Author: CJP 2015-07-15 20:19:56
Published on: 2015-07-15T20:19:56+00:00
In an email conversation between Nick ODell and Rusty, the topic of Bitcoin fees was discussed. Nick compared Bitcoin fees to internet access fees, which have related costs for every physical hop in the internet. Rusty argued for a fee that scales with Satoshi-seconds, meaning the amount of time it takes to complete a transaction will determine the fee. This would ensure the fee scales with the actual scarce good being consumed - the ability to lock funds for a certain period of time. However, CJP believes participants should be free to choose their own fee structure, and that virtually any fee structure is possible as long as trust exists between two sides of a link. Certain fee structures require special features from the underlying technology to make fees trust-free, such as the Satoshi-seconds structure which requires an extension of the micro-transaction channel design.
Updated on: 2023-05-23T18:10:57.554609+00:00