Why Bitcoin Lightning Network and all off-chain solutions do NOT make you immune to on-chain fee

Transaction fees have become a
crucial part of the Bitcoin payment process and all off-chain solutions,
whether it’s third-party services or lightning, do not make you immune to
on-chain fees.

It Costs Miners Nothing to Add A Transaction

Bitcoin transaction fees are usually
a small amount you pay for carrying out a BTC transaction. While they may not
be required, it is highly essential that you pay the fee if you want your
purchase to be processed by a miner.

On the Bitcoin network, the space
available for transactions in a block is roughly 1 MB in the Bitcoin
blockchain. This implies that for users to get their transaction processed faster,
they will have to outbid other users in the network.

Ruben Somsen, the founder and active
organizer of SeoulBitcoin, pointed out that it costs miners virtually nothing to add a transaction.
As a result, the block space is usually given to the highest bidder and if
nobody bids, then it’s practically free. The crypto educator argued…

Read Full Story : Ethereum World News

2019-04-11 14:30:17

Dalmas Ngetich

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