Monero user pays $0.02 in fees to transfer $62000

I recently paid 2 cents in fees to transfer $62,000

Thanks Monero

https://twitter.com/moneroprophet/status/1651973270768345088

Why are Monero fees so low?

Monero's low fees are due to its dynamic blocksize and perpetual tail emission. The dynamic blocksize creates miner competition which leads to fees reducing over time and as usage increases and tail emission ensures mining security over time.

Is it secure to spam and bloat attacks?

Yes! The dynamic blocksize algorithm uses a block penalty. If a miner mines a block bigger than the previous blocks, the block reward will be lesser than the usual. So if total tx fees are 0.6 XMR, and the penalty is 0.5 XMR, the miner makes a profit of 0.1 XMR over normal block reward and so increases the blocksize. Conversely, if the fees are 0.3 XMR and the penalty is 0.5 XMR, the miner would net a loss of 0.2 XMR and therefore doesn't mine a bigger block.

More reading: https://localmonero.co/knowledge/dynamic-block-size