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by sordidasset 3180 days ago
>Still, the cost of an on-blockchain transaction will probably go up to $1000-10000 in current US dollars

I have a btc holding in cold storage of ~$350. I value the security and control of controlling my private keys+being on the main, trustless, chain. I suspect many people have a similar situation. What are we to do when txn costs rise as you describe?

I know plenty about the Bitcoin protocol, but I havent had time to do DD on Segwit or LN.
2 comments
wereHamster 3180 days ago
The tx cost will rise in proportion to the value of BTC. By the time the tx cost is 10k USD, your roughly 0.08BTC will have a value of hundreds of thousands USD.
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sp527 3180 days ago
Umm what? Did you stop and read over what you just wrote? If transaction costs hit $10K, 0.08 BTC will be worth the same as 21M BTC: $0.
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rothbardrand 3180 days ago
Don't worry. Transaction costs will not rise. If you aren't in a hurry, even old style transactions are free today... and 100sat/byte for next couple of blocks clearing.

The entire "transaction fees are high" narrative is a combination of profitable miner spamming the system (to support the big blocker takeover narrative) and wallets having terrible fee estimation programs so that the wallet makers don't have to deal with the tech support when a transaction isn't in the very next block.

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Steko 3180 days ago
> Transaction costs will not rise.

History does not support this claim.

> If you aren't in a hurry

Unfortunately almost all commerce is in a hurry.

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