Ok, so I have a question and have to ask… it is very important to understand why the exchanges charge such high fees, when it was the speed and low cost of transactions that appealed to those of us who supported the Bitcoin blockchain all those years ago, who were fed up with the extortion and thuggery of the banking industry, who sought a free and open world currency and decentralized platforms of exchange…
Most of us have a basic understanding of how the blockchain is maintained and how currency is mined, I’m not looking for that generic explanation, I’d like to understand who or what gets to decide when the difficulty of mining a block should be increased and in effect, the speed and fees of transactions altered.
Is the who or what a ‘bogeyman’ hiding in the curtains? And will this bogeyman’s greedy ways be the inevitable death of a beautiful idea?
Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
More people mining results in higher hashrate-bitcoin available for mining is limited you can't get more of it. So this is difficulty as far as I understand.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Congratulations @spike-on-steem! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit