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BTC needs to update it's not for people making less than $2 a day narrative

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Written by   19
1 month ago

With transaction fees averaging $20 or more lately I started thinking man when I first started working I didn't clear too much more than that in a day. So I just did a bit of research. Current federal minimum wage is $7.25 an hour so for an 8 hour work day that's $58 before taxes and other deductions. In 2019 there were over a million people making minium wage or less in the US. That meas 1 transaction fee would eat up over a third of a persons wages for a day over a million people not in some third world country but in the US. You might thing that 1 million isn't too bad. OK lets take the $15 an hour minimum wage that's been proposed many times. Around 39 million people make less than that. That means for 39 million people a BTC fee would eat up over 1/6 of their daily income. Keep in mind that these figures don't include people not working so the number is really higher than 39 million.

So that's about 12% of the US workforce that a $20 transaction fee would eat up 1/6 of their daily wage or more. But what about the rest of the world? Well I couldn't find statistics for $15 dollars and hour but some research did turn up that around 82% of the worlds population lives on under $20 a day and 85% under $30 a day. So for 82% of the people in the entire world 1 tx fee would eat up their entire daily wages.

So with this info I say it's time to update that BTC is not for people making less than $2 a day narrative. It should be BTC is not for 85% of the world. Probably over 90% but I'm low balling here. If you needed another reason why BCH and it's low fees are the future here it is.

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