Published on: 2023-03-05T21:58:51+00:00
The bitcoin community is considering a new protocol rule called min_fees, proposed by Giuseppe B. This rule would require miners to specify a minimum fee for the following block to be valid. The aim is to address the issue of low transaction fees and increase network security. Currently, transaction fees can be very small due to ample space in blocks. Users are willing to pay higher fees, but only if others do too. Miners also want higher fees. By implementing min_fees, the equilibrium could be brought closer to a socially optimal state. However, there are concerns about potential reorgs/orphan rates and chain instability. Further analysis and discussion are needed before implementing the rule.
Updated on: 2023-08-02T09:02:11.454433+00:00