Post
Topic
Board Bitcoin Discussion
Re: Bitcoin's elite behaves just like the old banking elite
by
Lauda
on 11/05/2017, 11:35:38 UTC
It is true that the miner fees are increasing and somehow it even reach as high as 3 dollars per transaction.
Statements like these are too vague and thus nonsensical. I could construct a transaction that requires several hundred dollars in fees. Example:
- Take the *recommended (changes constantly)* fee-rate of 200 satoshis/byte.
- Create a transaction that is 100 000 bytes large (100 kb).
- 200 x 100 000 = 20 000 000 Satoshis = 0.2 BTC = ~360$ at current prices.

You need to know how to actually use Bitcoin to avoid these and take advantage of times where the fee-rate is low. Keep in mind that knowing how to send and receive Bitcoin != *actually knowing how to use Bitcoin*. Those are just the basics.

Maybe LN/Segwit is the solution,or maybe not.
SW + LN are the first stepping stones.

I`m greaming about a  cryptocurrency free from transaction fees.
Nothing in life is free.