BitCoinCash = 30 second transaction notice, .01c (one penny) transaction fee = serious competitor?


#1

Hi all,
I wanted to share a rather surprising experience I had yesterday. I moved some money via BitCoin Cash to purchase more Ada.
This is the first time I’ve ever used BitCoin Cash, I inherited it from the earlier fork and just had it sitting around.
Anyway, I was very shocked at how outstanding it was:
1 - Initial transaction notice arrived at the other address in about 30 seconds (both times)
2- Perm confirmation and funds were available in roughly 5 minutes.
3 - The total fee for each transaction = .01c! One penny!

Now, I know Charles had talked about how he wanted Cardano to have the lowest fees as that would help ensure total growth/use of the platform. But seriously, how do you get lower than a penny per transaction?

I’ve used LTC, ETH, and BTC before to make transactions and had fees from $29 to .06c (LTC). But BitCoin Cash is on another level that I didn’t realize existed.

When I ran the numbers via the Cardano transaction fee page example, it would equate to about .12c. Which is lower than BTC for sure, maybe ETH as well depending, but won’t beat out LTC and won’t touch BitCoin Cash.

Anyway, I just wanted to throw this out there as an example of what appears to be serious competition that I wasn’t aware of until I used it myself yesterday. If the plan was for .12c to be the default transaction fee it will be good but won’t beat out LTC or BitCoin Cash assuming they can keep this level of low fee up.

*Edit - I just read another article which had a similar point - "Mr Nathan, the founder of Risk Reversal Advisors, said:
“People really want to build on the ones where they think it’s cheaper and faster and those are ethereum and bitcoin cash.” Not sure about ETH but certainly agree about BitCoin Cash.


#2

All good points but realize that Cardano has not set transaction fees yet, and you left off the most important factor, safety, which is a game changer for real-world applications that run only with high assurance.


#3

And there is also the factor of scalability. Eth transactions slowed and fees spiked just with crypto kitties.


#4

Ada’s fee (0.2) was “decided” when 1 ada was 0.025 usd. Charles said that with the next update the tx fee will be lowerd


#5

Awesome, thanks for sharing that Adafans!


#6

Some real world applications could even be said to “rely” on assurance. :wink:


#7

A thousand times yes!
Interesting is it not that this point is almost silent in the market.


#8

Citizens of asgardia , for example, will need , so to speak , “mission critical” level reliability in their future libertarian ventures. Although one would expect nations to go “in house” a lot.


#9

For now safety requires being able to consistently and reliably move purchased ADA off of the exchanges. As ADA matures, retaining a high degree of safety; coupled with competitive fees and commercially acceptable transaction speed will be paramount to success.


#10

People report seing Ada from Bittrex to Daedalus in under 5-6 seconds. :roll_eyes: IOHK just ann that they shipped an (API) update for Binance :nerd_face: