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Individual transaction fees are being heavily, heavily subsidized by block rewards currently. Just eyeballing the current numbers: ~400 transactions per block
by ceallen 12y ago
Individual transaction fees are being heavily, heavily subsidized by block rewards currently. Just eyeballing the current numbers:
~400 transactions per block, 25 btc reward, ~500 usd / btc gives a transaction cost of 31 dollars each.
What happens to fees when mining rewards taper off? Just authoritatively stating "it'll be fixed" blindly pushes these problems into the future.
- natrius 12y agoIt'll be fixed. Or something will outcompete Bitcoin. That's what markets do. Blockchain technology has eliminated the barrier to entry to compete on transaction fees.
- Natanael_L 12y agoTransaction count will go up, and nothing says the value given to miners must stay the same. It is fine if some miners leave due to unprofitability.
- deleted 12y ago[deleted]