With bitcoin core still facing scaling issues, transaction fees have been ridiculously high and incredibly slow. Competing currencies such as Bitcoin Cash and Litecoin have taken it to BTC by providing faster transactions at cheaper cost. Now that bitcoin cash is listed on coinbase and GDAX, will it make another run past $4,000 USD?
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Let us know what you think!
Bitcoin will increase hurry
"The Cashening". lol. I think that the original pump has mostly faded, or will soon. Bitcoin just has too much name recognition at the moment to be overtaken, although I do expect that to change towards the end of next year.
@coinfriend which I think essentially is what the fight is for. For the name brand. I'm just getting really tired of these fees and slow transaction times. If it's costing $30-$50 just to move your coins quickly enough, what's the difference between sending a wire transfer and having 2 banks charge you? I can send an e-interact for 20x cheaper than bitcoin right now.
I'll tell you what I am loving is litecoin. It is so fast. So seemless. So cheap. And there's no drama behind it.
I think this will be the case for a while. We have to remember that we're nearing the parabolic rate of mass adoption, so if Bcash becomes "bitcoin", it will face the same issues that bitcoin is currently facing about increasing its block size again at approximately next summer. 8 MB isn't nearly enough long term. You need 1 GB blocks to approach the speeds of Visa / MC. At that point you have to process 1 GB blocks every 10 minutes and make sure that each miner running a full node has the ability to fit that through their internet connection. This is assuming the average user does 5 transactions / month. If we start thinking about money as a TStream object, then we need petabyte blocks. At this point scaling up block sizes is just ridiculous. The better solutions involve off chain transactions.
That's a very valid point. Still, 8gb is better than 1gb. And with the rate of internet speeds, I'm sure when bitcoin ash upgrades to 16gb, it'll be able to continue to be feasible. Before sending 1mb over the internet took half an hour, now we're sending gb's of data in the same amount of time.
I still think you're missing something here. Because the math here isn't linear, but exponential, your upgrade from 8 MB to 16 MB would last less than a month before you're in the same situation. BCH will have to do what bitcoin core is attempting right now, or its long term success is doomed.
You can go to 1 petabyte blocks of course, but that means extreme centralization of mining power. At that point, they have dictatorial power over your funds, which means you might as well just go back to your bank.
It should be the chance for people to easily convert their bcash to Bitcoin.
Yes, which is nice. And it's actually benefited a lot of people because most would have sold their BCH when it was at $300. Now they get a great return.