question is: will fees be exponentially higher again when it reaches 20K & mempools are full?
RE: How High Transaction Fees Killed Bitcoin
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How High Transaction Fees Killed Bitcoin
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Probably not, maybe if it goes much higher. One of the main reasons why fees are now lower is that segwit is used more and more.
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interesting article (fyi)
https://medium.com/@mariabustillos/you-dont-understand-bitcoin-because-you-think-money-is-real-5aef45b8e952
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Hmmm, I read somewhere that with segwit we are at around 30 transactions/sec, because while it frees up more block size, it also takes less space. I could be wrong. I hope the Ligthening Network will be soon operational for everyone.
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LN is not Bitcoin, is a third party patented technology!
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Yes, but when it will be used it will lessen the load on the BTC blockchain.
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LN is like a parasite to Bitcoin....Are you saying a group of people who knowingly kept trans fees artificially high to convince people LN is the solution are doing a right thing?
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Well, I agree that it was kept artificially high yes. But really, if BTC is expected to scale with all these extra transactions, sooner or later a solution should be found. And just upping the size of the bocks is only a temporary fix.
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That doesn't make sense....how is that Gavin Andresen & Satoshi himself consider block size increase as the solution?
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I did the math below & it shows it increase the throughput by 4 TPS.
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Segwit conservatively frees up 60% of block size.
Let say each trans is 250 byte with 1MB block
60% X 1MB = 0.6MB X 1024 X 1024 = 629,146 byte
629,146/250 = 2,517 transactions
2,517/600 = 4 TPS
we get 4 transactions more per second....I don't think that should be called scalability!
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