Bitcoin Cash to now allow Zero fee transactions

Bitcoin Cash to now allow Zero fee transactions

Bitcoin cash is one of the most successful forks of Bitcoin. It currently sits at the fourth position on Coinmarketcap with a market cap of over $19 billion. The reason for the success of Bitcoin Cash is its extremely low cost and fast transactions.

Bitcoin Cash is now the go-to cryptocurrency for small value transactions. Recently, it was announced that Bitcoin cash will support instant zero-confirmation transactions. This makes it possible for people to make instant transactions.

As a new initiative, CoinGeek and nChain Group have come up with the idea to offer zero fee transactions to further promote the coin. Bitcoin Cash currently charges a small fee which is also called the dust charge of 546 satoshis to avoid any spam transactions on the network. The current price of this is equivalent to one cent. Coingeek and the nChain group have previously announced that the mining firms that they control will allow transactions with a fee as low as 1 Satoshi which is equivalent to $0.000001. However, the new initiative, termed “Miner’s choice” will now support zero fee transactions as well.

Every block will now include a pre-set number of zero-fee transactions as well. Users should not expect instant transactions for zero fees though. There will be a delay of 30-40 minutes before the zero fee transactions get confirmed.

This initiative soon gained the support of the community as well as the second largest Bitcoin Cash mining pool ViaBTC. ViaBTC announced that the miners on their pool will now all zero fee transactions, thereby eliminating the dust value that used to be charged to send any transaction.

This was also supported by the biggest Bitcoin Cash promoter, Roger Ver who soon announced that bitcoin.com, a mining pool that he owns will now support zero value transactions as well.

ViaBTC is currently the second largest BCH mining pool with 12.7% of the total hash rate of the network and bitcoin.com comes in at fourth position with 9.7%. With a total of 25% of the total miners supporting the cause, this will help promote Bitcoin Cash amongst the masses.

The transaction fee on the Bitcoin Cash network is not only lower than that of Litecoin but also faster than it.

By promoting the zero cost transactions, Bitcoin Cash will be more popular and more widely accepted as a standard means of payment. Smaller transactions such as buying a cup of coffee will now be possible without any extra charge.

The support offered by these two, mining pool will further help for the rest of them to follow the same path. Though the zero fee transactions do invite more spam transactions onto the network. The congestion caused in the Bitcoin network previous year was due to many spam transactions. However, the Bitcoin Cash network is ready to take the risk as they believe that only good can come out of such a move and further help propagate the Bitcoin Cash protocol to the masses.