Digitoken, Digistaking, Digifuel

The DigiByte Community Forums Projects Ideas 💡 Digitoken, Digistaking, Digifuel

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  • #847

    Hello everyone,

    I have been making some transactions lately. I have bought and sold several cryptos. Something that I find truly hard to digest are transaction fees. I sold some BTC last week and had to pay around 3 dollars for the transaction. I know DGB fees are extremely low, but fees are a very important negative psychological effect for the final user (the average person like me) that discourage mainstream adoption of cryptocurrencies.

    When people go the the ATM and withdraw money or they buy online with a debit card, normally there are no (visible) transaction fees. I know that the online store, the bank or the final customer is paying the fees. But these operations are transparent, I mean, if I whitdraw 100 dollars, I see -100 on my account and not -100.1.

    I don’t have much technical knowledge about cryptocurrencies and blockchain in general. So this idea might be not possible to implement. Anyway, I really like how Theta, Ontology, Vechain, etc have solved the problem of the transaction fees by creating tokens. Is it possible to create a staking token for DGB to cover transaction fees??? This could be at another layer to avoid security problems and it would be definitely important for mass adoption.

    In addition, staking has a positive psychological effect. Staking gives the user the feeling that the money invested is doing something. I have bought some RDD and now I have received some rewards due to staking. Even if the price of the RDD against fiat decreases, one gets a positive feeling about having more. ETH is also moving to staking. I know there are some concerns about security. But mass adoption depends on many things. And I believe staking is going to have a important place in the future of crypto.



    Actually Josiah Spackman talked about staking in a Crypto Mug Investors podcast, the link is here ( the part begins at 54:40 ).

    Thing is POW is the better than POS, for sure, so I don’t think PoW is gonna go anywhere, maybe DigiByte can be forked and be both PoW and PoS at the same time? But I really don’t know how. The biggest problem with staking is ( as in Josiah said too ) it benefits the rich too, because the more DGB you stake, the more you get, “the rich get richer, and the poor get nothing”, so Its not fair for the distribution of it and it would only affect the price, not organically because of staking.
    But maybe we can sort this problem out and develop something fair, who knows? The question still remains, and DigiByte is open up to every possibility, we are forward thinking as always !

    Oliver KrilovOliver Krilov

    It’s actually not uncommon with ATM withdrawal fees. Some ATM’s take extra fees when you are not a customer with the bank or service providing the ATM services. As topping there’s also yearly and/or monthly fees from just being a customer with the bank, not to mention the extra fees from just having a credit/debit card (that you don’t even have to be using but still need to pay fees).

    The obvious difference is that you can hold your DigiByte without a yearly or monthly fee. Card fees will probably and does still exist even in the world of crypto and might not be something we can get rid off for somewhat obvious reasons.

    My point is that there are fees in the world of Fiat too.

    It is also worth mentioning that the DigiByte transaction fees does not go to any central authority and is divided among the miners which in their turn help provide loads of security for the network and therefor its users. Personally I think it’s a beautiful circle.

    @KrilovOliver on Twitter & Telegram.

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