4 ms·
>Bitcoin charges something like $4 per transaction lately, and they take on the order of a day to process. It's unstable, and it's confusing to most people. "B
by furbyhat 8y ago
>Bitcoin charges something like $4 per transaction lately, and they take on the order of a day to process. It's unstable, and it's confusing to most people.
"Bitcoin" is a protocol, like TCP or HTTP. It does not charge anything.
You may as well have said "SMTP charges monthly access fees".
The miner's accept transactions and prefer ones with the higher fee. User chooses their fee in accordance with how fast they want some miner to pick it up.
Note that this clogged, congested network is due to Bitcoin Core (BTC) being crippled at 1MB block size ... this is not inherent to the _bitcoin protocol_ itself.
This can be seen with Bitcoin Cash (BCH) where the block size is 32MB (and will be soon 128MB) where the median fee is less than 0.005 USD (half a cent) for pretty much guaranteed confirmation within the next block (10 minutes or so).
Bitcoin Cash (BCH) is the only "crypto" that now actually implements p2p electronic cash system ... as a chain of digital signatures as described in Nakamoto's original paper and original implementation.
Bitcoin Cash is Bitcoin.
- Jeff_Brown 8y ago> half a cent or so That's awesome! It's still not obvious to me how a kind of transaction that takes 10 minutes to clear could replace cash -- but the outlook looks much better than when I was conflating the Bitcoin protocol with the Bitcoin Core currency. Thanks.
- furbyhat 8y ago0-confirmation on BCH network is 99.99% double spend fraud proof. See video of how fraud is detected: https://twitter.com/POPbyHandCash/status/1029303157678108672?s=19 https://twitter.com/POPbyHandCash/status/1029303157678108672... With Bitcoin Core (BTC) they purposely ruined 0-confirmation via Replace-By-Fee (RBF) so you can never have it used as cash. Bitcoin myths dispelled: https://medium.com/@craig_10243/the-myths-of-bitcoin-bf3664e9d767 https://medium.com/@craig_10243/the-myths-of-bitcoin-bf3664e...