Well, traditional payment systems provide sufficient security for lower fees (though not 1 cent, i believe).
Re:Bitcoin not for me, says Bill Gates
by CryptoPunk on Friday February 26, 2021 @09:01AM
(#26274809)
Hundreds of millions of transactions a day at 25 cent in fees per tx lead to much higher total fees than 300,000 transactions at $30 fees per tx.
Re:Bitcoin not for me, says Bill Gates
by imtringued on Friday February 26, 2021 @01:12PM
(#26277861)
Here is a proposal for terabyte blocks:
https://blog.vermorel.com/journal/2017/12/17/terabyte-blocks...
It works out just fine and there will enough profit from sub cent transaction fees to have thousands of competing data centers. At that point you could even declare the system to be more cost effective than any other kind of financial infrastructure.
Any complaints against Bitcoin's excessive energy consumption would be void, except this is not the future that Bitcoin HODLers want so it's incredibly difficult to see how their theories would become true in the future.
The plan was always for security to be provided by transaction fees in the long term, as block subsidy dwindles to insignificance. But you just can't get reasonable security from 1-cent tx fees.