Re: New transaction malleability attack wave? Another stresstest?
Fees per block need to rise to 25 BTC to break even with the current subsidy, which is a fee of 0.025 BTC per transaction with 1000 transactions per block. This is $6 / transaction.
Good. How many bitcoiners send their funds paying $6 fees?How many transactions will be daily if the minimum tx fee is $6? (Let us assume this number is X, I think X is much less than 100k)
What would the minimum fee if the daily tx number is X?
This has been bugging me. I've read elsewhere about the real cost of sending transactions on the Bitcoin network being much, much higher than the banking or Visa network.
I'm sure this has been pointed out before since 2009, but I can find any references. So....
Lets assume that Bitcoin scales to Visa levels by 2030:
https://www.nerdwallet.com/blog/credit-card-data/credit-card-transaction-volume-statistics/
Lets also multiply the cost of Bitcoin mining by a factor of 10 to ~$3bn / year - costs which are covered by fees and or other sources.
As Visa charge ~ 2%, their charges amount to more than $60bn. Lets say costs to run are actually 30%, so $18bn.
So, comparing apples with apples, Bitcoin will be far more economical to operate.