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What happens if a few millions people send 5 bucks worth of bitcoin? A global power outage?
by frongpik 6y ago
What happens if a few millions people send 5 bucks worth of bitcoin? A global power outage?
- MereInterest 6y agoDepends on the transaction fees associated with those transfers. If those millions of people also post higher-than-average transaction fees, then the Bitcoin network prioritizes those payments, and cannot process any other transfers.
- Darmody 6y agoThey would have to wait a lot. Also a fee is almost $20 now. So they would make a bad and slow deal.
- frongpik 6y agoThat seems like a natural rate limiter that would prevent wasting any meaningful amount of energy on bitcoin.
- imtringued 6y agoThat transaction fee will be used to run more miners and thus increase the energy usage.
- frongpik 6y agoHigher fees means fewer transactions. Nobody's going to buy a $3 coffee with $300 fees just because it's bitcoin.
- Darmody 6y agoNobody will pay a coffee with BTC, just like you don't pay for your stuff with a gold coins. Some say Litecoin will be used for that but I doubt it. Coins like Cardano or IOTA will be used for transactions. I'm not sure about Cardano but with IOTA you can transfer a fraction of a cent (or no value at all) without fees (that doesn't mean everything will be always fee-less).