Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
644 views
I Paid Thousands of Dollars in Bitcoin Transaction Fees, Says Roger Ver
Roger Ver is a renowned supporter of Bitcoin Cash. He has claimed payment of thousands of dollars in Bitcoin fees many times on the Bitcoin network.
The information was provided in a video on Twitter by Bitcoin Meme Hub. In the video, Ver said he paid the sum in Bitcoin uncountable times.
" I paid a $1000 in fees for a single transaction on the bitcoin network more than I can count"
Someone please teach @rogerkver how to set custom fees in a wallet 🤣🤣🤣 pic.twitter.com/dHVamTkwi4
— Bitcoin Meme Hub 🔞 (@BitcoinMemeHub) April 16, 2020
The Bitcoin fork, which happened in 2017 brought about differences in fees and speed. The fork split due to disagreements regarding the asset which eventually divided the community.
Big blocks supporters desire faster transactions at lower cost and they went with the Bitcoin Cash side of the fork. Regarding the supporters of Bitcoin Core, they were interested in keeping a lower block size, partly to maintain the decentralization of Bitcoin.
The division within the Bitcoin Cash community was more in 2018, when Bitcoin Cash itself split into Bitcoin Cash and Bitcoin Satoshi’s Vision (BSV).
Roger Ver has been arguing about the transaction fee aspect, pointing out that Bitcoin is quite slow, expensive, and not capable of scaling.
According to a Reddit user on April 7, it would take 165 days for everyone on Bitcoin network to move their coins. Ver responded to the Reddit user, saying 165 days is about six months and it could appear crazy to anyone.
During the bull run of Bitcoin in 2017, there were similar difficulties in which transactions stalled in the midst of soaring fees. Part of the argument raised by Ver is slowness and expensive nature of Bitcoin network, suggesting BCH to be better.
On the other hand, Bitcoin supporters like programmer Jimmy Song, frequently talks about the other side of the table, towards the sustenance of Bitcoin decentralization via smaller blocks.
In recent times, BCH was able to complete its halving about a month prior to the imminent Bitcoin halving event.
Btc
Bitcoin
$27.971
price
price
0.76475%
price change
Featured image courtesy of CoinDesk. Source: Cryptopress.
Stay up to date with our latest articles