Author: Peter Todd 2017-09-29 02:10:33
Published on: 2017-09-29T02:10:33+00:00
In a recent email exchange on the bitcoin-dev mailing list, Matt Corallo asked about the real-world implications of a fee market in which users can pay less if they overpay. He expressed doubt that such a system would result in higher overall mining revenue, as he believes that users are likely to be presented with a list of options for fees and expected confirmation times. He noted that his own OpenTimestamps service is an example of how time sensitivity affects fee selection; getting a timestamp confirmed within 10 minutes of the previous one has little value to him, but if the previous completed timestamp was 24 hours ago, he is willing to pay significantly more money because the time delay is getting significant enough to affect the trustworthiness of the entire service. Peter Todd added that this kind of time sensitivity is probably true of a majority of Bitcoin use-cases, with the caveat that often the slope will be negative eventually: after a point in time completing the transaction has no value.
Updated on: 2023-06-12T19:12:53.934084+00:00