Is this not another smart contract for altcoin?

[_act_]

The world is full of misconceptions. Why? Because that is how the world is, people misinforming people. Taken for example  how exchanges, article writers and many celebrities are misinforming people about bitcoin transactions, they are saying the fee required is too expensive. Exchanges are the worst, they are charging far more than the fee required for bitcoin transaction, they are making people to think the fee is high. Some exchanges are also include bitcoin-pegged altcoins with bitcoin along bitcoin deposit and withdrawal, misleading people to think they are bitcoin. These are misinformation.

I will say this again, bitcoin addresses only starts from 1, 3 and bc1. Others are altcoins, any address that does not start from those three addresses are altcoins.

let me fast-forward to the main discussion, chain key cryptography

Internet computer roadmap

I am not an expert, that is why I brought it here for discussion.

The Internet Computer will add smart contracts to Bitcoin through an application of Chain Key cryptography that will directly integrate the networks. Smart contracts on the Internet Computer will be able to hold, send and receive bitcoin, without the need for private keys.

(1) Bitcoin does not support generic smart contract functionality, but only a limited scripting language that supports a small subset of general smart contract semantics. The envisioned smart contract functionality for Bitcoin transactions allows a user to deploy a canister or make use of an existing canister that can receive and transfer Bitcoin and execute arbitrary smart contract logic expressed in a Turing-complete programming language. To this end, canisters must be able to hold Bitcoin balances, which requires a threshold ECDSA protocol. This protocol enables the replicas hosting a canister to share an ECDSA private key and create ECDSA signatures using cryptographic multi-party computation using a secret-shared private key, that is, without any node learning any information about the private key while jointly computing signatures to sign transactions. Smart contracts require access to the state of the Bitcoin blockchain, the so-called chainstate. Thus, we need to replicate the chainstate on the Internet Computer and provide services to canisters implementing smart contracts to query it and thereby receive UTXO-related information. This feature allows any canister to validate and create Bitcoin transactions and implement powerful smart contract logic.

(2) Transactions on the Bitcoin network are inherently slow and expensive. We want to enable fast and low-cost transactions by building ledger functionality on the Internet Computer that allows users to transfer Bitcoin into and out of accounts on this ledger, thereby creating wrapped Bitcoin on the Internet Computer. Users can transfer Bitcoin into their accounts on the ledger and buy and sell Bitcoin with ledger transactions on the Internet Computer with finality in seconds, while incurring only a tiny fraction of the transaction fees when compared to executing the same transaction on the Bitcoin blockchain. Holders of wrapped Bitcoin can settle their accounts any time by having their account balance transferred to their Bitcoin address.

The grey part of (2) is very wrong, the reason for my introduction. The last transaction I made was less than $0.26.

Is this not another altcoin?

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[mk4]

The teal part of (2) is very wrong, the reason for my introduction. The last transaction I made was less than $0.26, some people will think bitcoin transaction fee is static but not.

Is this not another altcoin?

That forum thread seems to be written in July 2021. While I'm not sure, there has been instances last year(or was that in 2020?) whereas bitcoin transaction fees(if you want them to be confirmed in an hour or so, and not wait more than 24 hrs) reached around more or less $20. So there's some truth to it, depending on how congested the mempool is.

[Pmalek]

It's important to distinguish Bitcoin mining fees from withdrawal fees from centralized platforms such as exchanges and casinos. Mining fees have been quite low for many months now. This may or may not have any affect on the withdrawal fees from previously mentioned platforms. For example, a casino charges a fixed $20 BTC equivalent withdrawal fee but only $0.50 from that is given to miners to mine the transaction. They pocket the rest. Those who aren't thinking clearly or don't know how this works will say that BTC is expensive to transfer from A to B.
That Internet Computer project you are mentioning is an altcoin. In the second paragraph of your quote, it says that it works by sending real Bitcoin to their accounts and in exchange you get a wrapped Bitcoin token. A wrapped bitcoin token is not bitcoin and is not transferrable over the Bitcoin blockchain. That makes it an altcoin.

