Author: Raystonn . 2015-07-29 17:47:50
Published on: 2015-07-29T17:47:50+00:00
The email conversation between Vali Zero and Angel Leon through Bitcoin-dev mailing list expresses their opinions on the fee market for Bitcoin transactions. Vali Zero believes that a fee market will establish an equilibrium between the demand and supply of Bitcoin transactions, and people who can afford to pay higher fees will continue to use it while others may switch to altcoins. He thinks that spammers and gamblers would be the first ones to leave as they could get priced out due to the high fees. However, Angel Leon disagrees with Vali Zero's opinion and says that everyone should have the freedom to use Bitcoin irrespective of their transaction amounts or purposes. He argues that the network needs to increase its block size to cater to the increasing number of users, and if Bitcoin becomes useless, it's worthless. Vali Zero explains that a fee market will bleed value from Bitcoin and give it to alternative blockchains as people will exchange for something that allows them to transact with a lesser fee, then make the desired payment. Thus, anyone thinking the fee market can be restrained to Bitcoin alone is mistaken. In conclusion, both parties agree that the fee market will affect the usage of Bitcoin, but they differ in their opinions on how it should be managed.
Updated on: 2023-06-10T04:13:14.808459+00:00