This article is my best effort to explain the one million dollar Bitcoin BTC case.

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Avatar for francis105d1
2 years ago

Let me start with something and make very clear from the get-go my article is not to attack any altcoins but an exercise of free will and opinions, something you can't do on many other social media websites about cryptos like Reddit where if you don't follow the line from the get-go you get censored. Your opinions are never to be heard ever again. Censorship on Bitcoin BTC social media is made possible by mods and administrators making sure people don't realize other altcoins work better than Bitcoin, including Bitcoin Cash, if not the most. That will be the first point against Bitcoin.

Eventually, everything will run on the Bitcoin network or its second later solutions.

Lightning Network if you are willing to pay the fees to open and close channels, you can use LN in a decentralized way without the need for custodians. Still, if you can't afford those fees for some reason, you will be forced to use custodians that may or may not inflate the supply over time, not to mention privacy issues when using custodians. You can use LN in a decentralized way if you want to, and if your problem is not enough money to pay fees, you will have to save up some satoshis until you have enough liquidity for your channel and cover the expenses. SegWit will save you a few satoshis as well, but that means removing the signatures from the transactions, and I don't know if at that point you are still using the blockchain of something else because your signature has been taken away and put aside to save up space in the blockchain.

RSK

Smart contracts can run on Bitcoin, but you must use a sidechain that also has merge mining, and it is secured by hardware with temperature resistance to ensure funds locked in one chain can be moved in the other and visa-versa. What Ethereum and SmartBCH do Bitcoin RSK can do as well. The transaction fees for complex transactions can be as much as 0.0003 for each transaction, and those prices are similar to SmartBCH in terms of satoshis; in dollars, it will always be expensive because BTC has a more excellent USD value. Eventually, BCH will need to go subsatoshis if it reaches values beyond $10,000.00; otherwise, it would be as expensive as Bitcoin is today in satoshi.

Other smart contract networks.

If you tell me that SmartBCH does what Ethereum does cheaply, I could also argue that Bitcoin will do what both networks will do, but the only difference will be that it will work with Bitcoin instead of any other altcoin. If the next bull run will be because of DeFi, what better DeFi than the one that will run within the Bitcoin BTC sidechain and ecosystem. If you count that RSK is the Smart Contract protocol for Bitcoin and DeFi is the future, Bitcoin makes any other altcoin redundant and useless. All of that besides the transaction costs, of course.

You must count all transactions in all layers.

Suppose you count the number of later transactions plus the number of LN transactions and RSK. In that case, you will notice that if you sum the three networks, your transaction output is much higher, and you will have to count that RSK and LN have a bridge, and as such, the transaction fees are made almost accessible. I have sent some funds from BCH to Bitcoin RSK rBTC using the LNSOV bridge, and the transaction fees have been zero. I have used the custodian Chivo and Wallet of Satoshi and my private channel connected to the Wallet of Satoshi node, which means that you can be paid as little as free and below 100 satoshis for sending funds from LN to rBTC. If you are connected to the correct node, you can send transactions for free; in my case, my node is connected to FixedFloat, Wallet of Satoshi, and Chivo nodes, so I pay very nominal fees. And when I use my channels, I am not using any custodian nor any centralized service to route my payment, and I have three channels only because those are the services that I use the most at this moment. But I will have to remember that not everyone has enough money to pay and have liquidity sitting on their channels.

The fees.

Those who don't have enough money to open and close channels and have minimum liquidity will be forced to use custodians. Still, if the poor are willing to save up eventually, they will have the funds to open their channels; if they are trying to get out of poverty and be their bank, they will have to start by saving up, which is a good habit. Saving up to open your own LN channel is an excellent goal to have because it will encourage savings, even if it is for the wrong reasons. If you want to build capital to invest, you must save up.

Now, if usage comes to RSK later, one won't be a problem because you can use LN to get in and out, but it could become just another ETH. RSK could become as expensive as ETH is today. I am pretty sure that Bitcoiners will welcome that and will say that the fact that fees are high is proof that the network is being used and probably will start thinking of a way to add Lightning Network to the sidechain or something similar; I don't believe so BTC community will see high fees on RSK as a bad thing overall.

Up to here, I could say that these are the reasons for Bitcoin to get beyond one million dollars, but one thing you should have noticed by now is the transaction cost; the only reason that other altcoin sidechains have to exist at this point is that transaction fees will be higher on Bitcoin, just like later one-second layers at some point will become congestive or that don't have enough proof that they work like LN which we don't have a lot of data at this point.

The rich and the poor.

But so far, fees don't seem to be a problem for wealthy investors. It appears that those advocating for low costs only worry about the poor not being able to afford the fees, but if the rich are in one network but the poor in another, then the force will be forced to move where the rich are and pay the fees.

Our current economic system segregates people by their financial standards. If you're poor, you must go to the side of town where the rich and their business are, the rich don't go and put the jobs where most of the poor life, if you see our cities make you travel from where your house is to where the job is, and the rich leave aside in another part of town where the poor only dream to live.

Transaction fees, in a way, make that division the rich can and will afford BTC transactions. They don't care about it because to them is just another fee for a business transaction that they can deduct on their taxes, it is only the poor that suffer the pain, but if the rich hold gold and the poor only hold silver, eventually you will be noticed that no one wants to keep silver because poor people always sell while the rich manipulate the markets.

The Bitcoin Cash hope.

The hope is that eventually, people rich and poor get tired of paying high fees and move their money away from the extortion network, but that hasn't happened, not with Bitcoin and not with Ethereum, and by the way, eth has higher fees than Bitcoin has, and it has most of the DeFi investment making it, so that rich don't care about costs to them it is just another business expense. And suppose BTC fees become its Aquiles hills. In that case, it will mean that either another network takes over or a combined super mesh network composed of many networks takes its place, which will be better because it will mean more decentralization by joining together many chains.

I am writing a very provocative message don't attack the messenger attack the message. If you comment and I am writing my opinion, and how I see things, you can give me your feedback. If a word is not enough, you can write an article reply because having the freedom to speak is how we grow together, something you can't say about r/bitcoin and many other BTC social media censors. And by the way, I am not attacking BCH is anything more I am making it more convincing because I am pointing out that freedom to express what you have to say is the start of a great project. If not that, reach cash and noise cash have been the most effective tools to attack censorship and the spread of ideas that don't align with the maxis points of view.

The end.

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2 years ago

Comments

Every new currency have some relaxation because they want to attract more and more people and BTC have some extra transaction fee and as campare to BCH one of the best lowered fee , I don't use BTC in y life but I know about it

You are doing well and absolutely great my dear

$ 0.01
2 years ago

No doubt in this that BCH is a coin having lowest transaction fee. It is a good coin no doubt..... But i have a question to you , will BCH touch its ATH this year? What would you say about this?

$ 0.05
2 years ago

I will have to write another article to answer that question but short an answer is no if btc is in a long bear market.

$ 0.00
2 years ago