Author: Jorge Timón 2015-07-24 09:42:53
Published on: 2015-07-24T09:42:53+00:00
The Bitcoin community is discussing the misleading nature of using the terms "free", "instant", and "zero or low fees" to describe the cryptocurrency. While international transactions are relatively fast compared to traditional financial systems, users argue that these terms are misleading and can create unrealistic expectations. Furthermore, irreversible transactions made in a peer-to-peer (P2P) network do not require proportional fees as there is no central authority to ensure the transaction's validity. Therefore, while low fees may be acceptable, free and instant transactions are not accurate descriptors for Bitcoin. However, it is noted that Lightning Network could potentially provide free and instant transactions in the future. A pull request has been made to remove these misleading terms from Bitcoin.org, which some argue is necessary to accurately reflect how the system works currently.
Updated on: 2023-06-10T03:55:39.040692+00:00