Bitcoin Forum

Bitcoin transaction fee is high and I am looking for other ways that I can store my coins. I have been reading about bitcoin side chains but I do not really know what they are. What are bitcoin sidechain like Rootstock and what wallet can I used to store them?

I also want to ask if those pegged coins are side chains or not?

I only know Liquid side chain.

Sidechains (https://bitcoinops.org/en/topics/sidechains/)
Side chain (wiki) (https://en.bitcoin.it/wiki/Sidechain)
Enabling Blockchain Innovations with Pegged Sidechains (https://blockstream.com/sidechains.pdf)
Liquid Technical Overview (https://docs.liquid.net/docs/technical-overview#)

There are many sidechains which I get.


You need to check their own websites to know which wallets are compatible with the network, for Rootstock you can it here https://dev.rootstock.io/develop/wallet/use/

You meant like rBTC in Rootstock, L-BTC in Liquid Network? yeah each network has it's own dedicated pegged token.

Sidechains are blockchains being connected to another blockchain which is the main blockchain to relate information and data for the benefit of users using their various networks, there's a further reference to this where you can read more and learn about them https://www.bitcoin.com/get-started/what-are-sidechains/ them, their functions and what they constitute, i think there's something indeed more interesting about the use of some of these sidechains than we know already, which may help ease the challenge in transaction fee using the bitcoin network.

bitcoin never leave the bitcoin network..
you instead lock value up (in most cases with a custodian/subnetwork middleman) and then play with their balance/token at cheaper rates, with the hope that you can move out of their system and reclaim the locked funds

in many cases it takes atleast 2 bitcoin fee's (to enter and leave) the other systems. so they are not useful to just lock, use once, and exit.. their propositions is to lock funds up and stay within their systems long term with less likelihood of exiting before you have spent your value towards them.. in short they will most likely only want to close their account/channel once you have spent all your value within their system, so they can collect on all the IOU you owe them

In fact, the bitcoin fee demanded by the miners is not helping because it is very expensive and has been happening for several weeks now.
That's why the other thing they do first is exchange their bitcoin with Litecoin for another alternative cryptocurrency or other cryptos that are top-listed in the market.

So that just in case they have an emergency, they will not be affected by the transaction fee. Right now, it's really not funny.

asic miners do not select transactions.. they make no demands. they just get given whatever share of rewards a POOL decides

pools also dont have unanimous control of fee's it is infact some default relay/increment, bump and dust fee settings for core (99.9% of network) that make it a hostile environment for competing transactions to even get into nodes mempools before a pool then collates transactions

things have changed in core settings where by fee-bumps are not incrementing at 100sat/kb(0.1sat per byte) nor 1000sat/kb(1sat per byte).. but instead 5000sat per kb(5sat per byte)

other things like the cludgy miscounting of bytes where legacy pays more then segwit which pays more than taproot even if all 3 had similar REAL bytes