Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
BlindMayorBitcorn
on 24/01/2016, 17:28:31 UTC
It is the [use cost] that need to be increased!



Said no successful business in a competitive market anywhere.

Longterm Bitcoin has to gather enough fees to survive, without fees no miners.

Or in your business language: We can give away our product for free, said no successful business ever.

edit: the fees will longterm lead 1:1 to Bitcoins security. the higher the gathered fees the higher the security of the network.


Nobody will disagree with that. The question is if those fees will be paid by many tx, or just a few. If you limit the size of blocks to 1 MB (and hence, the number of tx to ~1700), the average fee/tx has to become very expensive (~$5 per tx).

With 1MB blocks Danny Hamilton estimates fees could reach as high as $100 a transaction.