[Bitcoin-ml] experiences with Bitcoin Cash in production
Ryan X. Charles
ryan at yours.org
Mon Sep 18 15:59:26 UTC 2017
Here are our experiences over the past few weeks using Bitcoin Cash in production:
- We’ve had two users deposit Bitcoin because they don’t understand the difference between Bitcoin and Bitcoin Cash. Our business does not hold keys and cannot recover funds on the users’ behalf. We allow users to export their mnemonic to recover their funds on Bitcoin. But the same people who mix up Bitcoin and Bitcoin Cash are also the least likely to be able to figure out how to recover their funds.
- We regularly encounter dust limits. It would be nice if the dust limit was lowered from 546 satoshis to 1 satoshi. As mentioned in previous threads, it is acceptable if fees are higher to relay in this case. e.g., any tx with outputs less than 546 satoshis must pay 2 satoshi/byte to get relayed.
- We are currently overpaying in fees because we pay 1 satoshi/byte and round up to paying per kb, e.g. most transactions pay 1000 satoshis even if they are only 250 bytes. This is a bug on our end which we will fix. Nonetheless it would be nice if fees overall were lower, e.g. 1 satoshi/tx instead. The block reward will incentivize miners for many years yet and if the price increases with very high tx volume, 1 satoshi/tx could ultimately be more than adequate to incentivize miners.
- The economic infrastructure around Bitcoin Cash is good but not as good as Litecoin or Bitcoin. We will integrate with credit card onboarding soon and our options are more limited. Fortunately the infrastructure is developing quickly and most Bitcoin businesses who do not already support Bitcoin Cash have committed to adding support soon.
- We use Trezor’s fork of bitcore for our blockchain API and we run our own instance. This works quite well in production. Unfortunately we killed it once by accident and it got in a weird state. We had to re-sync which took a day. We had to use Trezor’s public API during that time which was embarrassing. Of course this could have happened on any cyptocurrency, not just Bitcoin Cash.
- Testnet Bitcoin Cash has had a number of issues over time, with very slow blocks at times, and different nodes seeming to be on different networks. At the moment things run smoothly. We could like to thank the people who created the available testnet faucets for making it a lot easier to test things, in spite of small issues: https://you-can-start-today.com/ <https://you-can-start-today.com/> & https://testnet.manu.backend.hamburg/bitcoin-cash-faucet <https://testnet.manu.backend.hamburg/bitcoin-cash-faucet>
- The fluctuating difficulty was really annoying, but fortunately some miners have started mining Bitcoin Cash continuously and the mining difficulty has stabilized … for now.
Ryan X. Charles
Cofounder & CEO of Yours
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