Re:Bitcoin.org removes “fast” and “low fees” from Bitcoin de...
by hndamien on Tuesday January 23, 2018 @12:35AM
(#16211282)
No, that isn't how it works at all. You would broadcast a transaction to your friend for $20. It would sit in the mempool and eventually get picked up by miner and would then be forever logged in the blockchain.
In practice, running a mining node without specialized equipment is prohibitively expensive so we're stuck finding a third party. Most of those third parties are looking to do a volume business and aren't interested in one-off small dollar transactions, so it's centralized exchanges or nothing.