Post
Topic
Board Bitcoin Discussion
Re: Do increased Bitcoin fees benefit anyone else except miners?
by
hatshepsut93
on 30/04/2024, 20:03:14 UTC

There are a couple of key points to consider: First, If miners can change Bitcoin to increase the fees is Bitcoin really decentralized? Second, and most importantly, do these increased fees help bitcoin to be a better form of digital cash?

Miners didn't make any changes to the Bitcoin protocol, they can't even do that if they wanted, because everyone needs to install the new software. And these tokens on Bitcoin blockchain are possible because of the features that always existed in the protocol - it's an oversight, not an intentional change. It would take us a fork to kill these tokens, but the devs are very conservative and try avoiding changes as much as possible.

Higher fees mean more profits for miners and as the result more competition and more hashpower in the network - so in the end more security. But these tokens didn't raise the fees for long term, it's just a mania like with tulip bulbs, when it's over they have no effect on fees.