How Bitcoin became to expensive to use...
I'm pretty sure many of you that hold bitcoin are practicing the HODL strategy maybe even buying during dips eagerly waiting for the price to continue rising. Not just rising but increasing your wealth. A great majority stores bitcoin in app or hardware wallets as far as possible from exchanges.
What happens when you decide to sell, transfering those bitcoins you kept safe to the exchange now is expensive. fees that range rom 1% - 4+% of the value of your bitcoins. Wallets (app ones at least) usually have the transaction fee set around 1002 satoshis/byte..Well the size of the transaction is used to calculate the transaction fee. So the more satoshis you are sending, the more bytes, hence higher fees. Well a growing backlog of around 98MB in the mempool and 281,870 unconfirmed transactions and counting (https://blockchain.info/unconfirmed-transactions), some sites reporting over $700 million in bitcoin stuck in unconfirmed transactions, one can only ponder if Bitcoin Core actually is acting in the best interest of Bitcoin...Where is the store of wealth when a majority of it is wasted in transaction fees...
Bitcoin Cash is the alternative to this highway robbery in place by Blockstream. With block size of 8MB, Bitcoin becomes cheaper to use, faster to transact with, and yes cheaper to store your wealth. Why consider an expensive option when there is a logical solution?
You can check out my recent video using a local Bitcoin ATM (err BTM) to purchase $100 CAD worth of bitcoin, paying some $6 fee and then not being able to send it anywhere because the fee is higher than what I have...shame..
It's all about scale. There isn't the same amount of volume on Bitcoin Cash as there is on Bitcoin and therefore the fees are much less. The article starts with HODL but encourages holders to move BTC to BCH, and that would be a bad idea IMO. HODL BTC buy some BCH & HODL that too lol (:
I think bitcoin became like gold you don't pay someting with gold firstly you have to change to local money and then. So what i want to say is that if you want to send money you can turn it to xrp after that you can send nearly 0$ fee in a minute.