Thinking about the expensive fees part, expensive in terms of what?
Discussion
Just earlier this year we saw really high transaction fees. Enough to make anyone consider making a transaction. Let alone a transaction for something as small as a cup of coffee.
That was because of ordinals.
If everyone in the world wanted to transact using bitcoin on the bitcoin blockchain: one the fees would be enormous and two it wouldn't be possible due to the time to finalize the transaction. Some people may have to way several days even years for the transaction to finalize.
Right now, in the USA a wire transfer can cost around $30/ per participant or more depending on the service provider for immediate payment transfers.
In a future of mass adoption even making a transaction to get onto the lightning network might be high.
It really is something to consider. It doesn't break bitcoin as sound money but it is something to consider when espousing "not your keys not your coins"
Ultimately I'm still learning and am actively seeking more knowledge, so I may not have adequately articulated all the nuances of this hurddle.
Rather last year after the halving.
True. I suppose I was thinking more in terms of sats or fiat. For example, if its 50 sats vbyte but you're moving a million sats that doesn't feel like a lot. But if the sats were say $100 sat then he's a lot measured in fiat.
I'm not sure that makes sense now I've written it... I'll have to think more about it
Sure, I mean it's hard to tell and that would be based on local economy as well right?
A loaf of bread may be priced different in Latvia as opposed to Mexico, even when fiat is out of the mix.
Even then though, at that point it would be the block space and transaction settlement time that would take too long regardless of price.
*as far as the value of sats that might be transferred