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Title: Bitcoin's value affects bitcoin fees. Post by: drwhobox on October 29, 2017, 01:12:50 PM Hello guys.
Last late 2015 fees for you to send some ammount of money is ranging from 0.1USD upto 20-30USD (depends on how much you are going to send) As time moves Bitcoin's price kept on going up and also the fees in the blockchain. What would happen and how much would you spend for fees if Bitcoin reaches the price point of 50,000 USD by 2020 Title: Re: Bitcoin's value affects bitcoin fees. Post by: Iranus on October 29, 2017, 06:47:46 PM Last late 2015 fees for you to send some ammount of money is ranging from 0.1USD upto 20-30USD (depends on how much you are going to send) Here's the first indication that you're incorrect. The fees are nothing to do with how much you decide to send, it's about the size (in bytes) of your transaction.As time moves Bitcoin's price kept on going up and also the fees in the blockchain. Correlation =/= causation. You are not explaining why the fees are going up. It may be that an increase in price causes an increase in hype and therefore trading activity, which means more transactions sent, and then that pushes up the fees. But you have to clarify why this actually happens.What would happen and how much would you spend for fees if Bitcoin reaches the price point of 50,000 USD by 2020 Once Electrum and a few more major wallets implement SegWit, the fees will fall drastically because there will no longer be congestion in the BTC network. It's possible that further scaling solutions will be implemented as time goes on and as the price rises (if it does).If the network is only just becoming congested when it reaches that higher price point, a priority transaction would still have relatively low fees as it's coming out of a phase of low fees for a long time. The price does not affect the fees at this point. |