Post
Topic
Board Economics
Re: How to grow bitcoin price to $176,190,476.19?
by
Betwrong
on 24/01/2019, 10:28:18 UTC
~

Let's say 1 BTC = $1,000,000 then how much is the miner fee? hundreds of dollars?
~

Please correct me if I'm wrong, but I think that:

1. The minimum fee can be 1 satoshi/byte, and therefore if 1 BTC = $1,000,000, the fee for a typical Bitcoin transaction, ~250 bytes, can be $2.50

Code:
$1,000,000 / 100,000,000 sats = $0.01 per 1 satoshi

0.01 * 250 = 2.50


2. A miner who finds a block receives all the transaction fees and the block reward (12.5 BTC currently), so if 1 Bitcoin was $1 million, miners could start including transactions without any fees at all because the block reward (millions of USD in that case) would be enough.