The first phase of the Scaling Bitcoin workshop was held in Montreal from September 12-13. The event featured several presentations and academic papers from experts discussing the issues of scalability, block size limits, and many others.
Among the presentations made during the Scaling Bitcoin conference was on how bitcoin wallets can handle real transaction fees by speaker Bram Cohen. He is best known as the author of the peer-to-peer BitTorrent protocol, as well as the first file sharing program to use this protocol.
Issues on Scaling Bitcoin
Cohen began by specifying that the discussion is focused on consumer wallets without microchannels and that of transaction fees. Although the use of bitcoin promises zero to minimal transactions costs, he mentioned that these are typically determined by supply and demand.
He went on to explain how both supply and demand can be prone to fluctuations, which is often observed in cycles. He suggested that consumers who are patient enough to wait for demand to be much lower should be rewarded with lower transaction fees.
When it comes to applications on wallet interfaces, he suggested that a customer should have the option of setting a maximum transaction fee and how long he or she