Quote from: kingcolex on May 17, 2017, 01:35:01 AM

Quote from: jonald_fyookball on May 17, 2017, 01:20:28 AM

Quote from: kvlolo on May 17, 2017, 12:42:17 AM

According to https://bitcoinfees.21.co/, it needs 420 satoshis/byte to get fast confirmations. Anyone know why the fees are going higher and higher?

Supply and demand. There is a natural market for fees based on what people are willing to pay and how much space there is in the blocks.
Demand has been rising but the block space is still 1mb.

Fees will keep increasing until they are so high that most people will not pay more. At that point, Bitcoin will stop growing.

SAD.

Bullshit, it just won't be used for small transactions as much, a fee market would push in and you know it. It would just level off to a mix of how much people are willing to pay and how many BTC that is worth paying for. This doesn't stop growth at all, Bitcoin isn't for buying chewing gum, you don't need an entire network to keep that transaction for forever.

Depends what you mean be growth sure. It will stop the number of transactions.

The total amount transacted could still grow. However, I think you are crazy if you believe
a limit on the number of transactions won't hurt Bitcoin.