Re: Transaction fee has gone up by 10x during the last two weeks
The network congestion cannot be controlled right? Unfortunately, bitcoin wasn't developed to solve this problem particularly.
Hmm, No.
Sure it could, increasing blocksize to a mere 8mb or changing blockspeed to 2.5 minutes would dramatically increase the onchain transaction capacity.
Before the LN hype for offchain banking, something sensible like the above would have been done.
Bitcoin does not need to match visa, it only needs to be able to handle it current requirements, of which fees increase because of devs refusing to upgrade the onchain system.
Instead of bitching about the fees, You should be bitching about why the core devs never improved the onchain capacity.
Fees are going to go up over time, because the onchain capacity is limited, with no plans to improve it , not even on a gradual basis.
8mb blocks can be filled as easy as 1-2mb blocks. Let's say we increased the block size to 8mb and the network became congested again, then what increase to 32mb? Let's say we increased it to 32mb and it happened again, then what? Alright this time we reduced the block times to 2.5mins... then what?
Your suggestions are only reducing the security levels of bitcoin. Nothing else.
Bitcoin isn't something you can fix just by fiddling with the numbers. It is complicated af.
There are shitton of big block, small block time coins and none of them has any user demand at all. I wonder why... Because they are insecure piece of shit. That's why.
Compared to what you lose, What you get from increasing the on chain capacity by fiddling with numbers isn't worth it.