Some BITCOIN CASH (BCH) investors may have noticed that Antpool has recently begun burning BCH by sending mining fees to a black hole address with each block mined. Twelve percent of the transaction fees earned by the mining pool are burnt. This is voluntary and we want to explain why this burning might be good for BCH as a whole.
The Bitcoin Cash blockchain is at the tipping point of becoming a widely used public blockchain. A very good example of the innovation happening on BCH is memo.cash. After the May 15th planned hard fork, more and more useful applications will be enabled on BCH, using re-enabled OP_codes and enlarged OP_RETURN spaces. Furthermore, the increased block size cap will prevent the risk of network congestion from deterring such apps to be built.
During the forthcoming wave of innovation, we believe that on-chain transaction volume will experience significant growth. The crypto economy is not only about BCH though, nor is it only about money. It is also about protecting freedom of speech and freedom of association. BCH should embrace innovations and the free market, and be supportive and inviting of all kinds of applications being deployed on the BCH blockchain. The Bitcoin Cash community should embrace the entrepreneurial spirit and treat any fee paying transaction as a customer. Even if those transactions are non-BCH tokens, and even if those transactions are not about the transfer of money.