@Unity
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High Fees of Bitcoin May Ruin its Future
There are many flaws in Bitcoin or BTC. We call it scaling issues of Bitcoin or BTC. Those are: (1) Time taken to complete each BTC transaction. It can be a few days! (2) Fees per BTC transaction. It can be a few tens to more dollars! Not to forget the enormous electrical energy the BTC network burns to complete each transaction! What can ruin the future of BTC? One negative trait that can jeopardize the future of BTC is its hefty fees. Each BTC transaction not only consumes vast electrical energy but also asks for a considerable amount of BTC as fees. Now, the question is, what is that considerable amount of BTC transactions can consume as fees? I was surprised to read in an article that one BTC transaction costs a cryptocurrency user 19 BTC as fees! https://read.cash/@Amjad_Ali_Waince/bitcoin-cash-is-always-outstanding-65ecc6fb One single BTC transaction has cost 19 BTC as fees! It is not propaganda. It is true. One single BTC transaction claimed 19.82 **BTC** (509,563 USD) as fees.
`Screenshot` *Source* https://twitter.com/whale_alert/status/1700920065934213256 The transaction may be viewed from the link of whale-alert-dot-io.
`Screenshot` *Source* https://whale-alert.io/transaction/bitcoin/d5392d474b4c436e1c9d1f4ff4be5f5f9bb0eb2e26b61d2781751474b7e870fd And, what was the amount of BTC transferred that cost such a hefty fee? Please check it out for yourself by following the hash link of the transaction. Is BTC feasible to be used by the common citizens? I used BCH or BitcoinCash to buy a hosting service and a domain name. https://read.cash/@Unity/i-purchased-hosting-and-a-domain-name-using-bch-aa2825d3 It cost me a couple of cents as fees. It took about twenty minutes to complete the transaction and settle the purchase. If I had chosen BTC to buy that digital product, I would have paid twenty times the total cost as fees! Not to mention the large time BTC would have taken to complete the transaction! Conclusion The HUGE fees of BTC transactions are one reason that can ruin the future of BTC. I can undoubtedly comment that BTC will NOT survive for its hefty fees! The significant time taken to complete a BTC transaction can't be ignored! The future of BTC is doomed for its poor performance as a fintech instrument. ***Cheers!*** ***Unity (********Debesh Choudhury**********)***** https://twitter.com/debeshchoudhury/
`Screenshot` *Source* https://read.cash/@Unity *Text Copyright © 2023 Debesh Choudhury — All Rights Reserved* ***Join me at*** ***YouTube******,*** ***Twitch******,*** ***CashRain******,*** *****Odysee********,*** *****LinkedIn********,*** *****Twitter********,*** ***Publish0x******,*** ***ReadCash******,*** *****NoiseApp********, and*** *****Facebook**********.***** https://www.youtube.com/@learningtimes https://www.twitch.tv/debeshchoudhury https://cashrain.com/LearningTimes https://odysee.com/$/invite/@debesh.choudhury:d https://www.linkedin.com/in/debeshchoudhury/ https://twitter.com/debeshchoudhury https://www.publish0x.com/@Debesh-Choudhury https://read.cash/@Unity https://noise.app/UnityOne https://www.facebook.com/debesh.choudhury/ *Earn passive income by sharing unused Internet bandwidth on* *Honeygain* *and* *Peer2Profit**.* https://r.honeygain.me/ANIKI3BDC5 https://t.me/peer2profit_app_bot?start=163639948161897979ca01a ***Lead Image:*** *I created a GIF using a pic by* ***Pete Linforth*** *from* ***Pixabay*** *and my texts.* https://pixabay.com/users/thedigitalartist-202249/?utm_source=link-attribution&utm_medium=referral&utm_campaign=image&utm_content=3406638 https://pixabay.com//?utm_source=link-attribution&utm_medium=referral&utm_campaign=image&utm_content=3406638 *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 #bitcoin #BTC #BCH #fintech #payments `Sep 13, 2023`
4 comments
It's important to note that while these are valid concerns, Bitcoin has also demonstrated resilience and continued growth since its inception. Its long-term survival remains uncertain, and its fate will depend on how it navigates these challenges and evolves in response to changing circumstances. Investors should conduct thorough research and consider their risk tolerance when dealing with cryptocurrencies.
> how it navigates these challenges and evolves in response to changing circumstances. This point is critical. But Bitcoin hasn't been innovating its technology and has remained almost stagnant in developments since its inception. Thanks for your valuable time and comment.
Men you are misleading, that fee comes because the person doing the transaction establishes a manual fee and puts an extra number. It's like if you put a manual 19 BCH fee.
BTC fees are high because of the design of the Bitcoin blockchain. I have highlighted just that. BCH fees are less because of the design of the Bitcoin Cash blockchain. Of course, the user may select to pay higher fees to prioritize a transaction.