Author: Eric Lombrozo 2015-06-14 20:10:41
Published on: 2015-06-14T20:10:41+00:00
The debate over the block size limit in Bitcoin has sparked discussions about its economic policy and transition from software to a free market. The size limit defines the fee market, making it an important decision for miners, developers and users alike. Various proposals have been made, but none have addressed the fundamental question of what the price of the scarce resource of the blockchain and the mechanism to decide on price will be once the subsidy runs out. In addition, fees are complicated by the fact that they are used as an anti-spam measure for relay nodes, creating two different fees being tacked on. Fee calculation heuristics for wallets are already far from trivial, adding another issue that needs to be addressed. While there is consensus that the block size limit needs increasing, to what and by what factor remains a contentious issue.
Updated on: 2023-06-09T22:55:08.374326+00:00