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Author Topic: Is anyone concerned about the mempool size?  (Read 216 times)
leonair
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December 04, 2023, 02:56:55 PM
 #21

If bitcoin really became the backbone of the world's financial system, as every bitcoiner dreams of, it will be impossible for anyone to have a transaction confirmed on the main chain. The fee price will be so high that only corporations, financial institutions and governments will have the cash flow to do it. Second layer solutions demand a main chain transaction, so it won't help. Even early adopters will be forced to move to second layer solutions.
At this pace bitcoin is becoming a tool for the system it was created to destroy.
Bitcoin transaction fees will remain high as long as there are abnormal rates of transactions. The reason why the transaction fee increases when a vulnerable transaction starts is because the transaction with the highest free will be confirmed first. That's because the block always gives the highest priority to the one with the highest transaction free. In this case, many are willing to pay high fees to complete the transaction quickly, due to which everyone is demanding high fees. And thus the transaction fees only keep on increasing.  Again, when the transaction volume returns to normal, the free comes down again



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December 04, 2023, 03:09:00 PM
 #22

Bitcoin transaction fees will remain high as long as there are abnormal rates of transactions. The reason why the transaction fee increases when a vulnerable transaction starts is because the transaction with the highest free will be confirmed first. That's because the block always gives the highest priority to the one with the highest transaction free. In this case, many are willing to pay high fees to complete the transaction quickly, due to which everyone is demanding high fees. And thus the transaction fees only keep on increasing.  Again, when the transaction volume returns to normal, the free comes down again
The miner chose the transactions to be include in a block, not the block automatically chose the transactions that has highest fee. Most miners choose transactions that has a high fee because they can earn more money than the transactions that has middle or low fee.

High transaction volume not necessary make the fee went high, if every people are make transactions by paying 1 sat/vbyte, it's won't increased to 2 sat/vbyte.

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December 04, 2023, 03:44:48 PM
 #23

If bitcoin really became the backbone of the world's financial system, as every bitcoiner dreams of, it will be impossible for anyone to have a transaction confirmed on the main chain. The fee price will be so high that only corporations, financial institutions and governments will have the cash flow to do it. Second layer solutions demand a main chain transaction, so it won't help. Even early adopters will be forced to move to second layer solutions.
At this pace bitcoin is becoming a tool for the system it was created to destroy.
I don't really hope or think that BTC will ever become the backbone of the world's financial system, because not every country is going to adopt it, and even if they do adopt it globally, it will be abandoned after some time just like countries are trying to become independent of US dollars (example is BRICS). Even if BRICS can't oppose the US fully but it does make some impact. Just like that if BTC becomes the backbone of the financial world then it will also be opposed by rivalries.

Anyway, I agree with you on the fact that BTC is not scalable, because it can't even process the transactions of every citizen of El-Salvador if made. The transaction process time and block size is very slow. It has to be increased if BTC wants to become the backbone of the world's financial system.

The fee is already high and the scalability problems are already showing up even if it has not become a backbone yet, And talking about L2 solutions like lightning network, which you said, not going to work, but how in what way, because it did help us to reduce the transaction fee.

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December 04, 2023, 04:12:17 PM
 #24

This whole high transaction fees thing with Bitcoin can definitely be worrying if you send and get paid in BTC a lot.  I mean, having to cough up more in fees just to make sure your payment goes through quicker is kind of a pain.  But in the big picture, it's probably not something to freak out about too much and  stuff like this happens sometimes

The good news is there seem to be ways to handle these kinds of scaling problems. that hopefully can help with capacity down the road.  For now fees might stay higher when traffic gets congested, but it's likely just short-term noise and not a permanent issue.

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