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Nope, it doesn't mean that. There is one point you seem to miss: relative to Bitcoin, the transaction fee is nonexistent. Yeah, it's high when converted to doll
by TomMarius 9y ago
Nope, it doesn't mean that. There is one point you seem to miss: relative to Bitcoin, the transaction fee is nonexistent. Yeah, it's high when converted to dollars, but still, the promise is fulfilled.
- Retric 9y agolimiting the minimum practical transaction size If the minimum transaction fee is X then the minimum reasonable transaction is ~10-20x. Based on current fees you can't do 0.0001 BtC transactions, thus it fails one of the primary goals and the entire value from irreversible transactions. Really this get's to the hart of irreversible transactions. Without artificial limits like the current 1MB block size transactions take meaningless amounts of computation and bandwidth and so they should basically be free. It's really oversight which is why Visa can get away with 30cents or more for what take a computers well under 1/1,000th's of a cent to maintain.