Author: Tom Harding 2015-01-22 15:19:26
Published on: 2015-01-22T15:19:26+00:00
In a post shared by Rune Kjær Svendsen on 17th January 2015, he shared a PDF document with the community and asked for their thoughts. The PDF was titled 'Impulse - A Proposal for Reduced Bitcoin Transaction Fees and Instant Confirmations' and outlined a proposal to improve transaction fees and confirmations.The author raises a question about the definition of success in relation to Bitcoin. He wonders if success can be defined by the appearance of "BitPay Payment Channels Accepted Here" signs in shop windows. This is an interesting thought as it highlights the need for wider adoption of Bitcoin to truly measure its success.The proposal suggests the use of payment channels to reduce transaction fees and provide instant confirmations. The idea is to create a network of payment channels that can route transactions between parties without the need for confirmation on the blockchain. This would allow for fast and cheap transactions while still maintaining the security of the blockchain.Overall, the proposal aims to address some of the key issues facing Bitcoin, such as high transaction fees and slow confirmation times. It will be interesting to see how the community responds to this proposal and if it has the potential to impact the future of Bitcoin.
Updated on: 2023-06-09T15:27:39.083734+00:00