I've used BTC for *actual* transactions over the past two years. At the current transaction rate, I can't. The transaction fee is, like, 60% of the transaction. Lightning or not, if the stampede starts soon... (Oh, and P.S. Coinbase and Kracken are both having issues...)
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Replying to @generativist
Oh wow the transaction fees are a fraction of one BTC?
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Replying to @particleist
They are variable and market determined. Basically, the way it works is that only so many transactions can get processed per block. And, to make sure yours is one, you add an implicit fee. Right now, you need like USD 14$ to get yours processed.
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Replying to @generativist
Ah hence the comments I saw from people about waiting for ages for their transaction to go through. Fascinating.
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Replying to @particleist @generativist
So could this lead to a secondary market in transaction fees whose aim is to make sure to catch particular dips/peaks in the BTC price?
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There are a lot of proposed technical fixes. But mostly, I think it's a race right now -- which comes first, stampede or fix.
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