Author: Mike Hearn 2015-07-29 11:15:49
Published on: 2015-07-29T11:15:49+00:00
The article discusses various aspects of Bitcoin, including its transaction fees, the need for SPV wallets, the development of mechanisms to handle fees and the ledger structure. The author argues that the highest Bitcoin transaction fees can possibly go is a little higher than what the competition charges and that in many parts of the world, bank transfers are free. The author also states that SPV wallets are widespread and not notoriously terrible at detecting network forks. Furthermore, the author notes that fees were added as a way to get money to miners in a fair and decentralized way, but there are other ways to implement this besides attaching fees directly to all transactions. The author also discusses the need for upgrades and improvements to the protocol, including remote attestation from secure hardware, micropayment channel implementation, and designing and implementing upgrades rather than trashing the work done so far.
Updated on: 2023-06-10T04:07:30.033070+00:00