I opened a channel with zapread node and I sent funds to my Cobo wallet.
To open channel I paid 1000 satoshis for a total of 0.01419 in the channel
I sent my bitcoins divided in groups.
100k sat fee 251
1m sat fee 2502
200k sat fee 501
90k sat fee 226
So to send 0.0139 btc I had to paid 0.00003480 that is $0.28536 fee at a price of $8200.
AND THIS IS SUPPOSED TO CHANGE THE WORLD, DEFINITELY BITCOIN CASH IS THE WAY TO GO.
Some will denied this but Bitcoin BTC doesn't work as a currency and it won't be a store of value wIth this fees.
With XRP I could have paid $0.01 for sendind the same amount of money.
Same with Bitcoin Cash or Litecoin.
The block size limit will only hurt Bitcoin the truth is here, want to send money using bitcoin you will paid higher fees it doesn't matter if it is on chain or in Lightning Network.
IF FEES ON CHAIN GET TO $5 YOU CAN BET YOUR ASS LN NODES WILL CHARGE YOU MORE.
LIGHTING NODES CHARGED ME $0.25 WHEN AT CURRENT PRICE I COULD HAD SENT ON-CHAIN FOR LESS THAN $0.025,
SO GET THIS LIGHTNING NETWORK IS A TOTAL RIP OFF, I HOPE BITCOIN BTC DIES, BECAUSE CURRENT COMMUNITY ARE JUST FINE WITH THIS EXTORTION FEES FROM MINERS AND NOW LIGHTNING NETWORK NODES.
THE FEE MARKET IS WHAT WILL KILL BITCOIN.
IF Bitcoin onchain fees hit $50 again, you can bet LN nodes will raise the fees for routing in LN as well.
At that point what will be the purpose of LN, when Blockstream and their supporters told us that LN was going to bring cheap, fast tx.
Blockstream will just say that liquidity is just another assets and that they will create another market fee just like they are doing with current onchain tx.
Meanwhile fees will skyrocket to all time high, while other coins charge you less.
If people don't use this stuff as a currency than Bitcoin white paper is just dead.
The fee you pay is for maximum security in the cryptospace. Nothing is as save as the BTC chain.
Its as simple as this: -Users decide which blockchain or whatever technology to use.
- no one profits (I should say directly) of many bitcoin users, no company behind bitcoin which aim it is to decieve you
- make a decision for yourself and move on: fees to high for you = don't use bitcoin
If you want to improve btc as you sometimes claim just play the market better... send money with a 1sat/b fee as I always do to lower the average transaction fee so these automated fee settings in some wallet will also lower the fees.
PS: I pay some satoshis on every post of you just to downvote you: Caps lock all over the place.
Well, I know for sure LN fees will just go up as on-chain transactions go because node operators will have to paid those opening and closing of channels, for that reason alone LN will continue to go up, it is logical for LN to increase on fees following on-chain fees.
Let's say you are a routing channel you put $100 into a channel but the opening fee is $2.5, you could assume the closing channel fee may also be another $2.5, so you will have to increase your routing fees to 5% if someone wants to use your liquidity in LN. So for the user of that liquidity he will have to paid you that $5 fee otherwise you will be routing payments at a lost. Not to mention the cost of operation, I don't see how can fees get any cheaper in that situation.
Unless your routing channel is let say $10k and that operator spends the same fees in opening and closing the channel of $5. That would mean that such operators could charge you a lower rate if you are not going to use the whole liquidity, but if your payment requires the whole channel once again your fee will have to cover the operator cost.
But larger channels with larger liquidity will only mean centralization because it will become a hub.
So I am not willing to pay up any longer high fees, and I am moving my money to a faster cheaper network XRP, I may be wrong in choosing xrp but I decided to vote with my money.
Bitcoin was a great digital currency 2009-2019. R.I.P.
> Well, I know for sure LN fees will just go up as on-chain transactions go because node operators will have to paid those opening and closing of channels
No. If a node raises fees, then payments will route around them. It does not work like you think.
If you want to at least stick to your point please write: RIP 2009-2017