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Isn't that what Bitcoin Cash is for and why they split off? Bitcoin Core has super high transaction fees and will evolve not into a currency but a vehicle for w

Isn't that what Bitcoin Cash is for and why they split off? Bitcoin Core has super high transaction fees and will evolve not into a currency but a vehicle for wealth storage (much like gold).

zwily 9y ago
No, even the Bitcoin Cash blockchain could not handle even a small percentage of HFT traffic. Like the poster above said, this activity is all internal exchange accounting.
alphydan 9y ago
I keep hearing about these high transaction fees but I've never seen them. When I send the equivalent of tens/hundreds of thousands of USD I pay a few cents of a dollar. It does take a few hours, sure. But what would it take in a fiat currency: walk to the bank, explain why you are sending so much money, set-up the order, wait a few days. No doubt with fees in the hundreds of dollars. So as far as I can tell fees are still ridiculously small. Large transactions are usually not that urgent.
- lsseckman 9y ago
  Are you actually sending that amount around?
  - alphydan 9y ago
    Yes.
  - alphydan 9y ago
    Not me, obviously, but check for example: https://blockchain.info/tx/d977d0f521b2470d44a6222c3d8fa99da0f46dc4b576f4495542e6306e8d37dd https://blockchain.info/tx/d977d0f521b2470d44a6222c3d8fa99da... ($400,000 transaction for $2 fee or a 0.0005% fee)
- lsseckman 9y ago
  Are you actually sending that amount around?
- JumpCrisscross 9y ago
  > But what would it take in a fiat currency: walk to the bank, explain why you are sending so much money, set-up the order, wait a few days. No doubt with fees in the hundreds of dollars. When was the last time you sent a wire? For accounts with $15,000 minimums it's usually free, can be set up from your phone and, depending on your bank, either clears within minutes or by close of business.
  - alphydan 9y ago
    Good point. I assume you are talking about national transfers (within the same country) and during the week? What is your experience wiring $X0,000 abroad as a consumer?
    - JumpCrisscross 9y ago
      My last international wire was for $60,000. It arrived same day in Switzerland. I set it up from Citi's iPhone app and paid nothing for it.
      - alphydan 9y ago
        I assume using this? > Citibank, which offers free international wire transfers to other Citi accounts through the Citibank Global Transfers service. There is a major caveat. If you need to send money to someone who doesn’t have a Citibank account, the fee is a steep $35.
popol12 9y ago
It's more complex than that. Both Bitcoin Core and Bitcoin cash teams want to scale things up, Bitcoin cash is doing it one way and Core another way (look for "Lightning Network"). Nobody in both camps want Bitcoin to remain a store of value, we all want it to replace fiat.

Isn't that what Bitcoin Cash is for and why they split off? Bitcoin Core has super high transaction fees and will evolve not into a currency but a vehicle for wealth storage (much like gold).

zwily 9y ago

No, even the Bitcoin Cash blockchain could not handle even a small percentage of HFT traffic. Like the poster above said, this activity is all internal exchange accounting.

alphydan 9y ago

I keep hearing about these high transaction fees but I've never seen them. When I send the equivalent of tens/hundreds of thousands of USD I pay a few cents of a dollar. It does take a few hours, sure. But what would it take in a fiat currency: walk to the bank, explain why you are sending so much money, set-up the order, wait a few days. No doubt with fees in the hundreds of dollars. So as far as I can tell fees are still ridiculously small. Large transactions are usually not that urgent.

lsseckman 9y ago
Are you actually sending that amount around?
- alphydan 9y ago
  Yes.
- alphydan 9y ago
  Not me, obviously, but check for example: https://blockchain.info/tx/d977d0f521b2470d44a6222c3d8fa99da0f46dc4b576f4495542e6306e8d37dd https://blockchain.info/tx/d977d0f521b2470d44a6222c3d8fa99da... ($400,000 transaction for $2 fee or a 0.0005% fee)
lsseckman 9y ago
Are you actually sending that amount around?
JumpCrisscross 9y ago
> But what would it take in a fiat currency: walk to the bank, explain why you are sending so much money, set-up the order, wait a few days. No doubt with fees in the hundreds of dollars. When was the last time you sent a wire? For accounts with $15,000 minimums it's usually free, can be set up from your phone and, depending on your bank, either clears within minutes or by close of business.
- alphydan 9y ago
  Good point. I assume you are talking about national transfers (within the same country) and during the week? What is your experience wiring $X0,000 abroad as a consumer?
  - JumpCrisscross 9y ago
    My last international wire was for $60,000. It arrived same day in Switzerland. I set it up from Citi's iPhone app and paid nothing for it.
    - alphydan 9y ago
      I assume using this? > Citibank, which offers free international wire transfers to other Citi accounts through the Citibank Global Transfers service. There is a major caveat. If you need to send money to someone who doesn’t have a Citibank account, the fee is a steep $35.

popol12 9y ago

It's more complex than that. Both Bitcoin Core and Bitcoin cash teams want to scale things up, Bitcoin cash is doing it one way and Core another way (look for "Lightning Network"). Nobody in both camps want Bitcoin to remain a store of value, we all want it to replace fiat.