Re: [Jun 2024] Fees are high, wait for opportunity to Consolidate your small inputs
⭐ Merited by Synchronice (2)
By the way, I don't understand what's an issue for them. Don't they get charged the same percentage for $1 and $10?
Back in 2009, certain banks were charging fixed transaction fees. It was a common practice for ATM withdrawals, wire transfers, and foreign transactions. This is probably what Satoshi was talking about. I can't tell the same is true today. I can neither tell that Bitcoin is in the exact same form as it was in 2009. Ordinal transactions aren't normal transactions.
Here we go again.Ordinals try to make each Satoshi non-fungible
Just because a fool thinks his satoshi is more valuable, it doesn't make the currency non-fungible. they also try to value blocks (halving block) and the place of ordinals transaction in each block (someone paid 6.73 Bitcoin on transaction to make his/her transaction appear number one in particular, 840000th block).
Bitcoin block space is auctioned every 10 minutes, based on the law of demand and supply. And Ordinal users are very demanding. I see no problem with that. This only proves that Bitcoin is far from perfect payment method.
Bitcoin Layer 1 is far from a perfect payment method, regardless of the presence of Ordinals. Transactions can take hours to settle and incur variable fees depending on the current demand and supply for block space. These factors alone make it an unattractive medium of exchange for point-of-sale transactions.This is why I prefer calling it an asset layer. You don't move assets every day.
So, when you buy something and pay with cash, Greek merchants hide the fact that they sold something and evade taxes this way?
Pretty much. 1 sat/vByte is the minimum relay fee setting that nodes use, oeleo told me if I am not wrong, when I asked a question about fees and empty mempool.
Exactly. Minimum relay fee. That's the default local policy. You can change it to 0.5, or 0.001, or even 0. This is done for DDoS protection I think, but it's totally possible to adjust it if there's demand for it. In the worst case, they can send their movies directly to the mining pools. (I missed him too
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