Originally posted by scooterscot
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lol I know....
Told you 99% of people into crypto don't actually understand how it works. I am talking about the value of the transaction fee in proportion to FIAT and value on BTC. If the minimum fee is going to be 1 BTC because of how difficult it will be to calculate it at $50k, it will also cost you only $50k. Since BTC is going up so much it will not be worth spending it on anything, the average transaction fee will also go up as it is fixed at 0.0011 right now so that 0.0011 also goes up as BTC goes up. Like I said, go buy your newspaper in BTC and pay $6 just to process that purchase without getting into what I mentioned, the size and previous transactions in the sellers/buyers wallets. Yes the fee is proportional to the transaction time... it takes longer if your fee is lower, it processes much faster if you pay a higher premium, it takes forever if you pay nothing. The fee will go up the harder the transaction is to calculate it. As I said, if you receive funds from 50 sources lets say in value of 3BTC and then you want to buy something 2BTC worth, the transaction will be 50 in to 2 out as it needs to put all those 50 transactions together to make up that 2 BTC, come out of your account and transfer it to that other person. That transaction fee based on the current calculation will be: 7478 bytes at 1645160 satoshi/0.01645160 BTC = $80. You can also get 50 transactions making up only 0.5 BTC or less... again value of fee vs the value of your purchase.
Still at $50K my milk and bread will cost me $50 in transaction fees minimum if the average transaction and fee remains at 0.0011 BTC.
You don't seem to read the link you gave me correctly. The higher the fee is the faster the transaction time. That is not what you get charge because it takes longer to process, that is what you pay up font so your transaction takes less time. Look at the transaction fees costing 511+ satoshi... least times, most confirmed transactions. You need to look at this and think what will happen in the future once the 21 million BTCs are out and no longer made. Who will impose or police the transaction fees? Miners will hold every transaction at ransom.
https://bitcoinfees.21.co/
Like I said, BTC is not a realistic solution to be used for micro transactions such as every day use. It will benefit people transferring huge amount of money ie: criminals. Once we can start buying cars, houses and other high value items with BTC then it might actually do what is meant to do, however I doubt the average person will be able to use it.
See again, people don't actually understand how this works and how this could actually hurt the economy. Sure the 10% of BTC users will get to live in their special cities surrounded by high walls whilst the rest of the 90% population with no banks, no government and useless FIAT will battle it out for very little resources until they decide to go against the 10% and overrun them.
I also wonder what happens when proper criminals start figuring out how to track BTC holders, go after them and steal all their crypto because after all how will you have that insured, will the police which in itself is what crypto people fight against even bother to help?
Not sure that blockchain will be the answer to every problem in the world. Investors will have to be very careful on the many many blockchain based solutions popping up everywhere and all the different ICOs offered.
P.S. On another note some stock exchange platforms are now offering BTC, LTC etc investment. Great that you don't need to have wallets and mess around with the tulipty crypto exchanges. You buy the stock equivalent on let's say etoro.
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