Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
AlexGR
on 24/01/2016, 17:33:45 UTC
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).

Size is already 1mb, "blocks are full", "mempool has a backlog of XX mb" and tx fees for 1st block inclusion are currently at 0.04USD.

https://bitcoinfees.21.co/

"The fastest and cheapest transaction fee is currently 30 satoshis/byte, shown in green at the top.
For the median transaction size of 369 bytes, this results in a fee of 11,070 satoshis."