Post
Topic
Board Bitcoin Technical Support
Merits 4 from 1 user
Re: [May 2024] Fees are low, use this opportunity to Consolidate your small inputs
by
BlackHatCoiner
on 25/05/2024, 09:28:32 UTC
⭐ Merited by LoyceV (4)
If blocks are ten times larger (and still full), just 1 sat/vbyte is enough to double that.
That's a bold hypothesis. We're 15 years after the creation of Bitcoin, and how many users actually do "legitimate" transactions? Like, transactions where they don't just store trash using tapscript. 'Cause I remember before Ordinals, I was paying 1 sat/vb and had it confirmed within the next few minutes.

And as I already said, I'm not arguing that a subtle block size increase will destroy the fee market competition completely. It's just not going to resolve the scalability issue. It'll be a temporary solution. If 1 BTC = $1M, then 1 sat/vb will still be $1.40 for an average segwit native transaction. That still is expensive and unappealing for when making lots of transactions every day, let alone larger in size.

I'm not worried about block rewards 20 years in the future, I'm worried about the current status.
To be honest, I'm worried about the future because Bitcoin is the foundation of the future of money. My concerns are more about what will happen in 20, 50, or 100 years from now.

This may sound a bit anti-Bitcoin, but after four years of exploring Bitcoin, I've come to an important conclusion: Bitcoin is not meant for buying coffee or conducting other low-value transactions, at least not on-chain. It represents the best monetary standard we can have, and using it for such purposes undervalues its true potential.

If you want a peer-to-peer cash system with low on-chain fees, excellent privacy, and a similar level of decentralization, then Monero is the ideal choice. It functions exactly as desired. Its dynamic block size is superior to any fixed size if your sole goal is to maximize the number of on-chain transactions.