Bitcoin Forum

Just a "what if" scenario that made me wonder if it was possible to do, and if it is possible and was done, what the end result would be.

1.instead of selecting a transaction fee option, set a static transaction fee no matter what the amount is. This was in response to the miners choosing the transactions with higher fees so they get more and ones with zero fees get sent to the back of the line. Is there a way to just set it at something and everybody gets that amount.

2. every 5-10 years, bitcoin doubles in amount. Granted, it'd be making new bitcoin out of thin air but kind of a built in way to accumulate more bitcoin.

I don't recommend inflating bitcoin. It dilutes it's value and is unnecessary. 

1. bitcoin tax is not needed until 2140.. long after we are 6feet under. the only reason people pay the bitcoin tax now is not to have a healthy system, not because it helps bitcoin be faster. its because mining pool owners are greedy and selfish. feeding them with fee's makes them less pressured to holdout for a higher sell price, thus making them sell cheaper, causing price drops. so dont feed their appetites.

2. every 4 years bitcoin production halves.. which causes a bitcoin VALUE increase. but doubling bitcoin production every 5-10 years, means that after 12 million coins have been made in the last 5 years. you think that 24million coins should be made in the next 5 years, then 48 million 5  years after that.. ... i guess you need to go back to school and learn some economics

I wouldnt advise that

Transaction fees are fine as they are at the moment, as they are proportional to the size of the transaction and hence are fair. Miners *should* be accepting fees based not on the absolute transaction fee but rather the fee relative to the size of the tx.

As for the second, it achieves nothing except consistently devaluing Bitcoins. Why would we need that?

This would essentially be a "stock split" and the price of BTC would react accordingly - if everyone with any BTC now has exactly double the amount of BTC then the price of BTC will fall by exactly 1/2 and the market cap will stay exactly the same.

This is one of the worst ideas. Part of why bitcoin is attractive is because it has a known limited amount. If it indefinitely increases, that just dilutes the existing ones, and is no better than all the world government currently printing worthless fiat.

A better alternative is to increase the number of decimals that BTC can be divides by when the price of uBTC get to get too high

I could see maybe adding a POS system to keep the supply around 21 million in the distant future. It would have to be through a math based algorithm though so that no one person could change it.

If there is a static transfer fee, there are no incentives for miners to include large transactions (multiple input addresses) in the blockchain. They may never be confirmed. There is no one static fee that fits all transaction sizes, this is how the bitcoin transaction works.

Are you talking about large TX in terms of KB or in terms of BTC?

If in terms of KB then yes you are correct as it would take up more of their block, but in terms of BTC it would not affect miners

Inflating btc like that defeats one of the main purposes of its creation to Begin with...