Bitcoin.com, ViaBTC join miner’s Choice. What does it mean?
In yesterday’s post, we mentioned that CoinGeek and nChain launched a “Miner’s Choice” program for Bitcoin cash. This plan mainly includes two parts: one is to remove the minimum transfer limit of 546 cong and allow users to send 1 Cong transfers. The second is to accept part of the 0 commission transfer.
Shortly after the program was launched, Bitcoin.com mining Pool said it would join the miner’s Choice program for free transactions, and they wanted to make wallet transactions free as well. Similarly, the ViaBTC mine pool has also taken an active part in the project.
What does miners’ Choice really mean for Bitcoin Cash?
Pave the way for smart contracts and color coins
Removing BCH’s “dust limit”, the minimum number of transfers of 546 satotes, would pave the way for the development of Bitcoin Cash smart contracts and color coins. In fact, since 2013, the Color Kernel concept (EPOBC) foresaw the use of 1 Cong as a way to encode Color coin transfers in Bitcoin transactions. If miners choose to remove the dust limit, we can easily use the existing Color Kernel code and can quickly issue tokens using Bitcoin Cash (as opposed to Ethereum’s ERC-20 protocol). As more token schemes are designed for Bitcoin Cash, the number of token transactions and other applications based on the Bitcoin Cash network should surge.
Give full play to the advantages of BCH micro-payment
Since BCH now has a minimum transfer limit of 546, we will always have some BCH below that in our wallets. Such as 0.000012347BCH, which are worthless at current exchange rates. But bitcoin Cash will have some value as its price rises. Removing this restriction will help BCH gain widespread application in micropayments. In the Philippines, for example, one us cent is worth five pesos. With that five pesos you can buy bread, sweets, biscuits, salt, pepper and other goods locally. When this restriction is lifted, those small amounts of BCH can serve their purpose, rather than just sitting in the wallet.
Guarantee a real low commission
Bitcoin Cash itself advocates low fees. If Bitcoin Cash can accept part of the transfer with zero fees, it will save fees for more users. Users are free to choose how much they wish to pay for sending BCH transactions, depending on how quickly they wish to process them. Those who want to process transactions immediately can choose to offer miners’ fees to take advantage of transaction processing, while those who are not in a hurry can use free transactions. Miners are also free to control the number of zero-fee transactions per block, as well as the range of other transactions. It would not be much of a loss for them to trade freely compared with the current kind of trade. It will also create a healthy competitive pricing market among miners, ensuring that BCH continues to keep fees low.
The miner’s Choice program accelerated the BCH transaction surge
In the last two days, Diar released data on cryptocurrency market demand for May, and bitcoin Cash (BCH) has been the best performer, with $30 billion in transactions, up 140% from April. BCH was followed by ETH, with trading volume up 50% compared to April. It is safe to say that BCH was already leading the way in transaction volume in May, and the “Miner’s Choice” program will accelerate the rapid growth of BCH transaction volume, taking advantage of micropayments and low fees, BCH will attract more users.
The Miner’s Choice program allows more users to participate in the BCH ecosystem
“Miner’s Choice” has greatly increased the usefulness of BCH, which is increasingly being used in every corner of payment, not just large cross-border transactions or transfers from financial executives, but more and more convenient options that favor small and micro payments. For example, the zero-confirmation payment proposed by BCH allows users to choose whether to use a faster way of transaction. Zero-confirmation payment has attracted the favor of all kinds of daily goods retailers. The “miner’s Choice” plan allows users to choose to use BCH for payment in more small fields, which is bound to attract many users with demand in the field of micro payment. With the rise of currency price, the “miner’s Choice” plan will become more and more important. Users naturally prefer the easy and cheap digital currency, which will attract more users to bitcoin cash in the future. At the same time, once this plan is implemented, the trading volume of BCH will increase significantly, which will also promote the growth of the Bitcoin cash ecosystem.