Friday, 3 April 2020

Where are the hundreds of dollars in fees for BTC that Roger Ver is talking about?

I'm looking through the block chain timestamps for BTC and here are the big transactions that I came across (which would be comparable to the size of transactions Roger Very might be making with BTC)

~2044.00 BTC transaction:

https://www.blockchain.com/btc/tx/787698d5ac83641d465d82374add8be85756f436d79dcd44f0f4f89b56b9a16e

Transaction value:~ $13M

Fee: ~$3.00

~5000.00 BTC transaction:

https://www.blockchain.com/btc/tx/787698d5ac83641d465d82374add8be85756f436d79dcd44f0f4f89b56b9a16e

Transaction value: ~$34M

Fee: ~$14.00

~1172 BTC transaction:

https://www.blockchain.com/btc/tx/11dacc7fd390f302c0993f1d9753bbde6557e7ca0201253153808ee27c409f50

Transaction value: ~$8M

Fee: ~$2.00

~1700 BTC transaction:

https://www.blockchain.com/btc/tx/11dacc7fd390f302c0993f1d9753bbde6557e7ca0201253153808ee27c409f50

Transaction value: $11.4M

Fee: ~$5.70

There are quite a few more examples if you look at bigger transactions on the block chain, but none of them seem to have extremely unreasonable fees. I just want a clarification as to how BTC is expensive. The highest fee I've seen for a transaction greater than $10M currently is only $15 which is negligible compared to the value of the transaction. Can someone please explain? I can find plenty more examples where fees are only around 70 cents for a $10M+ transaction when Roger Vee has said that fees are usually in hundreds of dollars for just a transaction...

submitted by /u/1MightBeAPenguin
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source https://www.reddit.com/r/btc/comments/fu0bat/where_are_the_hundreds_of_dollars_in_fees_for_btc/

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