$14.30 Fee to transfer $130 USD in Bitcoin (This Was NOT Satoshi's Vision)
First, let me state from the onset this is not an endorsement of Bitcoin Cash and I do not own any Bitcoin Cash currently nor have I yet to own any.
Bitcoin fees are going to destroy the Peer to Peer Electronic CASH System.
I lost $14 in gains yesterday due to ridiculously high transaction fees. The network is not efficient enough right now to operate as a cash system with the current block size. The developers must address this immediately; moreover, if they don't it will not be used as a cash system into the future.
Personally, I believe that the community should try to honor the White Paper's vision as much as possible. The White Paper didn't outline an electronic gold system that was designed to be a good store of value only.
While I encourage the use of Bitcoin as a store of value its intended primary utility is outlined rather explicitly in the document.
Hopefully the engineers working on Bitcoin realize the error of their ways and fix the issues creating high fees before another network with less credibility gains traction and the community loses its first mover momentum.
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I agree with you 1000% most people getting involved is buying $100 - $200 at a time - and because of the ups and downs losing $15 to $20 in fees is ridiculous - even when you transfer to buy other cryptos they hit you hard - I took $100 worth of BTC to buy some small crypto and when the exchange was done I only received $72 in the other Crypto - something has to be done for sure
Good read , I agree the fee is high , Allthough that leaves an opening for cryptos as hold to come in and fill the gaps , That may be best for cryptos as a whole ,even momma bitcoin. Time will tell .. upvoted good read.
Thank you very much. I agree competition is good in all aspects of business/tech but I'd like the original vision to be preserved. However, the forks because of competition may turn out to be a good thing. I actually think Bitcoin Cash has the White Paper in mind, but the centralization is a strike against it as well. It's not easy to say one side or the other is correct.