5 ms·
As https://bitcoinfees.earn.com/ https://bitcoinfees.earn.com/ shows it's only $5 if you want your transaction confirmed the fastest (next block) for the cheape
by Jach 6y ago
As https://bitcoinfees.earn.com/ https://bitcoinfees.earn.com/ shows it's only $5 if you want your transaction confirmed the fastest (next block) for the cheapest. If you're willing to wait longer, you can still pay as little as 2-4 cents. And the average fee will probably go down again, the complete history is here: https://www.blockchain.com/charts/fees-usd-per-transaction https://www.blockchain.com/charts/fees-usd-per-transaction
You're right about crypto not being a magic bullet though.
- nerdbaggy 6y agoBitcoin wants it to be expensive which is the problem
- core-questions 6y agoWhy would they want it to be expensive? Who gets the money?
- nerdbaggy 6y agoThe people running the miners. The higher the price the more money they make.
- thinkmassive 6y agoWhich means they’ll invest more to produce it, providing greater security to the network by making it more expensive to conduct a successful double spend attack. The users also want it to be secure. It’s a great alignment of incentives.
- nerdbaggy 6y agoYeah it just shows that there is incentive for prices to remain higher than lower
- deleted 6y ago[deleted]
- dn2k 6y agoCause fee replacing subsidy is the only way to ensure you can maintain the security without inflating the supply. Increasing the blocksize is not an opion. The solution is Lighting Network that allow cheap instant micropaymemts and leave large txs onchain where a tx is more expensive. LN is where most of the innovation is happening right now.
- zhoujianfu 6y agocore-questions indeed!!
- arcticbull 6y agoThe actual cost of a Bitcoin transaction (when not socialized via inflation, or block rewards in the parlance) is ~the electricity cost of 700kWh, or $50, plus the cost of developing, building, and maintaining the miners. Each transaction also generates 87g of e-waste so that's gotta be non-trivial. I'd suspect each BTC payment is actually $60-70. When block rewards end, someone's gonna have to pay that.
- ShorsHammer 6y ago> someone's gonna have to pay that Ignoring the fact that's going to occur in 2140, what you've stated is simply not true, users decide what fees to pay, no one else determines the price. I send zero fee tx's regularly. If you are in no rush the cost ranges from tiny to non-existent sending money across the planet. It's never going to be used for micro transactions without a second layer but the whole premise of this comment is out of whack with the reality.
- arcticbull 6y agoAs I stated, right now, the direct transaction fees are low because the total fees are socialized. Miners make that back in block reward. Recently, people refused to pay more for transactions and BTC price remained constant-ish after the halving so hash power went down. The actual cost of a transaction can be represented as the following equilibrium: (E * pkWh) = F + (R * pBTC) - E is the average amount of power required to process one transaction, a function of hash rate (~700kWh) - pkWh is the average price paid by miners for power (~0.08 $/kWh) - F is the average fee paid for a transaction directly (~5) - R is the average block reward per transaction (6.25/3500) - pBTC is the market price of a Bitcoin (~9500) If (F + (R * pBTC)) is ever less than (E * pkWh) as happened after the halving, something's gotta give. Either the fee has to go up, the price of a Bitcoin has to go up, or the hash rate will drop. The halving demonstrated (3). Make no mistake, though, the cost of a bitcoin payment is ~$50, you just have to distribute it over the parameters. You didn't think miners were given you "almost free" transactions for their health or something did you? Your very-low transaction fee is the tip of a giant cost-burg.