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As Bitcoin Fees Rise, OpenBazaar Looks at Altcoin Payments

OpenBazaar, an open-source market that allows buyers and sellers of goods to directly create shops and sell goods without fees, restrictions or accounts, is looking to layer multiple cryptocurrencies into its wallet in the interest of offering lower transaction fees. The online market already allows users to pay for purchases in multiple cryptocurrencies via an integration with the exchange.
With rising bitcoin fees, Mike Wolf, design lead at OpenBazaar, has proposed supporting multiple cryptocurrencies, noting there are details to be worked out.
Rising Bitcoin Fees
“Bitcoin fees are getting high,” Wolf tweeted. “Should @OpenBazaar support multiple cryptocurrencies?” The tweet directed readers to a Youtube video in which he presented an idea for how multiple currencies could layer into the OpenBazaar wallet.

Lee, who noted that Litecoin’s volume is now over $10 million, sees interoperability of different cryptocurrencies as a key to lowering transaction costs.
Lee has advocated SegWit to activate on both bitcoin and Litecoin. He noted in an article on the SegWit website that the release candidate code is tagged and binaries are near release.
SegWit’s main benefit is transaction malleability, Lee said. Lightning Network could be built atop Litecoin.
At 1MB block size, Lightning Network and SegWit on bitcoin can service 500 million users, he noted.
More in the full article

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