Can some explain to me why fees will continue to rise in terms of total sats if the price of Bitcoin goes up?
I get why it will never be 1 sat per byte again if it gets more use.
But when Bitcoin is 2 million per coin, the price in total sats to settle on chain could be less or more depending on demand.
So wouldn't your 100k sat UTXO be fine? It will still cost more in fiat terms but total sats should be less of Bitcoin is worth more?
Am I crazy?
It’s because it is denominated in Bitcoin not in dollars.
That's fine but what if what Jeff Booth said about Bitcoin being deflationary is true. I don't see someone paying 75k in sats to settle on chain when pets say someone's yearly salary is 100k sats.
That’s why scaling solutions are crucial.
Dollars play a role in the equation, though, from the point of view that acquiring enough sats to continue bidding block fees gets more expensive in dollar terms over time.
Still, scaling solutions are crucial.
If nobody will pay it then the fees will never rise that high.
Unless people stop making transactions, or the block size gets bigger, fees will go up. We'll all be fighting for the same, extremely limited block space.
When I refer to the fee amount here, I mean the amount of value in terms of buying actual goods and services. Like, a week's worth of groceries or 5kWh of electricitu. If bitcoin's value is going up in these terms, the fees in sats could go down, but the more popular bitcoin becomes, the more likely they will rise.
#Bitcoin's solution to this has been the lightning network. Most of the value will be locked up in lightning, but if you really need to, you can force close channels and pay what will likely be huge on-chain fees (at least by today's standards).
1BTC = 1BTC
i try do maths:
if btc is 2million$ then 100k sats = ~2000$
so..
1 sat = ~0.02$
transaction fees: i know it's based on size, vbyte, but for ease, let's say.. just a rough estimate of 20k sats in fees for the utxo somehow.. * 0.02$ = 400$
so..
20k sats for 100k sats
400 dollars for 2000 dollars
plz doublecheck tho lol👀
maybe i dont understand the question tho..
you seem to understand in sats it'll stay the same but ifn dollar.. if dollar rises p btc, the fees will as well
