Author: Dave 2015-07-31 14:29:14
Published on: 2015-07-31T14:29:14+00:00
The message posted on Bitcoin-dev mailing list suggests that "Fee market" is not a binary option and exists in varying degrees over time. As of now, the fee per transaction constitutes less than 0.5% of the rewards paid for mining a full block, making it a weak market signal for miners. This scenario is aimed at driving the use of Bitcoin as widely and cheaply as possible so that network effects will cement Bitcoin for all users. The author compares how email adoption would have looked if there had been a per-message fee and hourly sending limits with only the highest-fee messages being delivered. The analogy suggests that fees are necessary to keep the network decentralized, and avoiding fees just accelerates centralization.
Updated on: 2023-06-10T18:00:28.163754+00:00