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Vlad, Bitcoin Takeover Podcast
@Vlad
In order to maintain its security, Bitcoin needs high transaction fees on the base layer. Wait, what?!

As the mining reward gets reduced in half after every 210.000 blocks (~4 years), the miners need to get paid in order to afford sustaining their security service.

As outlined in the Bitcoin whitepaper and according to the inflation schedule to 21 million coins, mining will at one point get paid entirety by transaction fees.

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#bitcoin #bitcoinpodcast #bitcointransaction #bitcoinfees #bitcointransactionfees #bitcoinsecurity #bitcointakeover #btctkvr #bitcointakeoverpodcast #podcast #21million

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nostrich · 155w
My off the cuff feeling is that Bitcoin fees should rise and fall organically based on supply and demand. Rather than some artificial manipulation. Bitcoin seeks purity in its monetary policy. Rather than inflation, debasement and violations of trust..🤔
Melvin Carvalho · 155w
Miners dont really offer a security service. They offer an ordering service. They also, through proof of work, ensure a fair distribution (92% complete), not including Satoshi's gifts.
nostrich · 112w
Whitepaper also says transactions should be cheap. Anyone who chooses to pay more is a fool. ETH Classic might be one example of a reorder / double spend but Litecoin and other smaller coins have not had that problem. The whitepaper design, with halvings and all, may be flawed. But even if it isn't...