High Fees of BTC and ETH are Liabilities for The Owners!

By Debesh Choudhury | TechFuture | 1 Nov 2023


Are you a proud holder of BTC and ETH?

Most of you must be happy and proud to have some BTC and ETH in your cryptocurrency wallets.

Who will not enjoy having BTC and ETH?

  • Have you analyzed why you are happy to hold BTC and ETH?

Because BTC and ETH are the top-priced cryptocurrencies.

  • Your BTC and ETH portfolio satisfy your inner greed for wealth.

But, you need to analyze the situation more meticulously.


 

Are you elated seeing the BTC and ETH prices rising?

It is natural to see an investment (stocks or cryptocurrencies) price rise.

I am happy for the stocks and cryptocurrency asset holders and their families.

Some of you are selling it, and some are holding it for future gains.

I call it a greed-induced dream of becoming psychologically richer every day.

Greed is a sublime part of almost everybody's money mentality.

Nothing worse or nothing better can result from greed.


 

The rising fees of BTC and ETH are a deep concern.

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Cover image

  • As a cryptocurrency lover and trader, have you noticed the trends in fees per BTC and ETH transactions?

The fees per cryptocurrency transaction depend on the associated blockchain technology and the network processing.

  • In simple words, due to block size limits and consensus techniques, cryptocurrency fees and time for completing a transaction vary.
  • In technical terminology, it is called the scaling property of a cryptocurrency.

That means fees and time of processing a cryptocurrency transaction are very important parameters that limit the success of a cryptocurrency as a payment instrument.

<> The rising fees of BTC and ETH are a deep concern.


 

In scaling issues, BTC and ETH fail to serve, and BCH excels.

A hard fork of BTC, namely BitcoinCash, aka BCH, is superior in scaling.

  • Fees per BCH transaction are typically a cent.
  • BCH can process transactions much faster.

BTC and ETH are unfit for making payments, such as for buying items from online and offline merchants.

  • BCH is one of the best choices to make online/offline peer-to-peer payments.
  • I use BCH to buy items by making peer-to-peer micro-payments to the merchants.

It is possible to use BCH for buying items because BCH is scalable.


 

Think about fees and the time of settling cryptocurrency transactions.

  • While holding cryptocurrencies, think about their scaling properties.
  • If your choicest cryptocurrency can't handle payments fast and with affordable fees, it is worth going for other cryptocurrencies that perform better.
  • A few altcoins are better than BTC and ETH in terms of performance.
  • The current price of the altcoin may not be high, but they can handle peer-to-peer payments faster with minimal fees.

I will recommend BCH for peer-to-peer payments faster and at affordable fees.


 

 

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About me

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.


 

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Cheers!

Debesh Choudhury

Text Copyright © 2023 Debesh Choudhury — All Rights Reserved

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Disclaimer: All texts are mine and original. Any similarity and resemblance to any other content are purely accidental. The article is not advice for life, career, business, or investment. Do your research before adopting any options.

Unite and Empower Humanity.

Nov 01, 2023

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Debesh Choudhury
Debesh Choudhury

I am a solution architect for Digital Identity, Data Privacy, Password & Cybersecurity, Distributed Ledgers, IoT, a researcher & academician of Electronics, Computer Eng. & IT, an Entrepreneur & Tech Blogger.


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