3 ms·

bitcoin transaction are now expensive because the devs will not raise the block size limit (currently limited to 2500tx per block), which creates a market where

by dylkil 8y ago

bitcoin transaction are now expensive because the devs will not raise the block size limit (currently limited to 2500tx per block), which creates a market where users compete to be in the next block with a higher and higher fee. bitcoin cash devs have raised this limit to allow 86,000 tx per block ( and will remove the limit in the future). This means the median cost of transactions on bitcoin cash is $0.001. https://bitinfocharts.com/comparison/median_transaction_fee-btc-bch.html https://bitinfocharts.com/comparison/median_transaction_fee-...

buboard 8y ago
what happens with mining profitability if the limit is raised? Will it become massively unprofitable, causing a drop in the network's integrity/security? What will happen to all those antminers, will they have resale value? How long would it take for it to become economically viable again? in the end , the block size decision seems to be driven by economic motives.
- etherael 8y ago
  Profitability goes up, because more fee paying transactions can go into the chain. Meanwhile back on the broken BTC chain, every time it's been operating as designed it's lost 20% of market dominance per month. There's no mystery about it, BTC is a failure, BCH is the only way the original Bitcoin will ever work, if it will ever work.
- dylkil 8y ago
  two things, firstly, currently there is a block reward for finding a block, this was and still is the main incentive for miners. Currently the reward is 12.5 BCH per block found. every few years this reward halves (next in 2020) and in the year 2140 the reward will be gone altogether (very long time from now). By the time it runs out, the idea is that the network will be supporting hundreds of millions of transactions per day, and all fees, even if only th equivlalent of 1 cent, will be worth alot to miners.

3 ms·

bitcoin transaction are now expensive because the devs will not raise the block size limit (currently limited to 2500tx per block), which creates a market where

by dylkil 8y ago

buboard 8y ago
what happens with mining profitability if the limit is raised? Will it become massively unprofitable, causing a drop in the network's integrity/security? What will happen to all those antminers, will they have resale value? How long would it take for it to become economically viable again? in the end , the block size decision seems to be driven by economic motives.
- etherael 8y ago
  Profitability goes up, because more fee paying transactions can go into the chain. Meanwhile back on the broken BTC chain, every time it's been operating as designed it's lost 20% of market dominance per month. There's no mystery about it, BTC is a failure, BCH is the only way the original Bitcoin will ever work, if it will ever work.
- dylkil 8y ago
  two things, firstly, currently there is a block reward for finding a block, this was and still is the main incentive for miners. Currently the reward is 12.5 BCH per block found. every few years this reward halves (next in 2020) and in the year 2140 the reward will be gone altogether (very long time from now). By the time it runs out, the idea is that the network will be supporting hundreds of millions of transactions per day, and all fees, even if only th equivlalent of 1 cent, will be worth alot to miners.