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by kallewoof
1995 days ago
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Or: Bitcoin has an incentive model based on transaction fees. This is currently being "boot-strapped" by a mechanism called subsidy, where miners get "extra" bitcoin aside from the transaction fees. That subsidy shrinks every 4 years and will eventually be zero. As we move towards that point, the transaction fees need to be high enough that the miners are incentivized to continue protecting bitcoin. For regular coffee-style orders, this becomes infeasible; that's why you can use layer-2 (or higher) tech to pay really low fees for each transaction. As Bitcoin usage increases, we hit new speed bumps -- transaction fees spiking was one of them. While this is the inevitable (for a successful bitcoin) future, there need to be ways to make cheaper payments, but everyone (who's given it some thought, and who doesn't have an agenda of some kind) agrees that permanently storing coffee sales in the blockchain directly is not the way to go, if we can avoid it, and we can. |
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