Post
Topic
Board Bitcoin Discussion
Re: Excessive Bitcoin fees
by
Alone055
on 12/04/2024, 17:12:25 UTC
What makes Bitcoin Decentralized?  Nodes? Nodes are not currently making decisions about the network.  Who is?

The fact that no centralized authority or entity is controlling Bitcoin or its network makes it decentralized. Miners are the ones making decisions about the network by mining new blocks containing transactions, there is no other decision-making other than that.

What are the developers, who are making the decisions about the network(decentralized?) doing to fix this problem?  They are adding Inscriptions and Runes to the network which is increasing the size of the block and increasing fees.

Bitcoin developers are not making any decisions about the network nor can they change anything in the existing network or blockchain. They can modify it and create new versions out of it, Bitcoin Cash is an example of that among others.

How well is the network going to work with fees at $15 to $30 US dollars per transaction?

Transaction fees are not always that high, it's just sometimes when the network gets extremely congested which makes transaction fees go higher since everyone wants to have their transactions confirmed first and miners give priority to transactions with higher fees.

Bitcoin has been turned into a centralized TradFi investment for the wealthy.  The exact opposite of what it was intended to be. It was intended to be a decentralized, peer-to-peer form of electronic cash.

It was intended to be a decentralized peer-to-peer electronic cash and it is still that, what makes you think it has changed from that other than the fact that it has become extremely popular? It still works the same way it did in the beginning, there will surely be some changes when there are more users in the network.