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RE: How High Transaction Fees Killed Bitcoin
question is: will fees be exponentially higher again when it reaches 20K & mempools are full?
question is: will fees be exponentially higher again when it reaches 20K & mempools are full?
Probably not, maybe if it goes much higher. One of the main reasons why fees are now lower is that segwit is used more and more.
interesting article (fyi)
https://medium.com/@mariabustillos/you-dont-understand-bitcoin-because-you-think-money-is-real-5aef45b8e952
Hmmm, I read somewhere that with segwit we are at around 30 transactions/sec, because while it frees up more block size, it also takes less space. I could be wrong. I hope the Ligthening Network will be soon operational for everyone.
LN is not Bitcoin, is a third party patented technology!
Yes, but when it will be used it will lessen the load on the BTC blockchain.
LN is like a parasite to Bitcoin....Are you saying a group of people who knowingly kept trans fees artificially high to convince people LN is the solution are doing a right thing?
Well, I agree that it was kept artificially high yes. But really, if BTC is expected to scale with all these extra transactions, sooner or later a solution should be found. And just upping the size of the bocks is only a temporary fix.
That doesn't make sense....how is that Gavin Andresen & Satoshi himself consider block size increase as the solution?
I did the math below & it shows it increase the throughput by 4 TPS.
Segwit conservatively frees up 60% of block size.
Let say each trans is 250 byte with 1MB block
60% X 1MB = 0.6MB X 1024 X 1024 = 629,146 byte
629,146/250 = 2,517 transactions
2,517/600 = 4 TPS
we get 4 transactions more per second....I don't think that should be called scalability!