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113 sats \ 3 replies \ @OT 8h \ on: Have we all been overpaying for Bitcoin transactions? bitcoin
Yes, but in the end who are you going to complain to about getting your excess fees back. I look back at some of the fees I paid when I first got into Bitcoin in 2017. They were likely from exchanges, but most were tens of thousands of sats.
As I understand 1 sat/vb became standard to stop spam filling up blocks. Now spam is filling up blocks paying as little as possible.
We can't fake it. Bitcoin needs to be used as it was meant to be. People taking custody of their sats.
Please see my top post which I boosted... #1077925
Bitcoin is strong when it is used... and weak when it's not. 1sat/vb not from a 'cost' perspective but from a 'demand' perspective... means that the transactional component of Bitcoin is not being utilized.
1sat/vb means that blocks are barely full and it/btc is not being spent.
If someone buys their Bitcoin on Coinbase, leaves it there, never withdraws, never runs or uses a node... and decides to "sell" it by clicking a user interface...
What was even the point of Bitcoin? If companies custody it 'for you' it can be seized or censored... and all it is is 'number go up' on a screen that you decide to 'sell' without an on-chain transaction ever happening.
Things are OK now... but if they don't change eventually Bitcoin will fail.
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the transactional component of Bitcoin is not being utilized
Could it be that the transactional component has moved to Lightning? What do the data say?
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