Author: Peter Todd 2015-06-27 17:37:24
Published on: 2015-06-27T17:37:24+00:00
In an email conversation, Benjamin expressed doubts about the Bitcoin system's capacity and how it works. He mentioned that there is no supply and demand in the system which would allow users to adapt fees and get different qualities of service depending on current capacity. However, Peter Todd rebutted this claim by stating that the Bitcoin system already works in that way. The system has fixed capacity where access is mediated by supply and demand transaction fees. This means that during peak load times, the fees are higher and users delay transactions to smooth out demand. Todd directs Benjamin to his article on how transaction fees work for more details.
Updated on: 2023-06-10T01:20:17.663161+00:00