The need for a transaction fee free crypto currency
Transaction fees, in my option, are the biggest downfall to crypto currencies as a whole. This is a fact, fees ruin balances and destroy the very nature of what crypto should do.
We don't even have a scenario where fees are set at a specific amount and are set in stone. Setting you own fee is not a good thing.
I have never really though of this before until a friend who I introduced to Bitcoin exchanged BTC to LTC on BTCe. He converted just enough to buy 1 LTC + the withdrawal fee and sent this to his wallet where he intended to send his 1 LTC to a paper wallet. Of course he didn't convert enough to cover transaction fees for sending his LTC to a paper wallet to have his exact 1 LTC balance.
While many may not see this as an issue, how easy would it be if that was the only crypto you owned to get more to cover the fee? Not easy at all.
There needs to be another solution.
I agree. Once a coin gets popular like Bitcoin, the fees are just too high. Paying multiple dollars per transaction is against using it for anything day to day as the fee will soon be higher then the payment itself…
Yes, there has to be a better way.
Good
Hi @retailtrader IOTA is a cryptocurrency without fees. It uses the Tangle structure instead of the Blockchain structure