Author: Corey Haddad 2022-04-22 15:40:19
Published on: 2022-04-22T15:40:19+00:00
The context discusses how an increase in the number of use cases for Bitcoin affects all users and is not non-invasive. However, this statement is incorrect as the number of innovative ways to harness Bitcoin's existing capabilities or the complexity of optional transaction types have no bearing on transaction fees. The demand for blockspace from transactions, which is just plain use and not use cases, is what could drive up transaction fees. Philosophically, designers of the system work to make Bitcoin as useful, appealing, and secure as possible to create massive demand for blockspace, even in the face of high transaction fees. The health of the system can be measured by and depends on high transaction demand and fee pressure. The maxim of Peter Todd states that any change of Bitcoin must benefit all users. However, adopting a generic or model user to understand a proxy for "all users" is necessary in order to practically use this maxim. There will always be someone who wouldn't benefit from a change, and some users may even want Bitcoin to fail. Therefore, it cannot be assumed that people have alignment of goals or vision just by virtue of being a 'user'.
Updated on: 2023-06-15T19:12:40.405145+00:00