Technical Question: why is it 27,499.68x more expensive to …

Twetch ·

Technical Question: why is it 27,499.68x more expensive to transact on BTC compared to BSV ? What are the main reasons please?

Small tip for the best answer. Oh yes.

Replies

Twetch ·

BTC are incapable and unwilling to process blocks greater than 1 Mbyte per 10 minutes. This creates a bottleneck and rises the tx prices. BSV on the other hand does not put limits on block size so prices can be much lower.

Twetch ·

Few block are available and thousands of transactions are waiting to enter into a block to be considered official or confirmed.
Transactions are competing against each other to see who can get there first. And that’s why the fees are so high.

Twetch ·

So it's the miners deciding what is the min fee they will accept to include your transaction in their block.
They seek to fill their block with transactions with highest fees, so they can make more $ an afford more hash power, to win yet more blocks.

Twetch ·

I think that's just it. Although some calculations can be done for you like it is on Blockchain.

Twetch ·

Oh really? What sort of calculations?

So when you pay these huge fees, it is purely for 'prioritization' up against an absurd bottleneck created by the 1MB limit. And paying the large fee is no guarantee of prompt service, only 'eventual' service. Hmm.

Twetch ·

Yes, the higher the withdrawal and the more money you pay as transaction fees put you at the top of the list. Why do you think some withdrawal are done in minutes and some hours? having only the capacity to handle 3000 transaction and over 20,000 are on

Twetch ·

I get it. BTC is a taxi where 1000's of ppl bid for a ride an only a few win, the rest have to wait for the next taxi to bid on. By raising the block limit that taxi becomes a huge bus where there's very little competition for a seat, and so low prices.

Twetch ·

pay @15847 $1.00 thanks for the advice/conversation.

Twetch ·

/pay @15847 $1.00 maybe this time..where can I RTFM lol.

Twetch ·

/pay @371 $0.20 your'e right! thanks.

Twetch ·

Haha
Thanks for the tip✌️