Regarding “No fees” or “virtually no fees” this is not quite accurate because of its time sensitivity and thus becomes obsolete very quickly in henceforth the coming years, if we presume with high hopes, for an ascent of the SmartCash unit price. Roughly, right now, the SmartCash price is hovering between 5 and 10 cents, but what about in 3 or 5 years if there’s widespread adoption and the price soars?
Let’s do a hypothetical experiment:
If SmartCash were worth $500 for each unit or coin in let us say the year 2022 and I was to send you one coin, what would the transaction fee cost?
Is the SmartCash transaction fee more or less than going to a typical bank machine ATM and taking out $500?
The typical ATM fee in USA is $2 to $3, some credit unions offer free money withdrawal or refunds.
If the SmartCash transaction fee is more than $3 to transfer you one coin when SC is hypothetically worth $500, well then that’s totally defeating one of the major points of cryptocurrency – which is not only just about privacy, anonymity, and censorship resistance – but also fighting against exorbitant or ridiculously expensive fiat currency bank transaction fees.
So what I was trying to convey is the “no fees” and “virtually no fees” is kind of misleading, because it only applies when SmartCash units aren’t worth much, however when the SC units become valuable, people are going to become incensed by the outrageous fiat-currency-banking-style fees.
So quite the opposite of “no fees” and “virtually no fees” if it costs more than a $2 or $3 ATM machine charge in the future. This is one of the reasons why Bitcoin Cash is capturing marketshare of Bitcoin (despite all the baggage, contradictory cryptocurrency vision and magnetic-drama associated with bitcoincash leadership). The average Bitcoin transaction fee is $8, whereas the average Bitcoin Cash transaction fee is 11 cents. Metaphorically, If all things were equal, and the price of Bitcoin was let us say 5x higher than Bitcoin Cash, then the transaction fees should average 55 cents (5 x 11 cents) instead of $8.
People are trying to fight against the corrupt banking system because they basically steal peoples’ money with high fees and the people who are hurt the most are poor and middle-class people who feel the pain the most when they have to pay fees. It’s not the super wealthy who typically feel the pain when they pay high banking fees.
I really want to thank you very deeply for putting “no fees” and “virtually no fees” in your video, it really caused me think hard about the future fee structure of SmartCash, and realize it’s unsustainable if it’s not adjusted when the price of the cryptocurrency rises to great heights. It really shows a lack of foresight by the founders if the price of the fees is “hardcoded in stone” and can’t be down adjusted. If the fee structure is not “hardcoded in stone” then it shows the founders and leadership have prescience and high levels of conscientiousness about building a visionary community.
I honestly wonder do the founders even care or not? Is there a road map for the future transaction fees. Please forgive me, I’ve only known about SmartCash for about 1 month, so I’m still coming up to speed about the roadmap. Apologies if I’m mistaken.
So I guess my question to the leadership is: are the transaction fees hardcoded or can they be adjusted over time if it serves the interest of the ever-growing SmartCash community?
Other than causing my thoughts to penetrate into the future to ponder the potential stumbling blocks and negatives of SmartCash, I thought your video was very upbeat, colorful, showed a creative spirit and had a very sunny vibe to it.