Why are transaction fees required? And why is the block size so small?
The transaction fee for sending Bitcoins is CRAZY!
https://bitcoinfees.info/ Over 5$ for EVERY TRANSACTION??? How should Bitcoin go mainstream with SUCH HIGH FEES???
If I want to pay for a 5$ coffee with Bitcoins, then I have to pay THE SAME AMOUNT FOR FEES!!!
Let's make a Bitcoin fee list:
You pay for something worth 5$ in Bitcoin: 100% fee
You pay for something worth 10$ in Bitcoin: 50% fee
You pay for something worth 20$ in Bitcoin: 25% fee
You pay for something worth 40$ in Bitcoin: 12,5% fee
You pay for something worth 50$ in Bitcoin: 10% fee
You pay for something worth 100$ in Bitcoin: 5% fee
Isn't this INSANE??? What if just double the current amount of people use Bitcoin? Then the transaction fees will DOUBLE TOO!!!
The question that we have to ask us is: Why should we use Bitcoin rather then Litecoin, Ethereum, Dash, Monero, Stellar Lumens etc.?
The only reason why so many people are using Bitcoins and not other coins is, that the Bitcoin price increases the most and they make money with it! Do you agree with me guys?
And also, the confirmation time is OVER 30 MINUTES! So when I send a merchant Bitcoins, it isn't certain that he actually gets them! No confirmation = NOT SECURE!
I don't understand why Satoshi Nakamoto made the block size to only 1 mb and the block time to 10 minutes! Couldn't he just calculate, how much the transaction fees will cost with ~30 million people using Bitcoin? And why should merchants accept a crypto currency, with INSANE fees and SLOW confirmations? For low amounts, no confirmation isn't that bad, but for big amounts like phones, it's a BIG RISK! The confirmation time should be AS FAST AS POSSIBLE and the fees AS LOW AS POSSIBLE for mass market adoption! But that isn't the case for Bitcoin...... GO IOTA, GOOO!
So why are transaction fees required and why can't the block size be increased to 1 TB?
