How are Bitcoin transaction fees so low? - page 2.

mk4

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Quote from: Akash1243 on December 31, 2021, 06:09:48 AM

Also bitcoin can never become proof of stake unlike other coins,so where does this leave us ?

It leaves the Bitcoin network to be the most secure protocol to date. Having a SoV/hard money protocol to use PoS could end up being a really really big problem.

Charles-Tim

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It is because the mempool is not congested. If the mempool is congested, the feerate (sat/vbyte) to get transaction confirmed will be much more and increase as the mempool congestion increases, which will be otherwise as the mempool is getting less congested.

Quote from: Akash1243 on December 31, 2021, 06:09:48 AM

With such low fees wouldnt miners be discouraged to do so i.e. wouldn't mining become less profitable.
Also bitcoin can never become proof of stake unlike other coins,so where does this leave us ?

It has been working like this successfully since the creation of bitcoin. There will be time the mempool will get congested and there will be time the mempool will not be congested. If mining hashrate have been increasing, it means bitcoin miners are making profit. Yet, bitcoin has the strongest blockchain.

BlackHatCoiner

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It's because fees aren't calculated by the amount transacted, but by the size of the transaction. The more outputs you spend the greater the fee will be. Remember, the miner just includes data in a block and is incentivized to mine what pays more, regardless of the amount the people transact.

Quote from: Akash1243 on December 31, 2021, 06:09:48 AM

Also bitcoin can never become proof of stake unlike other coins,so where does this leave us ?

What does that have to do with the transaction fees?

Akash1243

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Recently i came to know that there was a 800M$+ transaction with fees around 1$,how is this remotely possible?
To my knowledge the transaction fees is actually a reward for the mining computers for successfully helping us create a block on the block chain.With such low fees wouldnt miners be discouraged to do so i.e. wouldn't mining become less profitable.
Also bitcoin can never become proof of stake unlike other coins,so where does this leave us ?

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