Author: Oliver Petruzel 2015-09-01 02:30:44
Published on: 2015-09-01T02:30:44+00:00
The discussion revolves around the feasibility and justification of transaction fees in Bitcoin, given Satoshi's original intention of creating a peer-to-peer electronic cash system. The concern is that high fees may make transactions prohibitively expensive, turning Bitcoin into something other than cash. However, some argue that fees are necessary to maintain decentralization and security in the network. Adam Ritter, for instance, believes that as long as the network is fair and secure, he would be okay with a $100 transaction fee. The white paper mentioned in the discussion suggests that even without the block size limit, transaction fees don't go to zero if miners don't centralize. While this is an interesting academic research finding, it does not address the practical concerns of users who use Bitcoin for long-term purchase value storage. Ultimately, the challenge is to strike a careful balance between decentralization and Bitcoin's use as a cash system.
Updated on: 2023-06-10T21:33:50.139760+00:00