*This is one of the most important decisions we’ve ever made… Please Read and Share!
We reached a point where the Bitcoin blockchain (BTC) has become a huge burden to deal with. It’s slow, it’s expensive, and it’s costing our business and more importantly our members (YOU) tens of thousands of dollars each day in transaction fees.
We were hopeful that a scaling solution would emerge but it has not and while Bitcoin continues to gain popularity it’s no longer practical for a business like ours to accept it.
Since the start of the year, the average cost for a new member paying their $99 USD sign up has been around $17 in fees. We have seen times with $25+ and even some as high as $40 just to send Bitcoin for an invoice. Ouch!
As a company, we are mixed on this decision because Bitcoin is actually really great for miners right now. All of these high fees get passed into the blocks and end up being paid into your pocket from each one mined.
Right now each block has between 4-5 Bitcoin (currently about $60,000-$75,000) in transaction fees included in the 12.5 reward. In some cases, we’ve hit blocks with 10+ BTC and the highest one to date was 11.3 Bitcoin in a single block (Block #500756).
With this much profit, we will continue to mine Bitcoin and pay all mining earnings in Bitcoin. However, we will no longer be accepting Bitcoin for payments and all commissions will also be paid in Bitcoin Cash as well.
What does this means?
Starting on February 1st we will no longer accept Bitcoin (BTC) only Bitcoin Cash (BCH), which means you will have to purchase Bitcoin Cash from an exchange or wallet provider in order to sign up or purchase mining pools. You can also convert your existing BTC to BCH but either way its only BCH!
We are also paying ALL commissions in Bitcoin Cash!
For example, each binary cycle pays out $200 USD worth of Bitcoin (about 0.013 BTC) and starting Feb 1st it will pay the same $200 USD in Bitcoin Cash (about 0.08 BCH). Nothing will change, you will still receive the exact same USD value for everything but instead of being paid in Bitcoin it will be credited to your Bitcoin Cash wallet.
*This includes Binary, Level Up, Matching Bonuses, Infinity Bonuses, and all other commissions. Except for mining earnings will continue to be paid in Bitcoin (BTC) because as we continue mining on the BTC chain and take advantage of the high fees.
Converting BTC to BCH…
We are going to make it very easy to convert your BTC over to BCH and back to BTC as many times as you wish. In fact, you will be able to do this within your back office with only a few clicks.
You will be swapping your virtual balances and we will provide the current market rate for the swap so you can easily transfer any portion of your balance back and forth between BTC and BCH with ZERO fees.
Soon after this is live we will also do it for all other coins too. So if you are mining Monero or Ethereum Classic and you would like to have Ether or BCH then you can easily use this feature to swap them in your back office before requesting a withdrawal. Think of this like an internal Shapeshift
With this feature, you can maximize your commissions and wallet balances with ZERO fees. It gives you full control over your wallet balances and most importantly it will help you avoid the huge withdrawal fees being charged on Bitcoin or any other blockchain that might be expensive.
Future Outlook…
It’s our hope that a scaling solution happens on the Bitcoin network sometime this year and if it does then we may consider moving back but right now the Bitcoin blockchain is simply unusable for our business needs and we are excited to make this move over to Bitcoin Cash because its fast, cheap, and very liquid.
We believe many businesses will begin switching over to Bitcoin Cash as they begin to feel the pain and high fees of using Bitcoin. We also want to be clear that we are not picking sides in this scaling debate we are rooting hard for Bitcoin but right now BCH offers a lot more value for everyone and it’s at the point where the chain is very secure to use.
Plus, we think the value of BCH will continue to go up as the adoption increases and more people support it, so the timing is very good to make this move.
It’s our goal to do everything we can in order to make this transition smooth for you and we kindly ask that you spread the word about this and start becoming familiar with using Bitcoin Cash because we will be moving exclusively to it on February 1st!
