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Topic: This transaction shows some of advantages when using Bitcoin blockchain - page 2. (Read 224 times)

hero member
Activity: 700
Merit: 673
I'm hoping that this is true because I'm sure that there's not a lot of people that's only invested in bitcoin nowadays and I feel like it's a good way to attract investors if you know that you do small transactions there without the worry that you're paying too much for the fees, I also would love it if there's more network that will automatically subtract your transaction fee even at the expense of the cryptocurrency that you're sending so there's no worry and hassle.
You are hoping for what's true. There are already existing means of sending crypto transactions at a cheaper rate through the use of other alternative coins, just as MK4 highlighted. Although the transaction the Op shared is overcharged, if the person is experienced, it could have been avoided. 
 
During the past weeks when the bitcoin network was flooded with those shitcoin transactions, we all saw how high the fee was. A lot of people discovered how cheap it was to run transactions using other coins like LTC, matic, and the rest among the few trusted once's the fee is cheaper compared to bitcoin network, but when it comes to trust and security, Bitcoin is still top notch.
legendary
Activity: 1512
Merit: 4795
Leading Crypto Sports Betting & Casino Platform
The transaction has its value is $383,218,948 and transaction fee is 35,700 satoshis that equal to $24,76.

Bitcoin transaction fee is still not cheap enough for everyone but mempools are better recent weeks, people have better conditions to move their bitcoins with cheaper fees.

That big transaction above is very beneficial for people who have big fund and can use Bitcoin blockchain to move their fund on chain, with cheaper transaction fee than if they do it through bank transfer. Transactions on Bitcoin blockchain have an extra security, no reverse.

It is still expensive for people with small fund or the poor to feel feasible when using Bitcoin blockchain and spending fee.

$24.76 is too much for 1 input and 2 outputs transaction. Either the person knew what he did or waste money on fee.

The transaction is having 1 input and 2 outputs. The fee rate with the highest priority that I saw just now to send bitcoin is 11 sat/vbyte, which amounts to $1.05 if you are sending from 1 input to 2 addresses (2 outputs).

The person used legacy address. Let us assume that the 3 addresses are legacy. The fee is for segwit address is $1.05. If the person used 2 times the fee which is $2, it is enough to get the transaction confirmed faster.
sr. member
Activity: 1666
Merit: 426
If you present this to rich people, pretty sure that they'd be rushing to buy their bitcoin because of how easy it is to do just that when you want to do a transaction, I think you'd probably be sending more for fees when you do this in banks plus you're going to do a lot of confirmation to do a little transaction so hopefully it will attract them.

We could argue that this can also be achievable with other blockchains.
I'm hoping that this is true because I'm sure that there's not a lot of people that's only invested in bitcoin nowadays and I feel like it's a good way to attract investors if you know that you do small transactions there without the worry that you're paying too much for the fees, I also would love it if there's more network that will automatically subtract your transaction fee even at the expense of the cryptocurrency that you're sending so there's no worry and hassle.
mk4
legendary
Activity: 2870
Merit: 3873
📟 t3rminal.xyz
We could argue that this can also be achievable with other blockchains.

The advantage of Bitcoin (in general and compared to other cryptocurrencies) is the fact that we can achieve this with a network that is hard as a rock in terms of stability and security, and the fact that it's pretty much the most decentralized cryptocurrency we have right now.
legendary
Activity: 2044
Merit: 1018
Not your keys, not your coins!
The transaction has its value is $383,218,948 and transaction fee is 35,700 satoshis that equal to $24,76.



Bitcoin transaction fee is still not cheap enough for everyone but mempools are better recent weeks, people have better conditions to move their bitcoins with cheaper fees.

That big transaction above is very beneficial for people who have big fund and can use Bitcoin blockchain to move their fund on chain, with cheaper transaction fee than if they do it through bank transfer. Transactions on Bitcoin blockchain have an extra security, no reverse.

It is still expensive for people with small fund or the poor to feel feasible when using Bitcoin blockchain and spending fee.
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