Post
Topic
Board Development & Technical Discussion
Re: Bitcoin Fees - $59! Holy shit!
by
nibor
on 22/10/2017, 15:42:25 UTC
Those miners are incredibly greedy and will send Bitcoin to the ground if that's the case.

You are blaming the wrong people. Issue is not the miners they do not set the fees. People sending the bitcoins set the fees - the miners just choose which transactions get into a block - so obviously prioritise those with big fees!

Issue is that there are more people wanting to send transactions than there is space in the blocks.

So cause is the fact that the blocks are only 1,000,000 bytes is size (or bit bigger if you can send segwit Tx's - which you can't with BitcoinCore GUI).

To fix this you just need to ask the BitcoinCore developers to increase the block size - and then the cost per tx will come down.

Obviously cost of running a full node will go up a bit as will need a bigger harddisk/network connection. But even if they made it 10 times bigger would only need 0.5Tb per year of extra space (and 150kbit/sec network bandwidth) - which is only going to cost you about $20 - so not really going to stop anyone! Especially with all the savings on fees they will be making!