Post
Topic
Board Development & Technical Discussion
Merits 1 from 1 user
Topic OP
Priority Transactions; What Are The Implications?
by
gogxmagog
on 20/11/2015, 20:38:12 UTC
⭐ Merited by ABCbits (1)
I was just reading about how BTCC is offering priority tx to users. If they want faster confirmations they pay extra and get pushed to the next block. BTCC has 13% of the network so I guess this method might work pretty good (for speeding up the tx in question) but I fear that all manner of negatives will come with it. If BTCC can make profits at this more parties will start doing it, pools and groups will form, it will be like mining where there is an arms race. Then it is all over the place and regular little tx fee transactions will take forever (like when stress testing)

I realize not all transactions require super fast confirmation but some types are dependant on it. Is this going to kick off a new arms race? What can be done to stop this before it gets out of hand? Bigger blocks? Are we finally going to see btc's inability to scale?

I've got a bad feeling about this but I don't understand the tech enough. Need I worry?

EDIT I just saw a thing on the Lightning Network which I didn't 100% understand but get enough of to see it is different than this (off chain) would Alan not be the perfect remedy to prioritized tx?