Author: Erik Aronesty 2022-07-13 12:18:43
Published on: 2022-07-13T12:18:43+00:00
Bitcoin's network security is maintained by users who act out of self-interest, rather than relying on fees. This is achieved through running nodes and mining later. Bitcoin has always been incentivized by holders acting in their own interest, so if large holders allocate a small percentage to mining, this is sufficient to protect the network. While some may not like protocols that work this way, it is a good design as it relies on bitcoin growing in utility compared to fiat currencies. However, if it fails to do so, there is no point in maintaining the network. The discussion around designing protocols for "price go up forever" is seen as a bad idea.
Updated on: 2023-06-15T22:48:36.486835+00:00