4 ms·
> How does this make it not low cost? Transferring that $10 still only costs $.02 Assuming max TPS rate of 3tps, a 10-minute block will contain 3 * 60 * 10 = 1
by inoop 12y ago
> How does this make it not low cost? Transferring that $10 still only costs $.02
Assuming max TPS rate of 3tps, a 10-minute block will contain 3 * 60 * 10 = 1800 transactions. Each block generates 25btc, which is equivalent $6125 at the current $245 price.
Each transaction therefore costs $6125 / 1800 = $3.40.
Of this only a small amount is paid for the by the person who creates the transaction, the rest of paid for by those who hold Bitcoin.
- mpyne 12y ago> Of this only a small amount is paid for the by the person who creates the transaction, the rest of paid for by those who hold Bitcoin. I always find it ironic that the illusion of low fees per transaction in Bitcoin is subsidized by the ongoing inflation of the money supply. Apparently inflation is acceptable when it helps evangelize the product you're trying to sell, but it's not acceptable monetary policy in any other situation.