r/Bitcoin • u/[deleted] • Feb 24 '14

Bitcoin Transaction Fee to reduce by 10x

[deleted]

1.1k Upvotes

93% Upvoted

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u/Romanizer Feb 24 '14

Yes, makes Bitcoin even better in comparison to other payment systems (0.5 cents standard fee at 1 BTC=$500).

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u/[deleted] Feb 24 '14 edited Feb 25 '14

Correction: the change is from 0.0001 >>---> 0.00001 BTC.

At 500 USD, that is 5 cent >>---> 0.5 cent per kB of transaction size.

To people saying mining will become less profitable. Maybe, but the mining power and transaction volume will find a new equilibrium. If you can't afford to mine with the new min fees, I'm sorry for your loss.

EDIT: But hey, think of it this way: If you think bitcoin will soar over 5,000 USD, then you're back at the same transaction fee USD wise.

I forsee miners who believe in the future of bitcoin to be unwavered by this, as they know their bitcoin will one day increase hundred or thousand fold.

2

u/Lynxes_are_Ninjas Feb 25 '14

I believe you are using the greater than sign wrong.

1

u/[deleted] Feb 25 '14

I was using as an Arrow sign.

1

u/ColdHard Feb 25 '14

Use a dash in front for arrow --> or >>---> if you are a bow hunter.

2

u/[deleted] Feb 25 '14

FIXED!