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Author Topic: On 1st of August, does Bitcoin gonna be faster? and lower fee's?  (Read 534 times)
Metros
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July 31, 2017, 09:55:24 PM
 #1

How does the fork looks like now?  Shocked
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July 31, 2017, 10:29:27 PM
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I would expect a lot of congestion from traders moving their coins around. It will be worse for the BCH dumpers because there will be so few blocks, more then offsetting the 8 MB block size. But both chains will be congested for a while.

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July 31, 2017, 10:41:04 PM
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I would expect a lot of congestion from traders moving their coins around. It will be worse for the BCH dumpers because there will be so few blocks, more then offsetting the 8 MB block size. But both chains will be congested for a while.
What's the benefit of having a larger block size? I've heard a lot of fuzz around it. A larger block size means fewer blocks, but how will fewer and larger blocks affect fees?
I'm imagining, larger blocks, more transactions in one block, lower fees? Is that correct? I'm trying to wrap my head around how fees actually works.

who cares
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July 31, 2017, 10:44:06 PM
 #4

I would expect a lot of congestion from traders moving their coins around. It will be worse for the BCH dumpers because there will be so few blocks, more then offsetting the 8 MB block size. But both chains will be congested for a while.

You are one of the first people i have seen that has mentioned this, it seems obvious but no one has addressed this. If you keep your coins in a wallet off an exchange (recommended method), you will have to quickly figure out how to split the coins/ spend on the new chain, along with everyone else that will be stuffing transactions down the network. Once you get to an exchange (confirmations are going to be interesting) its a race to the order book to sell the coins.

But if you leave them on an exchange that offers 1:1 (not recommended) you run the risk if not actually owning your coins, but skip all the traffic.

Huh this is actually a difficult choice.

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July 31, 2017, 10:48:45 PM
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What's the benefit of having a larger block size? I've heard a lot of fuzz around it. A larger block size means fewer blocks, but how will fewer and larger blocks affect fees?
I'm imagining, larger blocks, more transactions in one block, lower fees? Is that correct? I'm trying to wrap my head around how fees actually works.

You are correct
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July 31, 2017, 10:54:18 PM
 #6

I would expect a lot of congestion from traders moving their coins around. It will be worse for the BCH dumpers because there will be so few blocks, more then offsetting the 8 MB block size. But both chains will be congested for a while.

You are one of the first people i have seen that has mentioned this, it seems obvious but no one has addressed this. If you keep your coins in a wallet off an exchange (recommended method), you will have to quickly figure out how to split the coins/ spend on the new chain, along with everyone else that will be stuffing transactions down the network. Once you get to an exchange (confirmations are going to be interesting) its a race to the order book to sell the coins.

But if you leave them on an exchange that offers 1:1 (not recommended) you run the risk if not actually owning your coins, but skip all the traffic.

Huh this is actually a difficult choice.

The Exchanges that accept BCH (/BCC) are listed here:
https://www.bitcoincash.org

For example, Bittrex, has pleaded to making BCH available to anyone with BTC in their account (not on pending status). But when will that be available, or how, or even if they will setup a BCH/BTC pair (or any other) is unknown. Had I done more due dilligence I'd have chosen one of the exchanges committed to making the BCH/BTC trading pair immediately, and a pre-fork split (even if as tokens initially on the BCH branch).

If you use Bittrex, it's unknown when you'll be able to sell (90% of people) or buy (10% of people, wag) BCH, which means instead of selling 1 BCH = $280 it may be the case of 1 BCH = $0.28. However, I don't think Bitmain and ViaBTC want to do the most riddiculous move in the history of cryptocurrency, so I think they might have a mitigation plan.

If you are not on one of the exchanges that do 1:1 and enable BCH for immediate trading (even if on exchange only) then you may be late to the initial stampede sell, and it may be the case that holding it (waiting) may be best than duping for nothing.

Bitfinex and Kraken are the ones best knowns to support it for west world. But the deadline for entering the token sell is over (if you move BTC to Bitfinex now, you  are late to the token exchange).

Undefined: Adj.
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July 31, 2017, 11:04:13 PM
 #7

Most people are not interested how the system works. They are interested in the end result. Who would think to be interested in the macro-economic indicators to predict the exchange rate of Fiat currency? So relax and enjoy the flight if you didn't sell your bitcoins.

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Metros
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August 01, 2017, 10:14:59 AM
 #8

So to my question, what actually happen in plain words?

Does Bitcoin faster now? Lower fees? is every thing fixed? or it's the same old Bitcoin that can take hours to transfer a coin from one wallet to another?
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August 01, 2017, 10:21:22 AM
 #9

So to my question, what actually happen in plain words?

Does Bitcoin faster now? Lower fees? is every thing fixed? or it's the same old Bitcoin that can take hours to transfer a coin from one wallet to another?

It is not the right time to say anything now. As of now bitcoin network is congested and transactions are not faster than before. However, in one or two days, after tracking the situation, we will be able to determine the actual scenario.

As per coinmarketcap, the BTC dominance has decreased by 1%. Monitor the situation and you will come to know. I have few bitcoins in my offline wallet and I am not planning to move it anywhere now. By this weekend, I am planning for a transaction. Lets see what happens then.

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September 11, 2017, 02:30:27 PM
 #10

Now, the main question is if bitcoin take bar of 5000$ or not.  I think if he will pass the bar you may want to sell it.

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