I used BitcoinCash to pay for a domain transfer

Does the cryptocurrency you love scale?

Bitcoin (BTC) is a software system for peer-to-peer electronic cash payment.

• Everybody knows it here!

• Why am I repeating it?

• Hold on, I always like quoting the title of Satoshi Nakamoto's Bitcoin whitepaper available over the Internet

However, BTC fees and processing time became exorbitantly high.

• That also is a widely known fact about BTC.

Fortunately, a hard fork of Bitcoin, named BitcoinCash (BCH) evolved as a solution.

• You know it, and use BCH now and then here!

BCH scales nicely and is viable for real-world payments.

• Today, I have used BCH as a payment currency to transfer one domain from costly Godaddy to a relatively affordable Hostinger.

• The BCH network has taken about twenty minutes to complete the payment process.

The cost of domain renewal is approximately dollar 10. The corresponding fee for this transaction is one cent.

If I had chosen BTC instead of BCH, the fee would have been a few dollars, and the transaction wouldn't have been processed so quickly.

Some people would argue that Lightning Network may solve the scaling issues of BTC.

There is a second layer in BTC called Lightning Network (LN).

LN might have reduced the processing time.

I read somewhere that LN is quasi-centralized!

Is it true?

What do the expert lovers/haters of BTC say?

If it is so, LN may lower security!

Some people may say that a second layer improves security.

But, can LN reduce the large BTC fees per transaction?

My expert friends may please comment on the utility of BTC over BCH.

------------

About me

I am a researcher and contribute to the overlapping areas of STEAM (Science, Technology, Engineering, Arts, and Mathematics). I am an active user and promoter of GNU/Linux, Free and Open Source Software. I develop cybersecurity and information security solutions, specifically graphical authentication security.

Cheers!

Unity at ReadCash (Debesh Choudhury)

Screenshot Source

Text Copyright © 2023 Debesh Choudhury — All Rights Reserved

Join me at

YouTube, Twitch,  CashRain,  Odysee,  LinkedIn,  Twitter, Publish0x, ReadCash, and Facebook.

Earn passive income by sharing unused Internet bandwidth on Honeygain and Peer2Profit.

Lead Image:  I created a GIF using a BCH logo (modified) and my text.

All other images are either drawn/created/screenshots by myself or credited to the respective artists/sources.

Disclaimer: All texts are mine and original. Any similarity and resemblance to any other content are purely accidental. The article is not advice for life, career, business, or investment. Do your research before adopting any options.

Unite and Empower Humanity.

#cryptocurrency #bitcoincash #bch #payments #fintech

Oct 18, 2023