Bitcoin (BTC) transaction fees have dipped below than those of Bitcoin Cash (BCH), marking a blow to one of the hard fork’s central remits.
Battle Of The Satoshis
Data from monitoring resources Wednesday confirms the turnaround as BTC continues to see a drop in transaction fees not seen for six months.
In terms of satoshis, the cryptocurrency’s smallest possible unit, BCH’s lower value means a transaction fee of 10,000 sat provides worse value than an equivalent 10,000 sat fee sent in BTC.
The drop also marks a 97% decline to about $0.79 cents from the peak of $34 in USD terms.
Bitcoin Cash proponents have long touted low transaction fees as one of the two major ‘advantages’ the hard fork has over the original Bitcoin network. Together with faster transaction times and greater network capacity, Bitcoin Cash was designed to provide currency-focused services in Bitcoin better than Bitcoin itself could manage.
During an extended publicity push for the altcoin, well-known supporter Roger Ver explained these benefits to multiple mainstream media publications, describing Bitcoin variously as “Bitcoin SegWit” and even a “cripple coin.”
“If you have two versions of Bitcoin, one is slow, expensive and unreliable (Bitcoin SegWit) and you have another version of Bitcoin which is super fast, reliable and cheap, it’s not a tough decision,” he told the Rubin Report in December…
Read Full: Bitcoin Fees Sink to 6 Month Low, Undermining Bitcoin Cash