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Firstly you do not need to run a full node. Use a light wallet or even better an SPV wallet, which you can only cheat by faking POW which is very expensive. Se
by lawn 7y ago
Firstly you do not need to run a full node. Use a light wallet or even better an SPV wallet, which you can only cheat by faking POW which is very expensive.
Secondly it is only Bitcoin that has huge transaction fees. For example Bitcoin Cash has a next block fee of $0.0015[0].
Thirdly, as noted in the article, 420 million do have internet access.
[0]: https://bitcoinfees.cash/ https://bitcoinfees.cash/
- TazeTSchnitzel 7y agoOther networks not having as big fees is only because they are not used much. Eventually you either reach Bitcoin-level congestion or accumulate hard drive space so quickly as to be unaffordable to the “unbanked”.
- lawn 7y agoNot true at all. Bitcoin Cash could for example process around 20x to 30x the amount of transactions as Bitcoin, with the same low fees as today. There are scaling challenges of course, but Bitcoin is not a good example of that. The technical issues come at a much higher usage. > accumulate hard drive space The unbanked, like 99% of all others, should use light wallets or SPV wallets so they don't have to store the whole blockchain.
- raverbashing 7y ago> Eventually you either reach Bitcoin-level congestion Bitcoin's problems are bitcoin's problems because they are intent on shooting themselves in the foot at every opportunity they can. Other networks hopefully are run by less hard-headed people that know a bit more about incentives and the importance of liquidity. Dash and BCH are better in this sense.