Author: Un Ix 2015-07-31 13:59:55
Published on: 2015-07-31T13:59:55+00:00
The concept of a "fee market" in Bitcoin is not a binary option, but rather exists in varying degrees over time. As it stands now, the fee per transaction makes up less than 0.5% of the rewards paid for mining a full block, thus providing a weak market signal for miners. This is aimed at driving the use of Bitcoin as widely and cheaply as possible to cement its network effects for future users. To illustrate this point, an analogy was made with email adoption, questioning how many people would have used email if there had been a per-message fee and hourly sending limits. Miners do not get paid by fees, and they won't need to be paid by fees for decades to come. Therefore, asking miners to include transactions for free is not asking them to give away money.
Updated on: 2023-06-10T18:00:36.143471+00:00