Author: Mike Hearn 2015-06-19 10:19:17
Published on: 2015-06-19T10:19:17+00:00
Increasing block size may not be a long-term solution for Bitcoin, but it is debatable as it depends on the growth of Bitcoin and hardware improvements. Satoshi believed that increasing block size was a viable long-term solution, assuming hardware would get cheaper at a rate equal to or greater than Bitcoin's growth. A spreadsheet allows users to adjust parameters and make calculations. Higher fees are necessary due to lower subsidies, and eventually, there must be a mechanism that matches supply and demand. However, there is an upper limit on how high Bitcoin fees can go, and if fees become higher than what the banking system charges, many users will stop using Bitcoin. The way mining will be funded in the future is still open to question, but miners can always refuse to mine transactions that don't include a particular fee, even with a higher hard block size limit.
Updated on: 2023-06-09T23:25:42.152191+00:00