and BCH feel good. I have nothing against BCH, but strategies like this ain't cool. Anyway, time will tell, but until then!
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@tosmartak, please do your reasearch, this man is not a speculator, he has every reason to want to see Bitcoin Core rise, because he works and makes money from the Lightning Network, that's the network that will allow Bitcoin to be faster.... everyone is pinning their hopes on it! But if he says the fees will rise, you can bet on it.... he has every reason not to say it, but he is because he is telling the truth. Do with that info what you will.
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Thanks a lot mate for the reply. I sure do love constructive criticisms, as we all learn everyday. Done my research and you are kinda right! Thanks for the info!! Apparently, we have been fooled all along.
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