Bitcoin Cash: towards free transactions

In the world of blockchains working by proof of work, there are transaction fees paid to minors for their work. This is the price to pay for such a network to be secure. Bitcoin Cash wants to remove fees for certain transactions and thus allow the circulation of small amounts of BCH in order to make this currency usable in everyday life.

The Miner’s Choice Initiative

nChain and CoinGeek, two Bitcoin Cash mining companies, have announced an initiative to remove charges for certain transactions on the BCH network. This initiative allows miners to individually lower their own minimum for mining costs as well as adjust the values of transactions that can be sent to the blockchain. Both companies plan to update the parameters of their mining software to allow these choices to minors.

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Two Major changes to plan

  • Remove the current minimum (dust limit) of 546 Satoshi. This will allow users to send the minimum of 1 Satoshi (one hundred millionth of a Bitcoin Cash) per BCH transaction. Any minor may accept an amount of 1 Satoshi per transaction, provided it is included in a valid block that all other minors will accept.
  • Accept free transactions (zero mining fees) in each valid block. CoinGeek and nChain believe that minors should be able to accept free transactions, rather than asking users to pay a minimum of 1 Satoshi per byte. The mining companies will each designate a number of free transactions that they will accept in each mined block.

Towards an adoption of the public

If minors choose to accept certain transactions without a mining fee, this further encourages the use of Bitcoin Cash in everyday life. If free transactions are possible, minors will have the freedom to charge higher fees. For their part, users will have more choice as to the amount of fees they wish to pay for sending a BCH transaction, depending on the speed of processing they want. This fosters a competitive market for miners’ transaction fees, which will keep user fees low and support the growth of the BCH.

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