Author: Thomas Zander 2015-08-12 07:54:24
Published on: 2015-08-12T07:54:24+00:00
In an email exchange between Jorge Timón and Thomas Zander on August 11, 2015, the two discussed the potential consequences of bitcoin reaching its transaction limit. Zander argued that fees rising due to scarcity was not the main issue, but rather the technical and marketing problems that would arise from a growing backlog of transactions. He noted that without technical solutions, nodes would crash, and new problems would emerge. In terms of marketing, Zander argued that if blocks were constantly full, it would limit bitcoin's use to only three transactions per second, which he claimed was too trivial for banks, Nasdaq, countries, and businesses to consider using. Moreover, Bitcoin itself would lose 99% of its perceived value. Zander proposed that if fees were to rise, then bitcoin must be viable for something bigger than the economic size of Iceland within six months.
Updated on: 2023-06-10T18:25:06.858572+00:00