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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