Two of the major mining pools of BCH coin has come together and introduced an initiative that will make free transactions a possibility along with lowering the transaction value. This will support the Bitcoin Cash adoption that has the BCH coin community in elation.
An initiative to lower mining fees & transaction value
Bitcoin Cash is making a lot of developments and changes in the recent past. The latest attempt in this is made by CoinGeek and nChain that have joined their forces to initiate a “Miner’s Choice” for Bitcoin Cash (BCH).
According to the official announcement, this initiative will allow the miners to lower their mining fees’ minimums individually. Also, the transaction value that can be sent on the blockchain will be lowered.
The plan here is to make the adjustments in the settings of the software running on the BCH mining units.
Two changes that will be made involve the first adjustment which will remove the current minimum “dust limit” of 546 Satoshi. This adjustment will make it possible for the users to send “as little as 1 Satoshi (one hundred millionth of a single Bitcoin Cash coin) via a BCH transaction”.
With the second adjustment, the miners would be able to accept some free transactions in each of the blocks they mine. Both the organizations believe,
“miners should be able to accept free transactions, rather than requiring users to pay a minimum of 1 Satoshi per byte.”
The number of these free transactions in each mined block will be decided by the mining firms of the particular miners.
Plans to accelerate BCH coin adoption
CoinGeek and nChain are two of the major mining pools of BCH that is not only accepting but have initiated this proposal. Lowering the fees will only further facilitate BCH adoption as stated by the official press release,
“if miners choose to accept some transactions with zero mining fee, this further encourages more Bitcoin Cash transaction usage.”
Moreover, if the free transaction becomes a possibility, miners will also have the freedom to set more free level ranges i.e. from even zero to really small amounts. This will give the users more choice to decide how much exactly they want to pay for sending a BCH transaction depending on the speed of the transaction they want it to be.
This will certainly aid in the BCH adoption as put by CoinGeek,
“This fosters a healthy competitive fee marketplace among miners, which will keep fees low for users and support BCH growth.”
Recently, Bitcoin Cash supporter Roger Ver predicted that Ethereum will flip the Bitcoin. But with the latest turn of events looks like Bitcoin Cash has its own plans to flip them both.
A few weeks back, a data revealed that Bitcoin fees have gone down to its lowest in about 7 years while the SegWit adoption rose. BTC fee was even lower than that of Bitcoin Cash.
With this initiative, Bitcoin Cash (BCH) could become a popular choice for micro-transactions, trading, and HODLing. At the time of writing, BCH price has been at $1,117 with a loss of 2.74 percent in the past 24-hours.
What do you think of the BCH coin initiative to increase its adoption pace? Share your thoughts with us!
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Sahitya is a crypto enthusiast. He is a specialist on management and strategic planning for over 5 years.