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On the one hand, when you use your card instead of cash to buy that coffee, there's absolutely a fee and it's absolutely bigger than the USD.04 I saw posted in
by jepler 11y ago
On the one hand, when you use your card instead of cash to buy that coffee, there's absolutely a fee and it's absolutely bigger than the USD.04 I saw posted in another bitcoin thread today as now being typical for confirmed transactions.
On the other hand, for bitcoin to keep working we have to keep burning fossil fuels, and total transaction fees plus total mining rewards have to pay for that. At USD400/BTC, rewards are worth USD1.44 million per day. As rewards drop to zero over time, the transaction fees must rise to keep miners interested. Based on 600,000 transactions per day in 1MB-bitcoin, that's a $2.40 rise per transaction by time block rewards drop to zero in order to keep miners interested. Ouch.
- coralreef 11y agoCan you expand on the fossil fuels comment?
- jepler 11y agoWhat I mean is that most electricity is presently generated from fossil fuels. E.g., 2008 figures on wikipedia show 2/3 of electricity from coal+oil+natural gas https://en.wikipedia.org/wiki/Electricity_generation#Production https://en.wikipedia.org/wiki/Electricity_generation#Product...