Hey guys, atm bitcoin has about 350000 comfirmed transactions per day, what happens when people will start using bitcoin daily? Lets say 1Million people use bitcoin every day, that would end up being 650000 uncomfirmed transactions per day that will just keep stacking and will lead to a miners fee that is just nuts. Bottom line why is bitcoin going up if its meant to die out? And if its not meant to die out how will that happen?
But if it "will lead to a miners fee that is just nuts" then people will not use it as much.
If people don't use it as much, then there will be less transactions.
If there are less transactions, then it will stop stacking and fees will get cheaper.
If fees get cheaper, then they will not be nuts and people will use it.
Maybe there will be an equilibrium where the number of people that are willing to pay the fee will match the cost of the fees. At that point people won't quit using it (since they are willing to pay the fee), but more people won't start using it (since they are not willing to pay that fee). Blocks will stay full, miners will get paid, and users will all be happy with the system.
Or maybe services will provide an opportunity for off-chain transactions. Then those services can handle millions of transactions and settle up the result on a regular basis with a single high value transaction on the blockchain.
