Future Transaction Fees - page 4. | Bitcointalksearch.org

Kprawn

legendary

Activity: 1904

Merit: 1074

Quote from: bieberluvr on November 21, 2015, 08:48:10 PM

Ah, I see - Thanks for clarifying.

Clever way to pimp your faucet referral link Roll Eyes

It was a valid question though... Wink

....

Quote from: AgentofCoin on November 21, 2015, 07:20:38 PM

For example, if 1BTC is equal to $1,000,000 USD (we all wish),
then the miners fee will be adjusted to around 0.0000001 BTC or 10 Satoshis.

From your post to the god's of Bitcoins ears... a 1 BTC / $1 000 000 price would cut my remaining working days to pension considerably. Grin

... Do you reckon the fee would

really be that low at that price... Huh

dunfida

legendary

Activity: 3122

Merit: 1140

The fee was 0.01 per kB, then it was reduced to 0.001 per kB. Now it is 0.0001 per kB. This fee changes with the value of bitcoin. It is not fixed.

bieberluvr

newbie

Activity: 28

Merit: 0

Ah, I see - Thanks for clarifying.

saturn643

hero member

Activity: 728

Merit: 500

Also, if Bitcoin were to reach super high prices, it could be due to inflation of the dollar. Then in that case, paying a $10 fee for something that costs $1500 (e.g. a gallon of milk after hyper inflation) is not unimaginable and comparatively, is a small fraction.

gentlemand

legendary

Activity: 2604

Merit: 3056

Welt Am Draht

The fee has been adjusted in the past. It can easily be done again. The idea is that there'll be that many more transactions to compensate miners so fees won't have to be astronomical.

AgentofCoin

legendary

Activity: 1092

Merit: 1001

You do not understand the basics of Bitcoin/bitcoin.
The miner's fee can be adjusted in the future, to equal the new appropriate miners fee.
The decimal is not fixed, but adjustable, if and when needed.

For example, if 1BTC is equal to $1,000,000 USD (we all wish),
then the miners fee will be adjusted to around 0.0000001 BTC or 10 Satoshis.

bieberluvr

newbie

Activity: 28

Merit: 0

Since the BTC transaction fee is 0.0001 BTC, here are what transfers will cost in the future:

$1,000 per coin = $0.10 transaction fee
$10,000 per coin = $1.00 transaction fee
$100,000 per coin = $10.00 transaction fee
$1,000,000 per coin = $100 transaction fee

Honestly, if Bitcoin goes to the 6-7 figure mark, I don't see how people would be willing to pay these fees. Especially for everyday transactions. And considering there aren't enough Bitcoins for everyone in the world to own even a tenth of a coin. Comments?

Topic: Future Transaction Fees - page 4. (Read 2873 times)