Can you transfer 1 Sat (0.00000001 BTC) with no fees?
1 Sat (0.00000001 BTC) Transaction
Why would you even want to transfer 1 Sat? It's 0.000417 USD at the moment. But what when BTC is worth 100k? Or 1 million?
Well with BTC at 1 million, 1 Sat would be worth 0.01$. so maybe even then you would not need to send 1 Sat. But the option to send as much BTC with no fees will be important in the future. Even now there is no sense to send 10-20$ of BTC on the Layer 1 because of the fees. And i don't see that fess will go down in the future.
BTC transactions with no Fees
Last Saturday on CTT Podcast there was a live testing of Layer 2 Hive blockchain BTC wrapping. And Hive blockchain has no transaction fees, so you can transfer your Wrapped BTC to everyone on Hive with no Transaction Fees.
https://peakd.com/@cttpodcast/bgawknkh
This is the work of @vsc.network and here what they say about it:
Bitcoin wrapping
Firstly, Bitcoin wrapping is a joint effort between the SPK team and VSC. VSC provides the lower level smart contract functionality, while SPK will be building the smart contract themselves. (For myself personally @vaultec I will be working across both sides). The wrapping technology we are going to be building is based upon the xclaim.io framework, a trusted wrapping system already operating for the last 5+ years on Polkadot/Eth. We encourage everyone reading this post to check out their website.
We will first release a basic demonstration showcasing how the chain relay works & wrapping to a single centralized wrapping provider & posting the associated proof to chain thus completing the wrap. We do not aim for this to be even in the slightest ready for production, however, it will give the users an idea for how it will look in production. Over the following 4 months we will build out Bitcoin wrapping with a price oracle, collateralization, chain relay, and wrapping provider node package. Price oracles provide other smart contracts with reliable data for Bitcoin price, in our case for managing collateral. The chain relay handles proving the transactions on Bitcoin mainnet are correct. The wrapping provider node is the final piece of software operators run to facilitate wrapping between Bitcoin and HIVE. We will also build & test redeem-or-slash logic for keeping node operators honest. All of this is only possible with VSC smart contracts!
Sending Sats as Wrapped BTC to Hive accounts worked great. You just click Actions, pick a Hive Account, how much sats you want to send and few seconds later that Account got his BTC.
If you want to check it out, go to https://wrap.vsc.eco/ log in by clicking on the Keychain For Hive (you have to register to be able to send and receive BTC) and drop a comment and i will be sending some Sats to you. It is a good opportunity to give @vaultec and @vsc.network team some data to work with.
Posted Using InLeo Alpha
ok, I registered.... will wait for $1 Million BTC haha
it is always weird with these fractions of btc, i am never sure how much i am sending :) well if we say that btc will be 1 mill i sent you 20$ 😂
i have been using the lighting network to send btc and it has work great so far!
i use the Alby wallet
i do use lightning mostly for podcasting 2.0.
This is wrapped BTC on second layer on Hive.
Very important post, very good information, friend, thank you for the information.
hat's pretty cool to know thanks for the tips by the way :)
This is important information,
Thanks
Thank you very much for the information
It is useful
I think as time goes on with the price of BTC going up, the transaction fee can be worked upon that it will be free