Author: Gregory Maxwell 2017-12-21 22:44:32
Published on: 2017-12-21T22:44:32+00:00
Melvin Carvalho, in a recent email, raised concerns regarding the long-term security of Bitcoin once the reward goes away and fees replace the block reward. While fees were previously only around 10% of the block reward, they have now reached 45%, leading to concerns that fees per transaction may be prohibitive for some use cases at this point in the adoption curve. However, this also bodes well for the long-term security of the coin. Segwit adoption currently stands at around 10%, with segwit usage giving a good indicator of market signals. Despite congestion being at a peak, it is possible that this will come down over the long weekend. Some evidence suggests that a portion of the current high rate congestion is contrived traffic. Melvin Carvalho suggests that we should look most strongly at difficult to forge market signals rather than just claims, and that more can be done for education to ensure that market signals are efficient. Additionally, we can also look at other inefficient transaction styles such as uncompressed keys, unconfirmed chaining instead of send many batching, and fee overpayment.
Updated on: 2023-05-20T04:35:45.628640+00:00