We hear a lot about transaction (TX) fees and times. They’re often considered fundamentals of cryptocurrency analysis. Internet sites love TX times and fees from the ico whitepaper or from a network 1/10,000 the scale of BTC. They’re not without merit and give us needed data to compare different blockchains but they’re often far from reality.

Ethereum is considered the premier smart contract platform, and in ways other than TX costs, it is. Lately the ETH network has been congested and on-chain trades can cost $1–2 in gas. Sending out multi-transfers or conducting airdrops can run $4–5 per batch of 100 addresses. Where is the scaling I was promised 3 years ago?

Not as advertised

All these times and fees matter, but not as much as we’re led to believe. You can have a near instant and free to send coin. Exchanges might require 50x the confirmations of a BTC deposit. How fast is your crypto when I have to wait forever to use it? Not all wallets and exchanges will play ball with altcoins and a few confirmations. Many CEX trust alts much less, where a lack of track record matters.

It’s cheaper to send out crypto’s in batches, so you have to factor in those exchange practices as well. If you pick the wrong alt or day, your coin may be delayed.

Many altcoins require higher withdrawal fees and minimums at exchanges. If I have to give up $5 in crypto to withdrawal to my private wallet, your crypto isn’t cheap to transfer. Makes a BTC on-chain fee seem silly, right?

Bitcoin’s medium of exchange, a store of value on mastercard’s ledger

(BSV) Bitcoin, Satoshi’s Visa

No one told me they were going to slap visa logos on the BTC ledger. I always knew adoption would include traditional finance. I’m more shocked at how many alts and Bitcoin forks, it made redundant. Apparently Satoshi’s vision was to eat credit cards from the inside out.

I put my Bitcoin on my NEXO card and worry about a TX fee only once. We can already buy coffee with Bitcoin, making forktoshi’s vision obsolete.

Bitcoin is a virus that banks will never be able to remove from digital ledgers. It inhabits it’s host, slowly sucking in it’s assets, until BTC is all that is left. Good luck finding a cure for human greed.