However this would present challenges for bitcoin users as the transaction fees will go to $2-3 on average for each transaction once bitcoin hits $2,000. And that's crazy. I used to send 20 transactions or even more per day for a dollar, and if i did that now that would have been $50-60 a day. Not to mention all my transactions were microtransactions with dust amounts and multiple inputs and outputs... Probably would cost closer to $100 a day just to send these
Personally, I stick to a different opinion
I don't think that low fees are actually as important for reaching higher prices as many people around here are inclined to think. How come? Prices are determined on exchanges, but people that are trading there rarely move their coins, and when they move them they certainly move large amounts or use cheap altcoins such as Litecoin as a transfer vehicle if they don't want to pay hefty taxes. So we may see both prices and fees rising at the same time (in Bitcoin terms as well), and that may last for long
Well fees are rising with the price and with the mining difficulty too, right? Personally, these higher fees don't bother me as much as the confirmation times and the fact that blockchain.info wallet is giving me such a low fee with 120sat/byte.
