Bitcoin Forum
May 10, 2024, 02:34:42 AM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 [2]  All
  Print  
Author Topic: What are the effects of lowering the average Bitcoin block confirmation time?  (Read 193 times)
Dunamisx
Hero Member
*****
Offline Offline

Activity: 854
Merit: 539


★Bitvest.io★ Play Plinko or Invest!


View Profile
May 13, 2023, 10:31:11 AM
 #21

Apart from the purging of low fee transactions from the mempool, would reducing the average block confirmation time help clear up the mempool and try to keep the average transaction fees lower?

Yes this may be may possible but consider the consequences that may follows.
1. Global hash rate may have to reduced drastically as well

2. Bitcoin mining difficulty might have to increase as well in same direction

3. Miners will suffer the cost because they won't have the bigger opportunity to incentivise for more profits

4. The average block confirmation time is likely to increase or decrease from the 10minutes average confirmation time.

Do you think such a thing can be implemented in the current situation where Ordinals are messing up the network big time?

I don't think so, they would rather maybe think of lifting ordinals transactions off the blockchain to layer 2



.
.BIG WINNER!.
[15.00000000 BTC]


▄████████████████████▄
██████████████████████
██████████▀▀██████████
█████████░░░░█████████
██████████▄▄██████████
███████▀▀████▀▀███████
██████░░░░██░░░░██████
███████▄▄████▄▄███████
████▀▀████▀▀████▀▀████
███░░░░██░░░░██░░░░███
████▄▄████▄▄████▄▄████
██████████████████████

▀████████████████████▀
▄████████████████████▄
██████████████████████
█████▀▀█▀▀▀▀▀▀██▀▀████
█████░░░░░░░░░░░░░████
█████░░░░░░░░░░░░▄████
█████░░▄███▄░░░░██████
█████▄▄███▀░░░░▄██████
█████████░░░░░░███████
████████░░░░░░░███████
███████░░░░░░░░███████
███████▄▄▄▄▄▄▄▄███████

██████████████████████
▀████████████████████▀
▄████████████████████▄
███████████████▀▀▀▀▀▀▀
███████████▀▀▄▄█░░░░░█
█████████▀░░█████░░░░█
███████▀░░░░░████▀░░░▀
██████░░░░░░░░▀▄▄█████
█████░▄░░░░░▄██████▀▀█
████░████▄░███████░░░░
███░█████░█████████░░█
███░░░▀█░██████████░░█
███░░░░░░████▀▀██▀░░░░
███░░░░░░███░░░░░░░░░░

██░▄▄▄▄░████▄▄██▄░░░░
████████████▀▀▀▀▀▀▀██
█████████████░█▀▀▀█░███
██████████▀▀░█▀░░░▀█░▀▀
███████▀░▄▄█░█░░░░░█░█▄
████▀░▄▄████░▀█░░░█▀░██
███░▄████▀▀░▄░▀█░█▀░▄░▀
█▀░███▀▀▀░░███░▀█▀░███░
▀░███▀░░░░░████▄░▄████░
░███▀░░░░░░░█████████░░
░███░░░░░░░░░███████░░░
███▀░██░░░░░░▀░▄▄▄░▀░░░
███░██████▄▄░▄█████▄░▄▄

██░████████░███████░█
▄████████████████████▄
████████▀▀░░░▀▀███████
███▀▀░░░░░▄▄▄░░░░▀▀▀██
██░▀▀▄▄░░░▀▀▀░░░▄▄▀▀██
██░▄▄░░▀▀▄▄░▄▄▀▀░░░░██
██░▀▀░░░░░░█░░░░░██░██
██░░░▄▄░░░░█░██░░░░░██
██░░░▀▀░░░░█░░░░░░░░██
██░░░░░▄▄░░█░░░░░██░██
██▄░░░░▀▀░░█░██░░░░░██
█████▄▄░░░░█░░░░▄▄████
█████████▄▄█▄▄████████

▀████████████████████▀




Rainbot
Daily Quests
Faucet
1715308482
Hero Member
*
Offline Offline

Posts: 1715308482

View Profile Personal Message (Offline)

Ignore
1715308482
Reply with quote  #2

1715308482
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1715308482
Hero Member
*
Offline Offline

Posts: 1715308482

View Profile Personal Message (Offline)

Ignore
1715308482
Reply with quote  #2

1715308482
Report to moderator
Freddie Boyer
Member
**
Offline Offline

Activity: 266
Merit: 20

Ultimate Launchpad on TON


View Profile
May 13, 2023, 10:38:17 AM
 #22

Implementing a lower Bitcoin block average confirmation time in the current situation with the existence of Ordinal causing major disruptions to the network may not be ideal. Once security issues are resolved, decreasing block confirmation times can help reduce bottlenecks in the mempool and provide faster confirmation times for transactions, which can improve user experience and Bitcoin adoption. There are also negative effects to consider such as the risk of a blockchain fork that could reduce the security of the Bitcoin network. In addition, decreasing block confirmation times can increase completion at nodes, making it more difficult for smaller nodes to participate in the network as well as causing the cancellation of the overall mining imbalance. and potentially lower miner penetration in the network.

▀██▀ ▀▀▀▀▀  ▄██████████▀          T O N U P          ▀██████████▄ ▀▀▀▀▀  ▀██▀
THE ULTIMATE LAUNCHPAD ON TON CHAIN
▀████▄     [      Twitter      ]    [    Telegram    ]    [     Medium     ]     ▄████▀
Pages: « 1 [2]  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!