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I can send Bitcoin for free, instantly, trustlessly.
by doomroot 6y ago
I can send Bitcoin for free, instantly, trustlessly.
- miked85 6y agoYou are one for three.
- Cthulhu_ 6y agoBitcoin has nearly $20 transaction fees (https://ycharts.com/indicators/bitcoin_average_transaction_fee https://ycharts.com/indicators/bitcoin_average_transaction_f...) and it takes at least 10 minutes for a transfer to be confirmed (https://www.blockchain.com/charts/median-confirmation-time https://www.blockchain.com/charts/median-confirmation-time).
- reedf1 6y agoI find this data fascinating - partly because I don't understand it. I regularly send bitcoin and, as far as I can tell, have never spent more than a tiny (unquantifiable in fiat, as in much less than a cent) amount on transaction fees. Can anyone more savvy chime in on the discontinuity here?
- derivagral 6y agoNot an expert, but I did make my own erc20 once. Are you sending it over the network, or to someone else within a website? (eg: binance, coinbase; doesn't need to be an exchange) Do you track your transactions later? Do they get confirmed? How many confirmations does a website need to count it? How long does that take? I would expect a low-fee transaction to eventually either expire or go through. I don't know what timeframe that might take: higher fee typically means higher priority as I've understood it. I can't imagine it'd keep your $ in limbo forever, but who knows. If you haven't used it in a long time, I understand that the network is much more congested these days.
- shlant 6y agoyou can be a proponent of bitcoin without stating such blatant lies...
- oakpond 6y agoIt's not entirely trustless. You trust the security of the system.