Have You Ever Considered the Transaction Fees? Are you blinded by metrics and the standing of a certain coin? Are you the kind of crypto enthusiast who simply follows because of the hype? What about *FOMO*? No more *DYOR* thus experiencing FUD! whatever these acronyms are being used for, regardless of how it is being utilized by someone in the crypto community, I am not blinded by mere metrics. Joining the crypto community entails social responsibility because supporting more on the cause not just the coin in itself is more rewarding in the end. Hence, while checking on the news, I was amazed at how ***Kim Dotcom*** shared his thoughts regarding *Bitcoin Cash* has more utility because even less than a dollar transaction fee is possible. As a merchant or having micro-business, it is more convenient for me to accept digital money like Bitcoin Cash as a mode of payment. Likewise sending money to my sister's account in the Philippines from Seychelles cost me not even a dollar transaction fee unlike if I will send it through remittance exchange. https://news.bitcoin.com/kim-dotcom-insists-bitcoin-cash-will-serve-the-mass-market-criticizes-btc-fees-elon-musk-responds/ https://odysee.com/@PatSky2783:4/Why-I-Love-Bitcoin-Cash:5
https://lbry.tv/@BitcoinBCH:6/why-bitcoin-cash:8 Moreover, when I printed out my first Bitcoin Cash *scannable QR code, my point of starting with* *4.99php* *or 5 is to let my friends know that they don't need a huge amount of money to start using the wallet per se*. What else are we not considering these whole scenarios of using a true peer-to-peer electronic cash system which has more ***store of value?*** https://www.publish0x.com/patjules83/bitcoin-cash-to-bring-more-economic-freedom-to-the-world-xxwpgne https://open.lbry.com/@PatSky2783:4/BitcoinCashprintOuts:d When you are having an online or even traditional business, accepting Bitcoin Cash as a mode of payment is more suitable because it is permissionless. Transactions that have a median fee of $0.001 compared to $5.93, *check here*, to that of BTC I wonder if micro-entrepreneurs would be willing to spend more on the fee. I believe that *Bitcoin Cash* can bring more economic freedom to the world because of its ***F.E.L.R faster, easier, low fees, and most of all reliable transactions.*** https://txstreet.com/v/bch-btc https://www.publish0x.com/patjules83/bitcoin-cash-to-bring-more-economic-freedom-to-the-world-xxwpgne *Let me give you a scenario;* Merchant A has to buy a product say for example a Cola that costs him $10 and using Bitcoin with a transaction fee of $10! If you're keen on spending double (item plus transaction fees), you know for yourself it is not practical at all.
Merchant B on the other hand decided to buy the same product however he didn't use Bitcoin instead opted to use Bitcoin Cash with a median fee of $0.001. Spending an amount of money without the hassle of higher transaction fees, the scenario is clear that it is more practical and cheaper to do a transaction using Bitcoin Cash. Speaking of transaction or commission fees, another dilemma for us overseas workers here in Seychelles as I would compare Bitcoin and Bitcoin Cash are like the remittance exchanges in the island. Speaking from experience, sending money through remittance exchange is a headache including the higher commission fees. Moreover when the second variant of Covid hit the country, two of the renowned remittance exchanges were competing not only with the conversion rate but also with the ***commission fees.***
https://giphy.com/gifs/money-send-ibani-iJGPaKVG3SecKcDWdT Remittance Exchange A, while sending an amount of money worth 10,000 SCR to the Philippines with a 3.65 conversion rate (the year 2019) of 120 commission fees while Remittance Exchange B on the same amount and though there's a slight difference on the conversion rate of 75 commission fees. Technically saving more money almost half on the commission fees can buy something else. Speaking of practicality, I would rather go for an exchange that has the lowest transaction fees. Some people who do not have the right attitude towards Bitcoin Cash mentioned that we don't see the greater picture of Bitcoin, still the masses know that Bitcoin Cash is what the world needs in terms of peer-to-peer electronic cash system.
https://lbry.tv/@PatSky2783:4/BitcoinCashprintOuts:d ***Roger Ver*** in his statement during the *TNABC 2021* said that *bitcoin has a good name reputation but has a horrible user experience*, the same as how people in the cryptocurrency community were so ecstatic when Tesla is now accepting BTC as a mode of payment, however, my initial reaction at once boiled down into one thing, what about the transaction fees, would it be almost the same price like the car itself? https://lbry.tv/@CryptoResources:4/roger-ver-speech-on-crypto:2 https://lbry.tv/@PatSky2783:4/Why-I-Love-Bitcoin-Cash:5 *Would love to know your thoughts!* *Kindly connect with me via* *Noisecash* *or* *https://tipb.ch/PatJules83* https://noise.cash/u/PatJules83
https://www.uptrennd.com/signup/MTExNzUw `Image of Cola: Photo by Polina Tankilevitch from Pexels` `click on the images as per sources` `Lead Image Source: Click here`
Highly appreciated for not spamming my post. Merci beaucoup!
9 comments
although i don't understand much of the crypto jargons (which i should do my own research) one thing i understand was the comparisons of transaction fees. it is clearly visible here the big difference of using BCH rather than BTC. great post.
BCH is the true peer-to-peer electronic system. It works exactly like what is was described when I was introduced with the idea of cryptocurrency. When I first approached BTC, I was so shocked that the transaction fee is costing multiples of my transaction amount ! We can so easily figure out who is the true digital payment system right here.
In my opinion BTC is for holding in your wallet add to it time to time and look at it as a long term investment. I would not use it as a peer-to-peer payment method for the reason that you mentioned in your article plus the transaction time is ling as well. BCH is perfect for payment or sending it anywhere is the world. I would be happy to see more merchants accepting BCH.
yes I agree BTC is good for long term hodling because of its volatility hence using it as a daily MOP is really impossible. I hope others are not simply blinded with mere metrics and ranking and that they would see the real utility for BCH. would love to connect with you via noisecash. Kindly share your link too. Thanks!
Thank you for your reply. Here my link to noise.cash: https://noise.cash/u/petermolnar
It is great to have chips and coca cola with Bitcoin cash transaction.These good things are increasing in number soon
Transaction fees is the whole reason for me to stay here at Bitcoin Cash, I was trying to type about transaction fees for a long time ago but on Bitcoin BTC forums you get ban for complaining about fees and if you find out that block size is the solution for high fees you will get censored right away. I was recommending my fiends and family to buy Bitcoin in the past now I am telling them to buy Bitcoin Cash, because I do believe that TX fees will be a huge issue in the future, specially if the need to use crypto as a peer to peer currency arrives like in Venezuela or Zimbabwe. Pretty much the whole reason I believe Bitcoin Cash is the real Bitcoin is transaction fees alone.
exactly @francis, they may refute about block size, hashrates, bandwith, nodes etc but somehow they have forgotten the real essence of crypto in general. The hyperinflation in Venezuela is an example how fiat can be so corrupt while cryptocurrency in general is the lifeline of the people there, hence Bitcoin Cash serves a golden mission in this area. Roger Ver is so adamant that Bitcoin Cash can really bring more economic freedom to the world. Would love to connect with you via Noisecash
I am also at noise cash as francis105d2