Author: Peter Todd 2015-06-26 19:36:30
Published on: 2015-06-26T19:36:30+00:00
The article discusses the risks associated with an overload of transactions on the Bitcoin network. Firstly, users may not pay the required transaction fees to prioritize their transactions, and secondly, a backlog of unprocessed transactions may cause the network to become unreliable and illiquid. However, the supply and demand fee market can ensure reliable transaction confirmation by paying higher fees. The perceived lack of reliability is due to poor wallet software, which can be fixed more easily and less risky than a hard-fork. To combat these issues, wallets need to become smarter about fees, enabling users to set any fee/KB to wallets and support fee-bumping via (FSS)-RBF to wallets and Bitcoin Core. Additionally, displaying fee/KB on block explorers and making websites with easy-to-understand displays of current mempool backlogs and the necessary fee/KB needed to get to the front of the queue would help users deal with capacity limits. Finally, the article suggests that transactions fees are here to stay, and wallets and the Bitcoin community must adapt accordingly.
Updated on: 2023-06-10T01:09:30.156944+00:00