BITCOIN NETWORK TRANSACTION FEE *OVERVIEW AND IMPACT*
Hi Steemians,
Yesterday i cashed out some of my SBDs to my bittrex account, converted to bitcoins and then withdrew to my LBC account for exchange.
First of all the amount was something around 0.02 BTC
Bittrex charged me 0.001 BTC for withdrawal and network fee was 0.0007 BTC,
In total i paid a fee of 0.0017 BTC for sending 0.02 BTC.
We don't need to find out complicated terms like how much satoshis per byte or everything else , I Know one thing that it cost me a fee of 8.5% just for transferring my bitcoin from one wallet to another.
Let's eliminate 0.001 fee that bittrex charged, still there is 0.0007 BTC network fee which is a huge disaster, it's almost 13$.
what if i want to pay a merchant 10$, i still need to pay 13$ fee, which does not make any sense.
I never underestimated the power of this Crypto beast but it's the first time i analysed that this could be the major issue in future for denial of bitcoin adoption by atleast low volume holders.
There are many alternatives out there.
People use bitcoin to cashout their currencies using LBC.
Once we have any alternative to it, any other platform like LBC that support any other coin may be litecoin, or steem or dogecoin, I bet the bitcoin daily trading volume will impact and fall badly,
No one wants to pay 13$ for a transaction that take hours to confirm.
Keep Steeming and Thanks for Reading.
Today the only thing that keeps bitcoin being the most used cryptocurrency is the infrastructure already created around it. But when they begin to create an infrastructure around another coin, bitcoin usage will plummet.
Yes exactly but we being users or developers are responsible to decide which direction we need to choose.
Say NO to Bitcoins.
Say YES to Steem.
@OriginalWorks
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Have you tried OpenLedger.io? The decentralized exchange offers more pairs, not just Steem/BTC... I stopped using Bittrex 4 months ago, many claim to have accounts frozen...
Too much high
Thank you @uxair for promoting this post together with https://steemit.com/budget/@jerrybanfield/introducing-steem-budget-proposals
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