Author: Tim Witters 2015-06-19 12:03:48
Published on: 2015-06-19T12:03:48+00:00
The author raises several questions about the impact of a strong fee market on Bitcoin adoption and decentralization. They question how Bitcoin can compete with services like PayPal if fees are not competitive, which could deter user adoption. Additionally, while layer 2 solutions like Lightning Network could facilitate scalability, they still require fees when settling on the actual blockchain. This move towards monthly payments could lock money for the duration of the payment channel, which contradicts one of Bitcoin's main selling points of instant payment. Moreover, the author wonders about the incentives to keep running a node if people start using layer 2 systems. They argue that a strong fee market might hurt the young ecosystem more than help it and that miners are already compensated enough. The author suggests letting miners decide through proposals like BIP100.
Updated on: 2023-06-10T00:01:14.659334+00:00