Bitcoin has been cited as the ‘all-conquering economic juggernaut’. As it’s the hardest money ever…
Bitcoin Cash appears to be on the march. It’s one of the most preferred cryptocurrencies out there right now, and this super quick offshoot of Bitcoin is popular for a variety of different reasons. It’s incredibly easy to use, holds a lot of store value, and seems to make sense to everyone new to the cryptocurrency game – which is seen to be vital by many if cryptocurrencies are to continue having an impact in the wider world.
According to recent reports, Bitcoin Cash is aiming its arrows directly at the mainstream market. In a press release by CoinGeek and nChain Group, the two companies have announced an initiative called ‘Miner’s Choice,’ which aims to reduce mining fee minimums and transaction values that can be sent on the Blockchain.
The new initiative proposes two main changes. First of all, they want to remove the current limit – known as ‘the ‘Dust Limit – for users. This means that Bitcoin Cash users will be able to send a single Satoshi via a BCH transaction. The second change is that miners should be able to accept free transactions, instead of the previous rule of needing to accept 1 Satoshi per byte.
But what does this actually mean? There are several implications that could have an enormous impact on Bitcoin Cash. Primarily, this means that more people are likely to start investing in Bitcoin Cash, thanks to the reduced rates and fees that used to be involved in making any transaction, no matter how small. It’s something that has been damaging Bitcoin Cash’s search for mainstream adoption and should act as a release to encourage more miners and users to get involved. But it also means that people may start holding the currency for longer periods, rather than dipping in and out as the markets change. Given the organic nature of cryptocurrencies, many crypto experts believe this will result in an upward push in value for Bitcoin Cash.
Ultimately, this move is all about giving Bitcoin Cash users ore choice. Miners can decide to accept some transactions for no mining fee and set more fee level ranges. Similarly, users will be able to decide how much they decide to spend on their BCH transactions, based on the speed they require or want. It should see a healthy dose of competition into the mix, which in turn will encourage miners to keep their fees low.
So far, several mining pools have announced they will be backing the new plans, which as yet do not have a launch date. The major players of Bitcoin.com and ViaBTC have been largely positive about the news, and both claim they will be joining the initiative as soon as it is possible.
While it’s a little early to guarantee this could see Bitcoin Cash entering the mainstream, it’s certainly encouraging. Removing the dust limit means that coloured coins can be developed faster, and the crypto community as a whole has been incredibly positive. And while it will be up to the miners about the number of fees they accept, it is in everyone’s interest to accelerate adoption.