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Sending anything less than $10 is not feasible if the bitcoin fees are greater than $3. As the Bitcoin price increases to say $10,000. The fees would be much higher. And since fees cannot be lowered below .0001, how is that going to scale bitcoin in the future with an ever increasing price?
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And since fees cannot be lowered below .0001, how is that going to scale bitcoin in the future with an ever increasing price?
As demand for block space increases, it is anticipated that less valuable transactions will be moved off-chain to use solutions such as the lightning network.
1Less value of say $50? when fees might be $10? $50 is alot of money to many people. So your saying Bitcoin is going to be used only for really large value of $10,000 or more of money then? – Patoshi パトシ – 2017-10-18T14:22:38.873
Well, if you're going to send a transaction worth $50 dollars, you may set a low out-of-band fee and wait for confirmations so as long as you're patient. Otherwise, if speed and low-fees is something you're optimising for then you should an off-chain solution like Lightning. – renlord – 2017-10-18T22:16:31.220
@Patoshi by using the lightning network you are still using bitcoin... – MeshCollider – 2017-11-18T10:03:50.513
with the lightning network. my understanding is that you have to first send your coins to a new address to get it "time-locked" then you can transact on the lightning network. is this correct? – Patoshi パトシ – 2017-11-18T18:04:01.723
Sidechaining is one possibility. – Geremia – 2017-10-18T04:11:43.980
Now it's 25$ per transaction – Netherwire – 2017-12-17T16:26:20.300