Connect with us

Bitcoin

Bitcoin [BTC] transaction fees might be ‘out-competed’ by other payment platforms, says Money Button CEO

Ajay Narayan

Published

on

Bitcoin [BTC] transaction fees might be 'out-competed' by other payment platforms, says Money Button CEO
Source: Unsplash

Recently, Ryan X Charles, the CEO of Money Button, elaborated on the definition of Bitcoin [BTC] at scale. He also spoke about the properties which Bitcoin had to possess in order to define Bitcoin at scale.

Bitcoin at scale refers to the limits on the number of transactions the Bitcoin network can process at any given point in time. It is related to the fact that blocks in the Bitcoin blockchain are limited in frequency and size.

According to Ryan, Bitcoin at scale has the property of an unlimited block size. This would enable individuals around the world to make daily transactions on-chain but is possible only if it has an unlimited block size. He added:

“Block size will have to be big enough for that to be adequate and that will give somewhere in the neighborhood of a terabyte-sized block. The maximum block size will actually need to be a good deal larger than that, because we need to deal with volatility throughout the day.”

He further stated that there could be a bombardment of high-value transactions at any particular time. Thus, it was important to have an unlimited block size which could handle such unusual, high-amount transaction volume.

Furthermore, the network should handle such transactions without changing the average cost of transaction fees.

Ryan stated that the end-user experience had to be something that was consistently low in transaction fees. According to him, the transaction fees did not necessarily have to be the same, but it was required to be “consistently” low.



In addition, the transaction fees had to be a value which is not just “out-competed” by other payment platforms. He further added:

“So it pretty much needs to be less than one cent. If it’s not less than one cent, it needs to be about one cent; something that is acceptable for human beings to pay.”

Bob Ami, a cryptocurrency enthusiast, stated:

“Bitcoin Cash [BCH] is not far from unlimited block size and huge scaling. Bitcoin Core [BTC] is way behind and not going anywhere in my opinion because the core maximalists decided to make it a store of value and nothing more.”





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.

Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

Priya

Published

on

By

John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
Source: Unsplash

Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending