Episode 188: Crypto Coercion
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The Cost of Bitcoin
At the end of 2017, the average fees on the Bitcoin network got to be over 50 US dollars for a single transaction. Transactions take two weeks, whereas they used to take two minutes,. And now they cost $50 on average, Whereas they used to cost less than a penny. In 120 years from now, the Bitcoin block reward will run out and the miners won't get anything. So what they're thinking is that they need to have high fees on the network in order to pay the miners 120 years in the future.
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