(2) We want to enable fast and low-cost transactions by building ledger functionality on the Internet Computer that allows users to transfer Bitcoin into and out of accounts on this ledger, thereby creating wrapped Bitcoin on the Internet Computer. Users can transfer Bitcoin into their accounts on the ledger and buy and sell Bitcoin with ledger transactions on the Internet Computer with finality in seconds, while incurring only a tiny fraction of the transaction fees when compared to executing the same transaction on the Bitcoin blockchain. Holders of wrapped Bitcoin can settle their accounts any time by having their account balance transferred to their Bitcoin address.

   

[_act_]

That forum thread seems to be written in July 2021. While I'm not sure, there has been instances last year(or was that in 2020?) whereas bitcoin transaction fees(if you want them to be confirmed in an hour or so, and not wait more than 24 hrs) reached around more or less $20. So there's some truth to it, depending on how congested the mempool is.

The memory pool was congested and the fee increased but it lasted for two months last year when people bought bitcoin significantly and Chinese drama but ever since April, the fee was not high. But static and very high on exchanges. Bitcoin fee was not high in July last year but it is just a misconception.

It is not bad to add that to reduce the fee and confirmation time. But if it is not bitcoin, nothing changed.

That forum thread seems to be written in July 2021. While I'm not sure, there has been instances last year(or was that in 2020?) whereas bitcoin transaction fees(if you want them to be confirmed in an hour or so, and not wait more than 24 hrs) reached around more or less $20. So there's some truth to it, depending on how congested the mempool is.

Internet Computer project is set to be this year, you can check this YouTube video

https://www.youtube.com/watch?v=lYtk0jnL0s0

Bitcoin in the first quarter which is what I am talking about
Ethereum in the fourth quarter

That Internet Computer project you are mentioning is an altcoin. In the second paragraph of your quote, it says that it works by sending real Bitcoin to their accounts and in exchange you get a wrapped Bitcoin token. A wrapped bitcoin token is not bitcoin and is not transferrable over the Bitcoin blockchain. That makes it an altcoin.

I painted it red before but I removed it. I did that before because I guess it is too.

[dkbit98]

The teal part of (2) is very wrong, the reason for my introduction. The last transaction I made was less than $0.26.

If I am not in a hurry for fast confirmation most of the time I can send bitcoin with minimal 1 sat/vB fee, and that is even less if we convert that to dollar or other fiat currency.
For even more saving in fees there is always available option of using lightning network, and even some exchanges are supporting that.
There are some sidechains like Liquid that use something called L-BTC Bitcoin, and toher altcoins have their own solutions onother networks but I will never consider that as real bitcoin.
If network is centralized blockchain controlled by few individuals you are just getting numbers on screen that can be frozen or gone at any time.

[Lucius]

People who do not distinguish some basic things when it comes to Bitcoin transactions will always say that fees are too expensive. First, they are deceived by crypto exchanges that actually charge them for their service, and then blindly believe in those crypto wallets they use that still suggest the highest possible fee at a given time.

If, in addition to all this, there is no understanding of the importance of the input/output number, and understanding how to check the mempool, it is not surprising that users always complain that they have paid too much.

I can agree that Bitcoin on-chain transactions are sometimes expensive and sometimes slow because the time between blocks can be more than 60 minutes, but that's just the way it is - who doesn't like it should use LN or some altcoin that has instant transactions and zero fees.

Very high fees - bitcoin fails

[mk4]

The memory pool was congested and the fee increased but it lasted for two months last year when people bought bitcoin significantly and Chinese drama but ever since April, the fee was not high. But static and very high on exchanges. Bitcoin fee was not high in July last year but it is just a misconception.

It is not bad to add that to reduce the fee and confirmation time. But if it is not bitcoin, nothing changed.

I mean, obviously fees being "high" or not is totally relative. A $20 transaction fee may not be high enough for you and me to be making transactions, but they may be "high" enough for 99% of people living in 3rd world countries.

[Lucius]

I mean, obviously fees being "high" or not is totally relative. A $20 transaction fee may not be high enough for you and me to be making transactions, but they may be "high" enough for 99% of people living in 3rd world countries.

For someone who sends a value of $50 000 or even $5000, that amount will certainly not be a problem, but when we talk about microtransactions then it makes no sense to pay something $10 and a fee of $5 or more. From time to time, articles used to appear about someone sending hundreds of millions or even a billion dollars for a fee of only $3. As I have already written, if someone does not understand how things work, they will draw the wrong conclusions and invent some alternative solutions as if we don't already have one that solved the problem (LN).


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