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1 sat \ 5 replies \ @AJ1992 23 Aug 2022 \ on: Remove the Shitcoins from Podcasting 2.0 bitcoin
Excuse me. You say most "shit coins" have slow confirmations and high fees? You know BTC is the one with 30 mins to an hour between blocks at times, no guarantee you're going to be in the next block regardless, and volatile fee sizing right? Look at LTC and Dash for instance, where you are always in the next block regardless of fee size, you can always send out at 1 sat/byte and you're always in the next block! That's less than half a penny! And the fee size is stable! Also, most other cryptocurrencies have moved to instant or almost instant confirmations.. so don't come on here and lie to try and sell Bitcoin for what it's not. The btc Blockchain is far behind in the crypto world compared to other cryptocurrencies. That's just a fact. The other day I had to wait 48 minutes for a block to be mined. Yes, FORTY EIGHT MINUTES BETWEEN BLOCKS. Then my tx got bumped down to the block after that because I wasn't paying attention and didn't increase my fee before that block was mined. This is the problem with btc, and if you don't think it's an issue then you're blind or ignorant.
Lightning is instant and off-chain, you should try it.
Blockchains with fast blocktimes are doing so at the cost of decentralization.
The average time between blocks in Bitcoin is ten minutes. This is a verifiable fact.
Those two chains you mentioned having 1 sat/vbyte fees all the time is either just because they have very little demand for blockspace (LTC) or they made some other decentralization tradeoffs (DASH, which also has very little demand for blockspace).
The fact that a 1 sat/vbyte fees amounts to less than half of a penny on those chains is a function of the tokens on those chains being worth very little in fiat terms.
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Yes. Lightning is off chain though. All those tx's are still later put on chain by channel and node operators, to my understanding.
On chain BTC is slow, with unpredictable block times, (the ten mins between blocks is not a guarantee. Sometimes there are three blocks in ten mins, I've seen it numerous times. But also, there are times where you will go close to an hour without a block and that's where the issue lies.) Unstable fee sizing, and no guarantee of when your tx will be confirmed. These are all issues, and keeps people away from Bitcoin if you want the truth. If on chain BTC would adapt it's Blockchain to catch up with the rest of the crypto world, it would truly be king/queen. But it fails to do so.
And don't get me wrong, I LOVE LIGHTNING and have been a daily user of lightning for almost three years now. LN is IMO what is going to keep Bitcoin relevant and from being truly left behind in the crypto world. Remember though, every king/queen/monarchy in our worlds history has fallen at some point. It's only a matter of when.
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Even with the reply you got, you still didn't get it?
Tx fees as pure market demand. You cannot expect something with the same offer (block size limit) and with high demand, to be cheap or nearly free.
The speed is also a result of the same factors. Either you have it decentralized and things take longer at peak demand times, or you centralize in favour of speed.
Either way, at scale base chain will never be a good layer for small size transactions. Use LN for that.
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Bitcoin isn't designed to have 10 minutes between each and every block without fail. Its designed to keep the AVERAGE time between blocks to 10 minutes via difficulty adjustments. That is besides the point.
The goal of bitcoin isn't to be the king/queen of "crypto". Its goal is to be a digital, hard money alternative to the fiat system. Hard forking the timechain just to beat out shitcoins in the crypto casino is short term thinking and would compromise the integrity of Bitcoin.
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Pick 2
Cheap - Fast - Secure
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