Post
Topic
Board Development & Technical Discussion
Re: Why do some people pay illogically high fees for transactions?
by
Synchronice
on 06/05/2023, 17:39:18 UTC
And why isn't there unity to fork bitcoin and increase the block size? There was a Bitcoin Cash fork from Bitmain, that owns Antpool and BTC.com, with aim to increase block size and get rid of stuck transactions, however, people here hate BCH and don't support it, what's the reason?
BCH has 8MB blocksize while BTC has 1MB. If you increase blocksize, considering all the blocks will be filled, it will cost more to run a node which will create less interest in running a full node. The more nodes you have, the more decentralized network it is. Since a node has no monetary gain, people wouldn't voluntarily spend a lot of money to run a node.
If people spend tens of dollars in every transaction fees, will they really hesitate to buy a cheap 4TB HDD?
Also, do we live in 2010 or 2016? Technology is advancing, things are getting affordable, so I don't see the problem in increased storage. By the way, you can use HDD instead of SSD and your costs will dramatically decrease. To be honest, people who run bitcoin node, do so because they support bitcoin and want something truly decentralized, $50 can't push them to change their mind. And even if new person wants to run node, most likely storage won't be an issue, there are a lot of people who have terabytes of storage on personal computers.

Apart from that, it will lower the profit for miners too if I understand correctly. If the profit becomes lower for the miner, the number of miners will be decreased, and again, as philipma1957 said, will be easier to manipulate the fee. Maybe with fewer miners than right now we have, you may see no more 1sat/byte tx because it will be easier to manipulate the fee.
Halving lowers the profit for miners but that doesn't mean that halving is unnecessary. When profit becomes lower but the support remains the same or increases, price increases too. You completely ignore the fact that high transaction fee is something that pushes a lot of people to use altcoins for transactions. This affects the bitcoin and its adoption very negatively.