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Title: [2016-05-08] Building a Better Bitcoin Fee Market Post by: Y.Job on May 08, 2016, 08:04:20 PM Over the past year, we have seen the fee market for bitcoin transactions evolve at a rapid pace. As transaction volume continues to increase, so does the demand for block space, which remains in limited supply of 1 megabyte (MB) approximately every 10 minutes.
ADVERTISEMENT As we have debated the issue of increasing the supply of block space ad nauseum, this article will focus on the history and current state of bitcoin transaction fees. The fact is that the pressures resulting from high contention for block space have degraded user experience and thus incentivized bitcoin wallets to make adjustments in order to keep their users happy by ensuring timely confirmation of transactions. However, we're a long way from operating an optimal fee market. http://www.coindesk.com/building-better-bitcoin-fee-market/ |