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Bitcoin: El Salvador plans to make cryptocurrency legal tender
- greyface- 5y agoPrevious discussion: https://news.ycombinator.com/item?id=27408683 https://news.ycombinator.com/item?id=27408683
- jasonlaramburu 5y agoA single BTC transaction (on-chain) costs $5.56 in fees today. Minimum wage in El Salvador is around $300/month. How will people in-country afford this? Even the lightning network requires paying for periodic on-chain transactions.
- deleted 5y ago[deleted]
- paulpauper 5y agoThey want to encourage investment. There are a lot of people who have millions of dollars of bitcoin and want to diversify into other assets.
- greyface- 5y agoI'm calculating 9 cents, not $5.56. Assuming 250 bytes (typical for 1 input 2 output transactions) at a fee rate of 1 sat/b (which have been regularly clearing lately): 250 bytes * 1 sat/b * 0.00000001 btc/sat * 36000 usd/btc = 0.09 usd How did you get $5.56?
- jasonlaramburu 5y agohttps://bitinfocharts.com/comparison/bitcoin-transactionfees.html https://bitinfocharts.com/comparison/bitcoin-transactionfees...
- greyface- 5y agoAverage tx fee paid != cost to commit a tx. A lot of people are intentionally overpaying to 100% guarantee placement in the very next block. You don't need to do this if quick settlement isn't an absolute requirement.
- jasonlaramburu 5y agoIf one is living on $300/month why pay any transaction fee? Cash is free.
- cosmotic 5y agoPredictably and timely transactions is critical for currency.
- deleted 5y ago[deleted]