THELOGICALINDIAN - Just afresh cryptocurrency advocate Roger Ver aggregate a video on Twitter that shows a cardinal of automat machines in Hong Kong that acquire bitcoin banknote and ethereum but not bitcoin A agglomeration of bodies got agitated at the Tweet including the cryptopundit Tone Vays because they couldnt accord with the actuality that onchain bitcoin affairs could not accommodate such casework The acumen bitcoin banknote is accurate by these automat machines in Hong Kong is because bitcoin transaction fees are 2024x added big-ticket than bitcoin banknote transactions
Hong Kong Vending Machines Choose Ethereum and Bitcoin Cash
For years now the abstraction of leveraging cryptocurrencies with automat machines has been a accepted trend because the two account go duke in hand. In the aboriginal days, aback bitcoin (BTC) fees were cheaper, automat machines that activated BTC were acquisition steam. News.Bitcoin.com reported on the accountable aback in 2016, aloof afore BTC fees skyrocketed to $50 per transaction at the end of 2017. The arrangement clog and college fees accept fabricated it so bitcoin automat machines are not astute if they are powered by BTC transactions. There accept been a few Lightning Network-powered automat and bonbon machines, but the Lightning Arrangement is riddled with issues like failed transactions and a countless of added vulnerabilities. Hardcore BTC maximalists don’t like to accept it, but in a abundant beneath aeon of time, the Ethereum blockchain handles added BTC-based offchain affairs by a continued shot.
Just recently, the able-bodied accepted agenda bill investor, Roger Ver, tweeted about a few automat machines in Hong Kong that alone acquire ETH and BCH. “Why do these Hong Kong automat machines acquire bitcoin banknote and ethereum but not bitcoin?” Ver asked his Twitter followers. The acumen why cryptocurrency automat machines cannot use BTC is because it is currently 1,931.56x added big-ticket to transact on Bitcoin (BTC) in USD,” according to Coin Dance statistics. So let’s aloof say a bonbon bar or can of soda in the apparatus costs $1, and according to Billfodl’s BTC fees web portal the boilerplate transaction will amount a user amid $1.23 or $1.72 per transaction. So that dollar soda would amount a being a minimum of $2.23 for an 8oz can of cola, and anyone with some academician beef knows that’s not acceptable for automat apparatus operations.
Maximalists Dismiss Facts, Bitcoin Network Fees Crippled a Number of Concepts
Despite the facts, the Youtuber and crypto-pundit Tone Vays bankrupt out a analytic aberration and said: “Because you apparently paid for that affection of the machine.” Vays again switched goalposts, and said that the absolute catechism was “how abounding affairs accept they candy back that demo.” Vays didn’t get into the actuality that leveraging BTC is not acceptable to run a automat apparatus with dynamic and capricious transaction fees. Vays forgot to acknowledgment that automat machines are not the alone projects BTC’s aerial fees accept neutered. Bitcoin banknote fees are consistently low and less than a U.S. penny per transaction. BCH fees alike remained that way in September 2018, back the BCH alternation processed 2.4 million affairs in 24-hours.
Vays and the added bodies who absitively to abolish simple facts, didn’t acknowledgment that bread aerobatics and coinjoin applications are abundant harder back BTC fees are so high. A cardinal of mixers and aerobatics casework that operated in the aboriginal canicule are hardly acclimated these canicule because of BTC aerial arrangement fees. On the added hand, BCH fees are cool low and accept accustomed for projects like Cashshuffle and Cashfusion to thrive. Both of these applications abide to acquiesce bodies to drag millions of dollars because of low transaction fees. Let’s not balloon that BCH developers pioneered Cashfusion and alike BTC proponents are alpha to accept it offers added privacy than acceptable coinjoin practices.
The Replace-by-Fee Vulnerability and No One Wants to Use Bitcoin for Color Coin Projects These Days
Critics of Ver’s cheep forgot to acknowledgment all the abundant companies that dropped BTC because of expensive and unreliable transactions. Well accepted companies like Fiverr, Expedia, Reddit, Steam, Stripe, Paypal, and Dell all alone BTC abutment over the aftermost few years. People on the automat apparatus cilia on Twitter did altercate zero-confirmation affairs and how BCH allowances from them. Of course, maximalists affirmation that zero-confirmation affairs are “unsafe,” but the affairs of them actuality alarming are extremely minimal. However, as far as BTC is anxious the software alleged replace-by-fee (RBF) is not safe for zero-confirmation affairs and double spending can appear with any bulk of funds on the BTC arrangement application RBF.
Unfortunately, bodies balloon that alike blush bill (tokens) were eclipsed from the BTC alternation too for the best allotment because of fees. This acumen abandoned is acceptable why Tether has confused best USDT over to added blockchains instead of relying on Omni. Ethereum is BTC’s sidechain because projects like Wrapped Bitcoin (WBTC) accept outperformed the Lightning Network.
High transaction fees and arrangement bottleneck has done a lot of accident to assertive account like micropayments as well. If you cannot acquirement a $1 soda in a reasonable manner, sending micropayments of $0.10 to $0.25 is alike worse. The absolute acumen the automat machines in Hong Kong acquire bitcoin banknote and ethereum is because it is not acceptable to run a automat operation with BTC’s big-ticket and capricious transaction fees. No added no less.
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