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81 sats \ 6 replies \ @gd 28 Dec 2023 \ on: Bitcoin fees, a worrying trend bitcoin
Bitcoin fees aren’t paid in dollars. If you want to measure fees in dollars, they’re going to infinity
If it was priced in satoshis would the % of fee be any lower?
Wonder what is an acceptable percentage for transactions for most users? I am thinking that at some shops will charge 3% or a flat fee if paying with a card.
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Strangely, the whole world is measuring fees in $ (including reference websites).
But you can reason in sats if you want . 350 sats/vB right now, instead of 20 a few months ago. For you, does it change the problem discussed here?
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Look again. Where are you getting your data from? At the time of your post, the feerate required to get into the latest block (#823272) was 117 sat/vB, not 350 sat/vB.
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- Those estimates are way off. I don't know how they get those numbers, but clearly we need more accurate tools for fee estimates.
- The estimate for "≤ 20 min" is always going to be extremely high from time to time. 13.5% of the time there won't even be a new block in 20 minutes. When on-chain fees are a concern, 24 hours or more would be a more realistic target. Yes, having to choose between very slow (and still rather expensive) and very expensive (and still potentially slow) limits what activities can be done economically on chain, something that should have been clear since fifteen years ago.
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The point to figure on is that Bitcoin increases buying power and USD loses buying power. So there is going to be a flippening.
I don't like the fees either but I have to look historically at Bitcoin and I can even rationalize that if I want Bitcoin I will pay the on chain fee for those who pay me by eating the fee in my sales. I still want 80 to 20 80 percent Fiat and 20 percent Bitcoin.
Also we have L3 too. This platform is level 3.
Miners who just want FIAT will not understand and will over leverage until no one accepts FIAT then power companies will mine Bitcoin by taking over large operations.
It's a mental exercise.
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