> Without congestion, users will just pay the minimal fee, which doesn't amount to much even with enormous tx volumes.
But that minimal fee is chosen by the miner.
And historically, the minimum miner acceptable fee has been <= 1 cent per tx. A single miner (or any group short of a supermajority) that starts raising their minimal fee will just see their margins erode.
And historically, the minimum miner acceptable fee has been <= 1 cent per tx. A single miner (or any group short of a supermajority) that starts raising their minimal fee will just see their margins erode as other miners take over their fees.
Re:Why the Bitcoin Security Model Is Broken
by thisconnect on Tuesday July 30, 2024 @03:42AM
(#41106921)
1 sat/vByte
Actually, the minimum used to be 0 sat/byte.
"I don't anticipate that fees will be needed anytime soon, but if it becomes too burdensome to run a node, it is possible to run a node that only processes transactions that include a transaction fee." - Satoshi Nakamoto
https://www.bitcoin.com/satoshi-archive/emails/mike-hearn/1/...
This is quite wrong. The only way to make users pay substantial fees is to create a fee market by constraining block space. Without congestion, users will just pay the minimal fee, which doesn't amount to much even with enormous tx volumes.
For this reason Bitcoin Cash will have a security problem long before Bitcoin does.
The way to avoid problems in the distant future is not to cap supply [1].
[1] https://john-tromp.medium.com/a-case-for-using-soft-total-su...