Recently i came to know that there was a 800M$+ transaction with fees around 1$,how is this remotely possible?
To my knowledge the transaction fees is actually a reward for the mining computers for successfully helping us create a block on the block chain.With such low fees wouldnt miners be discouraged to do so i.e. wouldn't mining become less profitable.
Also bitcoin can never become proof of stake unlike other coins,so where does this leave us ?
To my knowledge the transaction fees is actually a reward for the mining computers for successfully helping us create a block on the block chain.With such low fees wouldnt miners be discouraged to do so i.e. wouldn't mining become less profitable.
Also bitcoin can never become proof of stake unlike other coins,so where does this leave us ?
Bitcoin fees are so low right now because most exchanges and wallets switched to SegWit. That, and the fact that most people are not moving their Bitcoins because of the bear market. The lower the network load, the lower the fees will be. Considering that SegWit technically "increased" the block size limit (now block weight), fees will remain low for quite some time. A new upgrade called Taproot (which has been recently activated by miners), will make fees even cheaper than what they are right now. With all of these benefits, who needs forks like Bitcoin Cash or Bitcoin SV?
