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Why Transaction Fees On Bitcoin Cash BlockChain Are Low
It has been a topic for discussion within top crypto Investors why transaction fees on Bitcoin Cash remain low despite the pump and every other activities that occur on the Blockchain. The low transaction fee has been a point of attraction and also it's super speed in completing a Transaction, this in the nearest future will pave way for massive adoption of Bitcoin Cash within the globe. This article won't be more technical in order to make it easy for newbies to understand.
Typically, a transaction of 236 bytes or less costs the sender around $0.001 to $0.008 on the Bitcoin Cash blockchain. Interestingly enough, you can perform multiple Transactions at a time without this fee increasingly, could that be as a result of the Bitcoin Cash block size of 32mb or something else?
Bitcoin Cash has been underrated over a long period of time now, leaving several opportunities uncovered. Thanks to the efforts of the community today, Developers are working hard to create solutions using Bitcoin Cash and The marketers are likewise busy spreading the good news to people and stores all over the world.
Let's take a look at opinions from Persons on why Bitcoin Cash fees are low.
According to Clark Mumaw;
born out of the cryptocurrency conflict of BTC being everyday cash versus storage of value. This was an ideological argument where two side interpreted the intent of the original white paper differently. The side that believed in CC as money (BCH). thought the chain needed more speed NOW. And lower fees. The side that stayed with BTC thought security was needed now and speed could be achieved a different way. Some describe this as the block size breakup (or a technical debate of what was the better technical solution to increase speed) because BTC want blocksize to stay where it was and BCH want to increase blocksize.
According To Griselda Ruiz;
Low Fees Allow for More Innovation and Global Participation
All year long, BCH network fees have been incredibly inexpensive, which has allowed for all types of innovation. This includes the opcodes added last May and the use of OP_Return transactions with metadata. A wide variety of applications were released during the second half of 2018 that leveraged OP_Return transactions and the new opcodes and the low fees have made things much easier for developers and end users. Low network fees have inspired users to create representative tokens, upload written text, books, and all kinds of files using the BCH chain’s security. BCH network fees that are less than a cent also make it uncomplicated to send microtransactions and support crowdfunding charities like Eatbch in South Sudan and Venezuela. If there is a whole ton of small amounts of micropayments, then it can really add up for people in need. Bitcoin Cash fans believe that inexpensive fees will help push adoption forward and over the last year the network fees have been very low even when processing 4X the number of transactions that other networks have recorded.
These guys have all spoken well pertaining to why Transaction Fees on Bitcoin Cash BlockChain are low, but if you are still paying some high fees for your Transactions then you'll need to check some settings on your wallet.
Wallets like the Bitcoin.com wallet and the Electron wallet allows it users to toggle between Urgent, Priority, Normal, Economy, Super Economy. Each of these attracts a different fee charge.