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
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.
1. Theoretically correct, but practically tx with 1 sat fee would be stuck in mempool.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
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.
2. So your argument is that the higher the BTC price, miners will include tx with lower fees? Well, what happened with the last bull-run (Dec 2017 - Jan 2018)? Did you see fees increase or decrease?
PS: Anyone care to explain/answer my question will get merit(s). But only for good quality answer of course.
@OP
You don't have to say thanks for every response. And don't do double posting, like this and this. Merge it, if not, someone will report you
