@SolarPhasing
NoiseCash hidden cost ?!
I joined **NoiseCash** two weeks ago. I started to really using it a couple of days after. It's a really fun concept, and we can say it's a **Twitter** like but on **Bitcoin Cash**. I have a lot fun there, I love it, and in two weeks I got $6.62 in tips (in 305tx). https://noise.cash/u/SolarPhasing Today I wanted to spend the total amount of this Bitcoin Cash adress, and it cost me $1.84 in fees. Yes, It was not anymore a cent, or two. @Telesfor explains why technically, here: https://read.cash/@Telesfor/why-do-i-pay-higher-transaction-fee-than-normal-when-i-withdraw-my-money-from-noisecash-5506934a This immediately raises the question about **micro transactions with Bitcoin Cash**, because here we are very far from the slogan: "*Send Bitcoin Cash with small fees*". The problem is for the recipient, not the sender. What impact could this have on a game based on the Bitcoin Cash blockchain? How could this problem be solved? How NoiseCash will manage it on a short future, for example, when we will have a wallet directly implemented on it. Depending on the amounts received, transaction fees could be very high! I'm not an expert, so I just ask some questions. Another private one of mine: (Work in progress) https://soundcloud.com/solarphasing/time-travellers/s-hb8zz8iWcsE **https://cointr.ee/solarphasing**
3 comments
I encountered this problem when I was using EXODUS wallet. The system tagged me as someone using crypto mining software because of the frequent small deposits I got from Noise.cash tips. When I was about to transfer a sum of money to a friend, EXODUS was charging me 50% of the amount that I was transferring. I emailed support and they told me that microtransactions incur cost. They tried to explain to be in layman terms the technical explanation but I was so frustrated and told them, I will be soon transferring all my money there to another wallet. I discovered NEXO which works like a crypto savings bank and this one does not charge any fee for microtransactions. NEXO now is the default wallet which I usedin Noise.cash and Read.cash. Hope this helps.
hello solarphasing, nice write-up about a real problem. however, I think this is mostly unique to how noise.cash works, not how Bitcoin Cash works.. more explanation here: https://noise.cash/post/1m4860gl
Good point that you raise here. To be really suitable for microtransactions, Bitcoin Cash will need to reduce its minimum fee in the future.