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Title: [2016-03-02] Increasing Bitcoin Block Size vs. Higher Transaction Fees Post by: jdebunt on March 02, 2016, 02:51:32 PM Are you in favor of higher transaction fees or a spectular Bitcoin block size increase? And why?
Now that the number of Bitcoin transactions is increasing for an unknown reason, a new debate has started to form on Reddit. Is it harder to increase the number of transactions on the Bitcoin network compared to increasing the transaction fees, or vice versa? On paper, the second option will meet a lot more resistance from the community, but as displayed by the current state of the network, people will pay higher fees to move funds. https://news.bitcoin.com/increasing-bitcoin-block-size-vs-higher-transaction-fees/ Title: Re: [2016-03-02] Increasing Bitcoin Block Size vs. Higher Transaction Fees Post by: DooMAD on March 02, 2016, 08:14:22 PM This increase in fees can either be a larger amount paid by each individual user, or better yet (in my view) a greater number of users paying fees. If we arbitrarily limit the number of transactions per block to something that could fit neatly into a floppy disk (and still have a bit of space left over), we are also arbitrarily limiting the amount of fees that can be collected per block. There needs to be a balance struck to ensure there is space enough for legitimate fee-paying transactions, but not so much space that most of the traffic being processed doesn't give any reward for the miners securing the network.
Title: Re: [2016-03-02] Increasing Bitcoin Block Size vs. Higher Transaction Fees Post by: Quantus on March 03, 2016, 01:21:15 AM This increase in fees can either be a larger amount paid by each individual user, or better yet (in my view) a greater number of users paying fees. If we arbitrarily limit the number of transactions per block to something that could fit neatly into a floppy disk (and still have a bit of space left over), we are also arbitrarily limiting the amount of fees that can be collected per block. There needs to be a balance struck to ensure there is space enough for legitimate fee-paying transactions, but not so much space that most of the traffic being processed doesn't give any reward for the miners securing the network. Our user base would need to be 10 times what it is today to secure the network at its current level after the mining reward drop. We have run out of time. We need to start paying for our network now. If Trump becomes the leader of the free world Bitcoin will likely be banned in the US. A bloated network can't run over tor. We need a lean and mean network that's self sufficient and secure. |