Give me one good reason why I should not use legacy (1xxx) uncompressed addresse...
This comment was posted to reddit on Aug 06, 2022 at 12:04 pm and was deleted within 1 day, 11 hour(s) and 20 minutes.
Give me one good reason why I should not use legacy (1xxx) uncompressed addresses.
True in principle, but some thoughts with a little bit a napkin-math
The average fees per block are now in the magnitude of 0.1 BTC/block
The total fees per block are 6.25 BTC coinbase reward + ~0.1 fees, which is in the magnitude of 100k dollars.
if the fees stay the same in the future, and miners should offer the same security as today with just the fees, 0.1 BTC should have the same purchasing power of ~100k dollars today (purchasing power is important here, the cost of electricity, rent, staff etc. for the miners will also go up with inflation, so it does not matter how much bitcoin outperforms the dollar, but how much bitcoin outperforms the dollar adjusted for inflation!)
So, the purchasing power of 1 BTC needs to be at ~1 million dollars, adjusted for inflation in the future
-> The market cap of bitcoin would need to be 2-3 times the market cap of gold
If this is your investment thesis, then low fees (in satoshis) are fine.
And sure, if you are willing to wait a longer time, you might also get cheap TX in the future.