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Bitcoin and Bitcoin Cash transaction fees differ
The Bitcoin network confirms three to seven transactions per second at a cost of $5 to $50 per transaction (the average on May 4 was $18.28), whereas Bitcoin Cash verifies over one hundred transactions per second at a cost of pennies (the average on May 4 was $0.02). Bitcoin cash supporters seek to punch holes in the Bitcoin as digital gold myth in order to advertise their coin. On their website, they demonstrate this by comparing the value of the worldwide cash market to that of the global gold market, which is just $10 trillion.
According to BCH fans, Bitcoin Cash not only offers a larger use case since the cash market is ten times the size of the gold market. They claim that the cheaper transaction costs and faster processing times of BCH make it more suitable for mass adoption by cash-spending clients.
According to BCH fans, Bitcoin Cash not only offers a larger use case since the cash market is ten times the size of the gold market. They claim that the cheaper transaction costs and faster processing times of BCH make it more suitable for mass adoption by cash-spending clients.
Bitcoin (BTC) and Bitcoin Cash (BCH) are two distinct cryptocurrencies that share a common origin but have diverged in terms of their blockchain and key features, including transaction fees.
Bitcoin, the original cryptocurrency, has been facing challenges related to scalability, leading to congestion on its network during periods of high demand. As a result, transaction fees on the Bitcoin network can vary widely and tend to increase during times of increased activity. Users may find themselves paying higher fees to ensure timely processing of their transactions, and the fee structure is often determined by market dynamics and miner priorities.
On the other hand, Bitcoin Cash was created as a fork of Bitcoin in 2017, with the primary goal of addressing scalability issues. Bitcoin Cash increased the block size, allowing for more transactions to be processed in each block and potentially reducing congestion. This larger block size generally results in lower transaction fees on the Bitcoin Cash network compared to Bitcoin.
Users transacting in Bitcoin Cash typically experience quicker and more cost-effective transactions, making it an attractive option for those seeking a cryptocurrency with a focus on fast and affordable peer-to-peer transactions.
In summary, the key difference in transaction fees between Bitcoin and Bitcoin Cash stems from their respective approaches to scalability, with Bitcoin Cash designed to offer lower fees by accommodating more transactions per block.
Bitcoin, the original cryptocurrency, has been facing challenges related to scalability, leading to congestion on its network during periods of high demand. As a result, transaction fees on the Bitcoin network can vary widely and tend to increase during times of increased activity. Users may find themselves paying higher fees to ensure timely processing of their transactions, and the fee structure is often determined by market dynamics and miner priorities.
On the other hand, Bitcoin Cash was created as a fork of Bitcoin in 2017, with the primary goal of addressing scalability issues. Bitcoin Cash increased the block size, allowing for more transactions to be processed in each block and potentially reducing congestion. This larger block size generally results in lower transaction fees on the Bitcoin Cash network compared to Bitcoin.
Users transacting in Bitcoin Cash typically experience quicker and more cost-effective transactions, making it an attractive option for those seeking a cryptocurrency with a focus on fast and affordable peer-to-peer transactions.
In summary, the key difference in transaction fees between Bitcoin and Bitcoin Cash stems from their respective approaches to scalability, with Bitcoin Cash designed to offer lower fees by accommodating more transactions per block.
May 30, 2022 17:16