Interviews 23 July 2018CoinGeek
Joannes Vermorel: Bitcoin BCH will keep transaction fees ‘vanishingly low’ forever
In today’s age of eCommerce, more and more retailers are looking for fast, reliable and low-fee payment systems to meet the demands of their customers. While most of the sector still relies heavily on traditional card payment systems, a growing number of merchants have already turned to Bitcoin Cash (BCH), the only cryptocurrency that offers bigger blocks for more transactions, faster processing speed and lower transaction fees.
In fact, keeping the transaction fees “vanishingly low” is the commitment that the Bitcoin BCH community has made—forever, according to Lokad founder Joannes Vermorel.
“Bitcoin Core [BTC] betrayed the trust that merchants have put in this coin. Why? Because the teams that are behind Bitcoin Core [BTC] allowed transaction fees to rise to completely, I would say, idiotic levels,” Vermorel told CoinGeek. “The commitment of the Bitcoin Cash community and the various teams that are involved, I’m playing a modest part in that, very modest, but the commitment of this community is basically to keep transaction fees, I would say vanishingly low, pretty much forever. Not zero, but so low that something like a fraction of a cent forever.”
The May upgrade of the Bitcoin BCH network, which saw its block size grow to 32MB as well as some OP_Codes re-enabled, was part of the community effort to ensure that its commitment of low fees stay intact.
“As the adoption grows, the block size should grow as well,” Vermorel said, “and the block size should always be significantly ahead of usage, so that’s exactly what happened with this upgrade of Bitcoin Cash. We upgraded to 32 megabytes ahead of time, long before it was actually needed to make sure the commitment stays intact.”
Hurdles of eCommerce
Bitcoin BCH is the only coin that follows the original Satoshi Nakamoto white paper, and offers the best scaling and security features. This is why we encourage all merchants and companies to take a serious look at Bitcoin BCH, as it’s the best on the market for payments and will soon be best of breed in all other areas, including smart contracts and tokens.
Vermorel, whose company is spearheading the Terab Project—an initiative to bring terabyte blocks to Bitcoin Cash—alongside nChain, describes Bitcoin BCH as “the better form of money” as it is able to solve problems that are money-related such as frauds.
“[It solves] frauds from dishonest customers, so that’s basically chargebacks…Then it solves frauds from some rogue payment providers who want to share their list of customers, I mean your list of customers with competitors,” he explained. “It removes the frauds from payment processors area, and then it also can be used to secure the suppliers who can also go rogue on selling you counterfeit.”
Vermorel believes there’s no need to convince anybody, let alone merchants, to start integrating Bitcoin BCH into their businesses. After all, that’s not how innovation works.
“I don’t think we will convince anybody, you know that’s now how innovation works. What will happen is that there will be smart ecommerce [merchants] who will do it, who drives the others to bankruptcy,” he said. “You have two camps—you can become part of the camp that goes to extinction or the one that grows.”
For those who want to grow, the first step is simple: download a cryptocurrency wallet.
“The first step would be a personal one, just download the wallet from bitcoin.com and just give a try. Try to buy a cup of coffee with that, buy some Bitcoin [BCH] and buy a cup of coffee. That will give you a first-hand experience,” Vermorel said, “and you can see how swift and simple it is. Then the next thing would be just try to add BCH as a payment mechanism for your ecommerce, and you have many options that are very cheap, readily available and the great thing is that it works.”
To find out how businesses can easily integrate Bitcoin BCH payments with BitPay, read here.
If you’re interested in helping the growth of merchant adoption of Bitcoin BCH, join the bComm Association, an industry group that intends to be the focal point for miners, merchants, exchanges, developers and members of the BCH community. Developers and merchants of the Bitcoin BCH community will also be on hand for the first CoinGeek Week Conference happening in London in November.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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