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I moved $1800 worth of LTC (Litecoin, one of the subjects of this thread) last night. The Tx fee was $0.01 and the funds were received in less than 1 minute.

I moved $1800 worth of LTC (Litecoin, one of the subjects of this thread) last night. The Tx fee was $0.01 and the funds were received in less than 1 minute. No more processing, no waiting for the next business day (or 3)... For 1 cent and 1 minute later the receiver can do whatever they want with it immediately. That is cheaper than CC, faster than Venmo, or whatever.

geofft 9y ago
Why are Litecoin's transaction fees multiple orders of magnitude smaller than Bitcoin's? Is this a result of genuinely better technical decisions than in Litecoin (mining is cheaper because it's less hardware-friendly, blocks are generated more quickly) or just lower transaction volume / demand for transactions because it's less well-known? That is, if Bitcoin somehow implodes tomorrow and everyone moves to Litecoin, would you still expect similarly low Litecoin fees? Was this an on-chain transaction or a Lightning transaction?
- Frogolocalypse 9y ago
  > Why are Litecoin's transaction fees multiple orders of magnitude smaller than Bitcoin's? Supply and demand. People pay more to transact in bitcoin, because it is more secure, because it is more decentralized.
- zik 9y ago
  Bitcoin's pretty broken at the moment due to some bad decisions by the development team. All other cryptocurrencies have very low fees.
  - Frogolocalypse 9y ago
    The price of bitcoin disagrees with your assessment.
    - a_tractor 9y ago
      >The price of bitcoin disagrees with your assessment. What does the price of bitcoin have to do with an objective assessment of how well the Bitcoin network is currently functioning?
      - Frogolocalypse 9y ago
        If it wasn't working, people wouldn't be buying it. You are just going to have to accept that the great bulk of people who use bitcoin do not care about your use case.
  - a_tractor 9y ago
    As I continue to learn about the broader cryptocurrency scene and the emerging ecosystem, I have been looking at Bitcoin more and more as the Model T of crypto and less like the BMW i8...
- cdiddy2 9y ago
  partially its the 4x increase in transaction throughput, but also a lot less people use litecoin than bitcoin

geofft 9y ago

Why are Litecoin's transaction fees multiple orders of magnitude smaller than Bitcoin's? Is this a result of genuinely better technical decisions than in Litecoin (mining is cheaper because it's less hardware-friendly, blocks are generated more quickly) or just lower transaction volume / demand for transactions because it's less well-known? That is, if Bitcoin somehow implodes tomorrow and everyone moves to Litecoin, would you still expect similarly low Litecoin fees? Was this an on-chain transaction or a Lightning transaction?

Frogolocalypse 9y ago
> Why are Litecoin's transaction fees multiple orders of magnitude smaller than Bitcoin's? Supply and demand. People pay more to transact in bitcoin, because it is more secure, because it is more decentralized.
zik 9y ago
Bitcoin's pretty broken at the moment due to some bad decisions by the development team. All other cryptocurrencies have very low fees.
- Frogolocalypse 9y ago
  The price of bitcoin disagrees with your assessment.
  - a_tractor 9y ago
    >The price of bitcoin disagrees with your assessment. What does the price of bitcoin have to do with an objective assessment of how well the Bitcoin network is currently functioning?
    - Frogolocalypse 9y ago
      If it wasn't working, people wouldn't be buying it. You are just going to have to accept that the great bulk of people who use bitcoin do not care about your use case.
- a_tractor 9y ago
  As I continue to learn about the broader cryptocurrency scene and the emerging ecosystem, I have been looking at Bitcoin more and more as the Model T of crypto and less like the BMW i8...
cdiddy2 9y ago
partially its the 4x increase in transaction throughput, but also a lot less people use litecoin than bitcoin