Post
Topic
Board Bitcoin Discussion
Re: Excessive Bitcoin fees
by
Casdinyard
on 05/08/2024, 16:07:49 UTC
What will happen when only large institutions can afford to use Bitcoin's blockchain, due to rising fees? Won't this centralize the network if most can only trade bitcoin on centralized exchanges?
Fees are the least of your concerns at this point. I mean it's definitely part of a larger problem, but most of this wouldn't happen if not for the fact that bitcoin's not made to be this massive in the first place. And while you have a point with centralizing bitcoin pools since now they can only be traded in exchanges and nowhere else, the equivalent is pretty much centralization as well, in terms of increasing the size of each bitcoin block which is currently limited to only 1mb (correct me if I'm wrong).

So yeah, at this point I would say we're in a deadlock situation where every option we have leads to centralization of network congestion, and in that regard, I'd be more than happy to choose the lesser destructive option between the two which is just keeping things as it is.