Bitcoin Fee Removal.

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Avatar for jsmith_dev
4 years ago

In Bitcoin Cash (BCH) it is generally unavailable to send a single Satoshi (0.00000001 BCH).

Further a minimum mining fee is part of the equation.

I contend that bootstrapping the entire planet to Bitcoin ownership must be democratized.

To date the burden of advocacy and adoption is skewed unfairly to individuals and companies with the means and capital to overcome the floor.

Let us learn from the viral theory of how a single stand of RNA can lead to rapid adoption when a new host becomes a vector for transmission.

Bitcoin Cash's R0 (Basic Reproduction Number) is too low, so virulence is curtailed.

Full worldwide spread and adoption of Bitcoin Cash as the base layer of international currency has never been more in reach if we get out of our own way.

The impending lock-down and banking and financial currency system instability is highlighting our self-imposed adoption handbrake: Minimum Transaction Limits.

CLARION CALL: Release the virus that is Bitcoin Cash! Repeal the TX minimums.

#FreeTheSatoshi #ViralAdoption #BitcoinForAll

Addendum: I noted today an exchange from Satoshi Nakamoto to Mike Hearn:

“I don't anticipate that fees will be needed anytime soon, but if it becomes too burdensome to run a node, it is possible to run a node that only processes transactions that include a transaction fee.  The owner of the node would decide the minimum fee they'll accept.  Right now, such a node would get nothing, because nobody includes a fee, but if enough nodes did that, then users would get faster acceptance if they include a fee, or slower if they don't.  The fee the market would settle on should be minimal.  If a node requires a higher fee, that node would be passing up all transactions with lower fees.  It could do more volume and probably make more money by processing as many paying transactions as it can.  The transition is not controlled by some human in charge of the system though, just individuals reacting on their own to market forces.” - Satoshi Nakamoto.

TLDR; I think Satoshi was correct, and to this extent Bitcoin Cash is failing itself.

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4 years ago

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Have you heard of Halving?

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4 years ago

This article is about UX and adoption.

The technical argument is simple... Nodes and Miners can mine or reject what they want. The default should be free and the configuration set should allow for determining what to do in case of the much feared and much maligned spam attacks, such as coin-age or fee-priority. To a systems purist adoption looks a lot like spam. For me every merchant in the world is trying to ponzi me into giving them fiat or shill me into accepting fiat as payment. This is spam. I want to be in a ubiquitous crypto Bitcoin economy.

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4 years ago