Because of another post on here, I was wondering what would happen if bitcoin touches a price like $5000. What would the new transaction fees mean then ?
Even Bitcoin reach $5000 point , the fees is still in the default fees that we using today (0.0002 BTC).
And check this site for further information about the fees :
https://en.bitcoin.it/wiki/Transaction_feesI typically use coinbase which has a 0.0004-0.0005 for fees. I guess I could somewhat reduce it to 0.0002 by using an offline wallet. But even then, wouldn't it mean that sending amounts as low as 1-5$ would be not worth it ?
can you show me 10 transaction from coinbase with the fee around 0.0004-0.0005?
the price is not important when it comes to fees!
What is important is how many transactions are in memo pool and how much are you willing to wait!
if there is no transaction in memo pool you could do it with 1 sat ... because 1sat i better than 0!
but if there are 5000 transactions with a size of 3MB and you put a small fee you will have to wait for 3 block to be solved until your transaction will be processed, but if you put a higher fee miners will include your transaction in the first block found.
also another factor is who is sending BTC in the same time with you .. because if 3000 whales send t at the same time as you and they all put a fee of 0.001 and you put 0.0002 you will have to wait until their transactions are included.