TL;DR: The creator of BitcoinPrice.WTF, a bitcoin cash price calculator, has unveiled “a little side thing to compare Bitcoin Cash (BCH) and Bitcoin Core (BTC) block fees,” BitcoinFees.cash. Just as it promises, side-by-side comparisons are made of the two, and it could be an interesting tool for both camps in the debate about fees and their place in bitcoin.
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BitcoinFees.cash Compares Bitcoin Cash, Bitcoin Core Block Fees
“Hi out there, it’s that wtf dude but now I’m back with a new site,” u/thatwtfdude explained on a popular subreddit. “I just like to do fun things so I made this out of fun. I’ve seen lots of people share the BTC block fees but nowhere do I see it compared to BCH. So this page was put together to compare, provide some stats and some information.”
BitcoinFees.cash relies on APIs such as BitGo for Next Block Fee Data, Blockchair for Median Transaction Fee Data, CoinSalad for Price Data, and AMcharts for the interactive chart just below the main, highlighted comparison. The fee amounts shown “are for informational purposes only and due to the decentralized nature of Bitcoin the fees shown are probabilistic and there are no guarantees that they will work,” he warned.
Transaction fees are included as a validation mechanism, of sorts, for miners, incentivizing them to confirm and help secure the network. They’re irreversible, and as transactions fill up blocks, they’re chained (blockchain). Processing takes about 10 minutes. For those wishing to use bitcoin as peer-to-peer cash, however, probably “don’t want to wait many blocks for their transactions to be confirmed, so they pay [Next Block Fees] to get their transaction confirmed within 10 minute block times. Median fees are just the middle of all the fees to give users a better idea of the average, discarding high and low fees. The median fee listed is based on the past week of transactions,” u/thatwtfdude noted.
For the two communities, fees are a touchstone. BTC advocates are on record as not bothered by comparatively high fees, and have publicly applauded their frequent surges as a sign of demand. At least one factor keeping fees higher on BTC is its block capacity, which remains at about 1MB. “This means that transactions on the BTC network during times of congestion can skyrocket up and become very expensive as people try to outbid each other to try to get their transactions confirmed,” u/thatwtfdude stressed. BCH offers itself as the alternative, as block capacity is significantly greater, allowing for scaling to happen on-chain as opposed to second-layer solutions, preserving its use-case as digital cash.
DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH.
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