Author: Melvin Carvalho 2018-02-12 17:23:35
Published on: 2018-02-12T17:23:35+00:00
Melvin Carvalho, a member of the Bitcoin community, raised concerns about the long-term security of the blockchain once the block reward goes away and is replaced by fees. According to him, fees currently make up 45% of the block reward, with the potential to reach 50%. While this bodes well for the coin's security in the long term, transaction fees may be too high for some use cases, especially considering that segwit adoption is only at around 10%. The mempool has been congested, but it has come down significantly since then. Fees typically range from $2.06 on a $543 transaction to $3.47 on a $75,000 transaction. High-value transactors tend to get a better deal than the mean, leading to the possibility of more progressive fee approaches over time. Segwit adoption has increased, and the release of version 0.16 may have a positive effect. Lightning network adoption on mainnet is also increasing, which leads to the prediction that over 1% of BTC transactions will be lightning-based by year end. Melvin hopes these stats provide useful data points for project evolution.
Updated on: 2023-06-12T23:16:24.851984+00:00