Miner’s Choice is the initiative of part of the community at Bitcoin Cash. With the demand to abolish (partially) the Dust limit on transactions, the community now wants to make itself more attractive again in the area of micro-transactions and against the competition.
Excessive fees for too slow transactions. Above all, this is an accusation that the cryptocurrency, which continues to be the leading one, has fallen by the market capitalization of Bitcoin. The keyword that keeps falling here is scalability – or the lack of it. But in order for cryptocurrencies to be attractive for the applications, above all the transaction fees have to change. Now, part of the Bitcoin cash community wants to take on the Miner’s Choice initiative.
In fact, some of the Bitcoin cash miners are calling for the Dust Limit to be lifted. They also want to allow a certain number of toll-free transactions per block. This BCH Dust Limit sets a minimum size for transactions to include in blocks. Currently this Bitcoin Cash Dust Limit is 546 Satoshis (0.00000546 BCH) – at the current Bitcoin cash price, that’s a fraction of a cent. Apparently, in order to stand out against Bitcoin, CoinGeek and nChain announced that they would accept future transactions in the size of a Satoshi. For example, the two mining companies decided to include a (previously unspecified) number of toll-free transactions in their blocks.
On the other hand, one could argue that the transaction fees – no matter how small – protect the Blockchain from acute constipation, after all, the transaction fees prevent spammers from pursuing their hobby. But nChain and CoinGeek justify their decision by saying that they want to make Bitcoin Cash attractive for microtransactions. In addition, they want to ensure more justice in the Bitcoin cash community:
“In the future, users will have an expanded choice of how much (and whether) they want to pay for BCH transactions, depending on the speed they want. If a user desires an immediate transaction, he can choose from a selection of low fees. However, if a user is willing to wait 30-40 minutes for his transaction, they can opt out. ”
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Categories: Crypto Currency