New answers tagged blockspace-market
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Currently fees in Bitcoin is quite high ($1-$30) to move anything under $50 USD.
According to https://mempool.space its ~$10 based on average native segwit transaction of 140 vBytes
If Bitcoin is worth 1 million dollars one day, how much would an on
chain fee be?
If BTCUSD is 1,000,000 USD right now, above fee would be $200 assuming similar demand for ...
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I think no one can read the future but some things can be said with high confidence and I will try to point them out.
First I think it the conversion to USD does at best make sense for cosmetics thus I will do most computations in the more natural form of satoshis and confirm only at the end if necessary.
if the average feerate in a block is x sat/Byte and ...
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Bitcoin nodes consider the chain with the most work the best chain. Whenever a miner finds a new block that extends the best chain, they broadcast it to the network and all nodes update their chaintip as they hear about it. Miners could ignore that new blocks are found, but this would not affect any other network participants.
They could however instead ...
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Yes, a cartel of hashrate +50% can ignore blocks and replace them with their own. The largest proof of work defines BTC which will be under the majority's control
An example scenario for that could be when someone makes a transaction paying a 3 million in fees to the miner (unintentionally, possibly due to software error). In this case, it's very tempting ...
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