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What Happens when BTC fees prohibit normal transactions?

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Avatar for SeanBallard
Written by   113
1 year ago

I was using BTC a lot. It was more convenient for me, given I could set a Custom Mining fee of 1 Sat/byte in my Edge wallet with an average transaction fee of $0.02, and my transaction would reliably make it into the next block or two.

This was fantastic, until it wasn't.

Transaction volume spiked when Winnie the Pooh came out in support of Blockchain, & proclaimed to have China become the leaders in the space. This caused transaction fees to spike, thus making the price gains I made in BTC/USD less attractive when the fee required to penetrate a block became ~$0.50 to $1.00.

I have most of my savings in BTC. It acts as my Savings Account. During this spike, I was in a dry-spell & needed some USD. As I waited for my next paycheck, knowing that $7k BTC was bound to increase, as it did, I didn't want to liquidate too much BTC. So I was only drawing down ~$30 amounts of BTC as needed for basic daily living expenses (ie gas, monster, impossible burgers, beer, juul pods, etc.).

Before this happened, I had kinda forgotten about the bottleneck from 2017. Mostly because it didn't hurt me. Back then, as much as I believed in the values of BCH, Bitcoin was speculation first, & utility second (albeit the former comes from the latter). This time around, it hurt (in a 1st world way).

I needed cash a couple days after the Pooh surge. I sent BTC to my Cash App address first thing in the morning, with hopes of my transaction getting processed by lunch, or at least dinner. That day I did an intermittent fast through lunch, and borrowed money for dinner. All while waiting for confirmations like Tyrone Biggums. It was frustrating. The whole time wishing that I hadn't jew'd the miners.

For my solutions going forward, I hope to treat BTC & BCH as my Savings & Checking Accounts. Seeking to budget adequate amounts in both. And here's to wishing that Cash App integrate BCH! This will make it extremely liquid, which congruently works alongside the BCH community in it's progress towards increasing adoption by continuing to onboard merchants & users! Liquidity will be a vital requirement for offboarding fiat-users & integrating them into the P2P Digital Revolution that humanity is bound for!

Being on major exchanges is good for liquidity. I can turn BCH into USD within 2-5 days for about $0.20 in fees. Being on the most popular phone Finance App? And being able to turn BCH into USD in less than 10 minutes for maybe $0.10 to $0.25? Better yet, be able to send friends BCH directly & let them liquidate whenever?

Can we get @jack to do this?

I know Roger frayed that relationship a bit, but BCH is much larger than Roger. He is just one of many leaders, & one person amongst the whole of the BCH community. I think this would be a tremendous expedient for freeing humanity from the shackles of the State & their Central Banks.

Thanks for reading & please leave thots 'n comments.

Cheers.

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Avatar for SeanBallard
Written by   113
1 year ago
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Comments

I have swapped my whole BTC for BCH and use only BCH.

$ 0.05
1 year ago

Skin in the game! 👌 I straddle both & try to stay informed on both networks, with a considerable bent towards BCH

$ 0.00
1 year ago

Well said. I feel like everyone should have this revelation at some point, as many of us have. The inevitable block bidding wars should wake people up to the usefulness of Bitcoin Cash. Not to mention all the great development happening in the BCH community!

$ 0.00
1 year ago

BCH community is growing everyday and will become the ecosystem more reliable and stronger, please do not waste your time and took money borrowed by BTC, pls Use BCH!

$ 0.00
1 year ago

I use BCH plenty & hope to use as much as possible! I will be testing the UX of local.bitcoin.com in coming weeks for USD liquidity as a vital component for adoption

$ 0.00
1 year ago

Try local.bitcoin.com - you might find yourself being able to convert BCH into USD in minutes.

$ 0.05
1 year ago

Wow! It has lots more options since my last use some months. I'll try it out soon. Thanks!

$ 0.00
1 year ago

+1 local.bitcoin.com. Aside from the looky-loo non-serious users, the people I've traded with were down to earth and friendly. Anonymous trading has the image of shady transactions but real life is nothing like it. Also don't trade with people who are trading with illegal intentions. Had one guy message me saying he needs it for dark net markets. Cancelled that trade right quick. I'd bet a good amount it was law enforcement.

$ 0.00
1 year ago