Re:Cambridge Bitcoin Electricity Consumption Index
by Cthulhu_ on Wednesday February 10, 2021 @09:18AM
(#26089421)
Bitcoin has nearly $20 transaction fees (https://ycharts.com/indicators/bitcoin_average_transaction_f...) and it takes at least 10 minutes for a transfer to be confirmed (https://www.blockchain.com/charts/median-confirmation-time).
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Re:Cambridge Bitcoin Electricity Consumption Index
by reedf1 on Wednesday February 10, 2021 @09:49AM
(#26089831)
I find this data fascinating - partly because I don't understand it. I regularly send bitcoin and, as far as I can tell, have never spent more than a tiny (unquantifiable in fiat, as in much less than a cent) amount on transaction fees. Can anyone more savvy chime in on the discontinuity here?
Re:Cambridge Bitcoin Electricity Consumption Index
by derivagral on Wednesday February 10, 2021 @04:55PM
(#26095329)
Not an expert, but I did make my own erc20 once.
Are you sending it over the network, or to someone else within a website? (eg: binance, coinbase; doesn't need to be an exchange)
Do you track your transactions later? Do they get confirmed? How many confirmations does a website need to count it? How long does that take?
I would expect a low-fee transaction to eventually either expire or go through. I don't know what timeframe that might take: higher fee typically means higher priority as I've understood it. I can't imagine it'd keep your $ in limbo forever, but who knows. If you haven't used it in a long time, I understand that the network is much more congested these days.