Are fees killing the game?

For today's blog, it's a bit of loose thinking.

I sent some Bitcoin yesterday and the transaction fee seemed relatively acceptable, something like $5. It's not. But it is.. acceptable?! If you send $1000, it can be, but if you send $10, it's not. Think about it.

If you're handling ETH or ERC-20 tokens, the prices are now around prohibition. The question I ask myself is: are these prices really justified, or have the miners found this a juicy way to fill their wallets? Technical people over here to answer it?

DeFi, Uniswap and similar are great, but it's very expensive in terms of transaction fees. The explanation is probably here, the success of the DeFi. When you handle hundreds or thousands of dollars of cryptocurrencies you are willing to accept these exorbitant fees as long as they are deducted from your profits. These fees are part of the deal, shall we say. Try to have as few as possible. Minimise transactions. Think about them intelligently. But.

The consequence of these very high fees is that they have jeopardized the survival of a multitude of people with really very modest incomes here and there in the world, often below the poverty line, for whom crypto-money was a kind of salvation. I think that many people who used to speculate on the ETH blockchain on sites like ForkDelta, etc., probably can no longer afford to do so, because of this increase in transaction costs. We all know how expensive life is, and how expensive it is becoming. Cryptocurrency is the future of financial independence.

So of course when we handle our Bitcoin Cash, it's paradise, with transaction fees usually near $0.01. The Tron network has even lower transaction fees. EOS does not, altogether. Even though you need CPU and Ram to be able to execute transactions.

We still have a lot of work to do, friends, in order to democratize crypto-money, and especially Bitcoin Cash. We need to make things more accessible. Keep spreading the good word. I think that sites like Read.Cash, now Noise.Cash, and Memo.Cash have contributed, and are contributing, to greater Bitcoin Cash adoption.

To conclude, regardless of the cryptocurrency, I think that for massive democratisation, transaction fee prices must be low. This is obvious!

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