Author: Anthony Towns 2015-08-31 21:41:00
Published on: 2015-08-31T21:41:00+00:00
The conversation is about the smallness of blockchain fees. CJP suggests that the size of the fine may not be small relative to the blockchain fees. However, the fee may exceed .2 mBTC for a moderate-sized payment such as a $5 coffee, which would exceed a 1kB txn fee of .1 mBTC. The present-day exchange rate is assumed by CJP, whereas Anthony Towns assumes that blockchain txn fees maintain a small real value. It is reasonable to assume that end-users will bump their lightning channels once every couple of years, and this will make the blockchain fee comparable to an annual account-keeping fee on a bank account. A simple estimate of the exchange rate in an ambitious scenario is given by Towns. He assumes a future world of 10 billion people who have all reached developed-nation wealth and use Bitcoin for all their finances. Each of them can have 2.1 mBTC of savings. Assuming the average developed-nation person has about $10,000 savings in today's dollars, 2.1 mBTC savings in his scenario should be equivalent to $10,000 in today's dollars, which is $4800/mBTC. In that case, $1 uBTC is $4.80, and 1 satoshi is about 5c. It is impossible to charge a fee less than 1% for a $5 coffee and spend less than 5c when doing microtransactions.Towns also suggests adding more precision to Bitcoin or using sidechains or altcoins when it comes to such transactions. Finally, he asks if it is required to drink a shot of whisky/tequila and shout "to the moon!" when posting numbers like these on the list.
Updated on: 2023-05-18T00:26:08.602983+00:00