Tuesday, 29 August 2017

Excess commissions for Bitcoin transfers

Bitcoin's companies are maintained financially through commissions, which is well known by many people, and constitutes the basic functioning of financial and banking entities. It is necessary to charge commissions; nonetheless, how much does a transaction fee for bitcoins sound like reasonable? This is what we will briefly discuss in this article.

The commissions fell from the top of $ 8.9, which they reached for August 25. However, despite the correction, a payment of $ 5 per transaction is still excessive; especially taking into account that Bitcoin was born to be a free network and to support micropayments. These increases, at the same time contravening the nature of criptocoin, generate discomfort and distress in the digital population.

Several customers have been annoyed and upset by the measures that Bitcoin has taken in this regard, as, instead of ensuring that commission prices go down to a slightly more sustainable and affordable base, it has pushed for measures such as Bitcoin Cash and Processing power migration from Bitcoin to this new fork; in addition, the mining activity of Antpool, who have mined almost empty blocks causing more congestion in the mempool; or the possibility that major ecosystem mining groups, grouped under the New York Accord, would be lobbying to position SegWit2x as a necessary upgrade.

However, through Reddit, users begin to discuss a new possibility, linked to the algorithm used by Bitcoin's portfolios to calculate transaction fees.

John Toomin, developer of Bitcoin Classic said the following words about the subject, in which he took some defense in favor of Reddit: "Most portfolio developers consider that unconfirmed transactions are a worse user experience than high fees, so they use the default payment setting that makes the unconfirmed scenario unlikely (...) Ultimately, it is not a solvable problem. It's a competitive guessing game. No matter what, rate estimation algorithms will result in transactions that will remain unconfirmed, and transactions from other users who pay very high rates. "

Nothing is perfect in this world, therefore, even a currency so spectacular can suffer these kinds of inconveniences; despite this, Bitcoin has shown that it has more points in favor than against, so, to sell and buy bitcoins in India through the best bitcoins exchanges in India seems clearly viable for our future financial aspirations.


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