Are all the BitCoin combined worth $7.2 Trilion?
I estimated 16,000,000 in circulation X $4,500 per coin.
That's $72,000 X 1,000 X 1,000
That looks like $7.2 Trillion
Is that possible?
That's $72,000 X 1,000 X 1,000
That looks like $7.2 Trillion
Is that possible?
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Side note: On May 22, pause for a moment to remember poor Laszlo Hanyecz. In 2010 he spent 10,000 Bitcoin to buy two pizzas. At today's valuation ... around 45 million dollars.
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At the risk of hijacking this thread, I do feel obligated to clear this issue up.
Miners will continue to process blocks for the transaction fees. In the "Send" page of the Bitcoin client there is a default transaction fee which is currently a minimum of 0.00001 BTC/KB. Today the recommended fee to get a transaction processed is about double that and the higher the fee rate, the quicker the transaction gets into a block.
As the author of the article below notes, "... almost all miners expect every transaction to include a fee. Today miners choose which transactions to mine only based on fee-rate."
Transactions not paying fees are now generally ignored by miners and end up as "orphans" ... maybe they will complete someday, maybe not. My last no-fee transaction took three months to clear.
As long as there is at least one miner on the Bitcoin blockchain, Bitcoin will continue to be viable because miners will collect transaction fees. 0.00001 BTC/KB doesn't sound like much but even in a relatively small 1 MB block it means 0.01 Bitcoins, which is a decent reward even at today's prices. Sure, a lot of large mining farms will close down, but the transaction fees will keep some miners going.
https://en.bitcoin.it/wiki/Transaction_fees
Miners will continue to process blocks for the transaction fees. In the "Send" page of the Bitcoin client there is a default transaction fee which is currently a minimum of 0.00001 BTC/KB. Today the recommended fee to get a transaction processed is about double that and the higher the fee rate, the quicker the transaction gets into a block.
As the author of the article below notes, "... almost all miners expect every transaction to include a fee. Today miners choose which transactions to mine only based on fee-rate."
Transactions not paying fees are now generally ignored by miners and end up as "orphans" ... maybe they will complete someday, maybe not. My last no-fee transaction took three months to clear.
As long as there is at least one miner on the Bitcoin blockchain, Bitcoin will continue to be viable because miners will collect transaction fees. 0.00001 BTC/KB doesn't sound like much but even in a relatively small 1 MB block it means 0.01 Bitcoins, which is a decent reward even at today's prices. Sure, a lot of large mining farms will close down, but the transaction fees will keep some miners going.
https://en.bitcoin.it/wiki/Transaction_fees