In Defense of Bitcoin Transaction Fees

In Defense of Bitcoin Transaction Fees

Bitcoin does not need to scale. While Satoshi Nakamoto might have arbitrarily designed a 1MB  block size into the Bitcoin protocol with little explanation, many industry people forget that, just because that amount was arbitrary, does not mean the protocol must scale now or ever. The people who feel this way – in what essentially represents a conservative approach to the debate – have been shunned completely in the discussion known as the Bitcoin block size debate. Not scaling is not an option.

This is a great error as it obfuscates the real debate at hand. The reality is many Bitcoiners believe a conservative approach, even if that means no block size increase, is not preposterous. I am not saying it must be the answer. I am saying it is one possible answer for the multiple choice question regarding block size.

What happens if the block size is not increased? Fees increase. Perhaps Bitcoiners have a huge aversion to fees because many of the industry’s startups have not done

Read more ... source: TheBitcoinNews


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