The cryptocurrency community praises Argentina's new president.
Support for cryptocurrency adoption is a big thing for its future acceptance.
It is a valid reason that the cryptocurrency community has started to praise the newly elected Argentinian president, Javier Milei.
Javier Milei has kept his pre-election campaign promise, i.e., he has announced the adoption of Bitcoin as the legal tender of Argentina.
At the same time, Javier Milei's support for the US dollar proves that all the power of cryptocurrencies comes from traditional fiat economic assets.
I have some constructive criticisms of the Argentinian president's decision!
Did the Argentinian president have any other choice over Bitcoin?
The El Salvador government made the mistake of adopting Bitcoin as its legal tender.
Did the Argentina government under the new leadership of Javier Milei?
Did they consider the fees per BTC transaction?
I admit I am a tiny dust particle in the global mass, but I have little knowledge based on my readings on cryptocurrencies and my life-long STEM education and research.
If I were the consultant critic of the Argentinian president, I would have suggested he would rethink before adopting Bitcoin as the legal tender!
Could Argentina's president consider BitcoinCash or BCH?
What made Argentina and El Salvador adopt BTC as the legal tender?
BTC is the first cryptocurrency in the world.
BTC has the highest market cap.
BTC price is the highest.
Did they consider the ever-increasing fees per Bitcoin transaction?
The fees per BTC transaction are increasing every day!
Today, the average BTC fee per transaction is 7.918 USD (Dec 03 2023).
On Nov 18, 2023, the BTC fee per transaction was 18.67 USD!
The BTC transaction fee varies from a few dollars to a few tens of a dollar!
The BCH transaction fee is much less than that of BTC.
The median transaction fee graph for BCH is displayed below (source BLOCKCHAIR).
It shows that the fee per BCH transaction is as low as a few cents or low.
The comparison of fees per transaction for BTC and BCH gives one recommendation.
If people consider a cryptocurrency for day-to-day payments, purchases, etc., BitcoinCash or BCH would be the best choice.
<> Because micro-payments are ruled out for BTC.
BTC is NOT fit for micro-payments due to its HIGH fees per transaction.
BCH would be the best choice for citizens' day-to-day cryptocurrency transactions in their everyday lives.
The question arises, "Who will pay for high fees per BTC transaction? The citizens, i.e., the Argebtina government like El Salvador?"
Argentina (and El Salvador) could have adopted BitcoinCash, i.e., BCH, instead of Bitcoin, i.e., BTC, the legal tender.
These are my overall views.
I am a researcher and contribute to the overlapping areas of STEAM (Science, Technology, Engineering, Arts, and Mathematics). I am an active user and promoter of GNU/Linux, Free and Open Source Software. I develop cybersecurity and information security solutions, specifically graphical authentication security.
The article was initially posted on ReadCash.
Text Copyright © 2023 Debesh Choudhury — All Rights Reserved
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Dec 04, 2023