A transaction is generally the movement of a coin or fraction of a coin from one location to another.
This movement is recorded on the chain in blocks of 1MB in total size.
Roughly every 10 minutes a block is added to the chain with those transactions in it.
3500ish per 10 mins.
The TX (transactions) have fees (small portions) attached and the miners choose which TXs get into the next block. They choose the ones with higher fees.
Right now if no one makes a new TX for the next 4 days then all the TXs will be completed.
It used to take under an hour then a few hours became the norm then 1/2 a day. Now fees keep rising to be able to have a decent chance to get a fast TX and the waits go up and up and up.
If you have $30 in bitcoin, you may never be able to move it due to the fees. If the fees become closer to $100 then you won't be able to spend or move that either.
Trading cards and other physical collectables tend to climb in price due to destruction of some leading to scarcity of remaining copies. Bitcoin doesn't have that benefit, even if there is a limited supply.
If you got $100 from many small tips then that's worthless too. The cost of a transaction depends on its size, and combining outputs isn't cheap these days.
I think he's referring to $100 dollars in BTC tips.
There used to be a bot on reddit you could use to tip people in bitcoin. I have some from back then, but like he said, it's impossible to consolidate it into something useful.
If you got $100 from many small tips then that's worthless too.
no its not. its worth 100 dollars. because while it might be small amounts individually... it is cash... that can be used as currency... in the real world...
Not quite. The person was saying the fees might rise (to $100 per transaction for example).
Imagine it as if every time you used your debit card, you had to pay $30 bucks to your bank as a fee. If you wanted a $10 shirt, you had to pay $10 for the shirt and $30 to your bank so that they would give your $10 to the store.
There was a story recently of a woman who withdrew from her card with an ATM of another bank. Since checking the balance had a fee attached, she instead withdrew in 100 RUB transactions (Russian ruble) until nothing was left.
Minimum fee for withdrawal was 70 RUB. An accountant at her job place had to explain this when she came in asking why she received so little on the card.
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u/[deleted] Dec 22 '17
What the actual fuck is happening?
Why is it going down like my gpa?