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Impact on Small Holders: Transaction Costs Exceeding Value
The following will give you an example of some types of things you can say.
Note while I'm giving examples of this needs to be your own words and you need to be able to demonstrate each of the areas factually
When I invested in Bitcoin, part of the appeal was its promise as a system for low-value, everyday transactions. Like many small holders, I believed that Bitcoin could be used as a form of digital cash—enabling me to store and transact small amounts without incurring significant costs. At the time of my investment, Bitcoin was promoted as a scalable and low-fee network, making it ideal for small transactions, such as sending small payments or making micro-purchases.
However, due to changes in the protocol introduced by BTC Core, this is no longer the case. The transaction fees on the Bitcoin (BTC) network have increased dramatically, often exceeding the value of the small amounts I hold. As a result, the cost of moving or spending my Bitcoin has become prohibitively expensive, effectively locking me out of using or transferring my funds.
For example, if I hold a small amount of Bitcoin worth $50, attempting to make a transaction could incur fees of $10 or more, meaning that I would lose a significant percentage—or even all—of the value in fees alone. This reality contradicts the original promise of Bitcoin, where small transactions were meant to be affordable and accessible to everyone, regardless of the amount they held.
For small holders like myself, BTC Core’s changes have rendered Bitcoin unusable for its original purpose as digital cash. Instead of being able to transact freely and move small amounts without excessive cost, I am now unable to use or transfer my Bitcoin without suffering financial loss. This has caused me and other small holders to lose money, as the cost of transacting often exceeds the value of the Bitcoin we own.
BTC Core’s changes have therefore not only devalued my investment but have also made it impossible for small holders to participate in the Bitcoin network as originally intended. This shift towards high transaction costs undermines Bitcoin’s utility and has made it a system that only benefits large holders, while small holders are effectively left behind.
CSW
Oct 23, 2024
https://metanet-icu.slack.com/archives/C5131HKFX/p1729670923092989
https://www.tg-me.com/us/CSW Slack Channel/com.CSW_Slack/6715
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