Bitcoin Kingpins Place $10,000 Bet over $5 BTC Transaction: Roger Ver vs Tone Vays
On the stage of the Malta AI and Blockchain Summit, Roger Ver, a Bitcoin Cash supporter made a $10,000 bet with analyst, trader and Bitcoin proponent Tone Vays.
The bet got into effect after Bitcoin.com CEO, Roger Ver insisted that the average fees of Bitcoin have been $3 per transaction recently while Bitcoin Cash (BCH) has a transaction fee of less than a cent.
In response, Vays argued that Ver’s claim of $3 average BTC transaction fees to be wrong and misleading.
Since going to $55.16 during the peak of the 2017 bull run has come down to $0.128 in early 2019, as per the data provided by Bitinfocharts.com. However, in the past two months, it has gone to $0.658 and further recording at $4.87 on May 16th while in the last just about two weeks the average fee has been remaining above $2.7 per transaction.
Bitcoin average transaction fees, Source: Bitinfocharts.com
Vays arguing against Roger’s misleading claim caused him to bet $10,000 – that will go to charity – that he can actually send a $5 Bitcoin transaction with just one cent in fees in under a day.
After taking out their phones, they went onto conducting the transaction. But Roger remained persistent and confident that the transaction won’t take place in the near future and would rather get stick in the mempool.
Now, earlier this morning, Tone took to Twitter to prove that the transaction actually went through in about 10 hours, proving Roger wrong and winning the $10,000 bet.
Today at #AIBCsummit @rogerkver claimed average #Bitcoin transaction fee was $3. I called bullshit & he offered to pay $10,000 if my $5 $BTC transaction would clear in 24 hour at 1 #satoshi/byte = 1 Penny!
Transaction cleared after 10hrs. Debate at 6:35:00 https://t.co/QAhqmrjhvN pic.twitter.com/VYHiBibh3u
— Tone Vays [Bali – Financial Summit] (@ToneVays) May 25, 2019
While Roger pitched about speed and low-fee nature of Bitcoin Cash, Tone educated Roger about the nascent Lightning Network that is growing at a fast pace, the transaction fees, and SegWit that is solving the scalability issue of Bitcoin Network.