BSV network charges are dropping quickly
Henslee shows that it wasn’t long ago that the standard for BSV charges was 0.5 satoshis per byte. He keeps in mind that this is still more affordable than BCH, with a cost rate of 1 sat per byte. At some point around 2020, he keeps in mind that BSV node operators cut the cost rate to 0.5 sats per byte. At that time, if you sent out a deal with a 0.25 sats per byte cost or less, it might get mined in the next block, however, that wasn’t ensured.
However, given that around March 2022, Henslee has seen that even deals with charges of 0.1 sats per byte have been getting mined. He discusses that when going to the BTC Miami conference, a CryptoFights staff member informed him they’re processing deals with costs of 0.05 sats per byte, representing a 10 x drop in approximately 6 months.
Henslee sees this as proof that the BSV community is moving on. He thinks that mainly CryptoFights has driven the charge rate down. He makes fun of how critics will state that the countless deals this video game produces are primarily spammed, however, this is simply their subjective predisposition.
” The insane thing is that it’s going lower;05 sats are still expensive,” Henslee notes.
While other blockchains come to grips with keeping costs affordable, BSV app operators can inform their consumers that they’re dropping charges by 5x, Henslee states. In theory, this needs to increase the need for BSV blockchain deals. He anticipates the costs to be.01 sats per byte by the end of the year.
The future of BSV is intense
Henslee frequently explains how BSV’s critics will do all sorts of psychological gymnastics to prevent acknowledging the natural development in the environment. He understands what is being developed on the BSV blockchain, and he questions when the critics will give up and confess this is a genuine chain with genuine usage cases and an intense future.
Henslee likewise has concepts for how things can advance a lot more rapidly. In a previous video, he discussed how the optimum deal size on BSV requires to be increased. He thinks that if this can be carried out in combination with the lower charges he’s discussing, the rewards for users to put information on the blockchain will trigger additional development. He keeps in mind how Jamify is currently putting audio files on the blockchain, and he re-emphasizes that the next action needs to be video files.
Lower costs with greater volume and the near-term future for BSV
While some critics will explain that reducing the charges by this much cuts the earnings for miners/transaction processors, Henslee mentions that there’s another side to this; lower charges incentivize more deals. CryptoFights is a fine example of this. Would it have had the ability to do more than 10 million deals in a day if not for the lower costs? We’ll never understand, however, the low deal costs didn’t harm.
Speaking of the near-term future, Henslee thinks that 10 million day-to-day deals will end up being the standard on BSV. When this takes place, obstructs of several gigabytes will likewise end up being the standard. He likewise thinks that we’ll see 100 million deals each day before the completion of 2023 which, at some time, miners will stay up and take notification of the deal costs inside huge BSV blocks. This will have an inescapable influence on other chains. Ultimately, 100 million day-to-day deals will be a routine event, and after that, it will be difficult to take on BSV.
Summing things up, Henslee stresses that lower BSV costs are excellent for everybody, consisting of users, designers, companies, and everybody else.