3 ms·
If I recall correctly, transaction fees went through the roof when everybody was fomoing to buy and trade bitcoin starting at around 2017 and low-fee transactio
by lgl 6y ago
If I recall correctly, transaction fees went through the roof when everybody was fomoing to buy and trade bitcoin starting at around 2017 and low-fee transactions were getting stuck in the pool as there weren't enough blocks being mined to confirm them as miners were obviously prioritizing the higher fee ones.
You can still transact with very low fees, but this is kind of directly related with the amount you want to move. For instance, somebody transferred $2.2bn by paying a $7 fee [0]. That seems super cheap, but if you wanted to transact $2, paying $7 would be ridiculous.
I believe this was at least one of the motivators for the big-block/small-block debate and subsequent forks.
[0] https://news.bitcoin.com/bitcoin-whale-transfers-2-2-billion-worth-of-btc-for-just-7/ https://news.bitcoin.com/bitcoin-whale-transfers-2-2-billion...