Author: Michael Naber 2015-08-11 18:55:56
Published on: 2015-08-11T18:55:56+00:00
The cost of achieving global consensus in Bitcoin cannot be artificially set by users, as market forces will ensure that supply meets demand. While offchain solutions may be used to avoid the cost of validation, technology limitations dictate the cost of global consensus. Attempting to set prices higher than what technology allows would result in being replaced by competitors, similar to how Amazon cannot charge more for cloud storage than what is technological feasible. Users seeking to participate in a global consensus network may turn to other solutions, such as BitcoinXT, if capacity is constrained below the limits of technology. The frustration between those advocating for bigger blocks and those who do not see the need lies in the fear of rising fees and potential consequences such as a dumb unbounded mempool design. Clear communication and direct answers are necessary to alleviate these fears and promote productive discussion.
Updated on: 2023-06-10T18:23:24.553640+00:00