Re:Why gold and Bitcoin are popular
by ItsMonkk on Sunday June 13, 2021 @11:53PM
(#27499132)
Understood. So even with the Lightning Network Bitcoin will not be able to keep up with the transactions and transacting in it will be extraordinarily expensive.
Currently block fees are 5% of the block reward. In 2024 when the next halvening occurs, either Bitcoin needs to double in price by then or the block fee will have to make up 45% of the gap, which is an increase in almost 10x, from $4.5/transaction to $40. If it fails to do this miners on the margin will stop mining and the security of the network will diminish.
Currently block fees are 5% of the block reward. In 2024 when the next halvening occurs, either Bitcoin needs to double in price by then or the block fee will have to make up 45% of the gap, which is an increase in almost 10x, from $4.5/transaction to $40. If it fails to do this miners on the margin will stop mining and the security of the network will diminish.