Author: Jared Lee Richardson 2017-03-30 21:52:01
Published on: 2017-03-30T21:52:01+00:00
The discussion on Bitcoin-dev mailing list revolves around how rising fees could affect the Bitcoin network and its users. While some argue that increasing fees would force home users to stop using the network, others believe that most home purchases will still fit within the blocksize limit even without a blocksize increase. The focus should be on not losing the core innovation of monetary sovereignty in pursuit of supporting only 0.1% of the world's daily transactions. An altcoin with both lower fees and monetary sovereignty would take over Bitcoin's crown. Additionally, small miners who use pools for smaller, more frequent payments would be affected by rising fees and it could lead to centralization of mining power. However, it is argued that fees do not change the payout rate for miners who get paid on average once every ten minutes.
Updated on: 2023-06-11T23:05:06.210991+00:00