man #bitcoin on chain fees right now are incredibly cheap... 1sat/vbyte
currently receiving a payment from some exchange batched transaction with 20 payments in it, at 4sat/vbyte...
there is a backlog of about 44 blocks worth of transactions but the fee rates on them is so low it's like meh
i was gonna say "looks like a lot of dust sweeping transactions" and indeed that's what they are
Nothing makes me more nervous than low on chain fees. Is all the btc price action just paper bitcoin on exchanges? Probably. We have no idea what the real exchange rate is.
The on-chain fees should be low. But given the low maximum throughput of the chain it implies that people are not actually using bitcoin as money.
That's what I mean. If you look at the exchanges thousands of btc are getting bought and sold daily but only a small fraction of that moves from one address to another
it's not meant to be, it's a bank balance, that's why we say if you have the keys you are the banker
the money is lightning, and it has taken up a very large amount of what used to be onchain, plus, of course there's new blockchains every day that people are clogging them up with all kinds of payments for "services" like recording information about some game or some shit
