Does the network... gulp ... stop???
Post by twetch#2159
The halving means 1/2 the amount of bitcoin subsidy per block reward, so there is 1/2 the amount of ‘new’ bitcoin available every 10 mins on avg. The miners and market have to adjust the price the new coin is sold at to stay profitable.
What the chain says
- Block
- 622 675
- Time
- 2020-02-19T00:26:17Z
- Signer
- 1Q3FasGpiaUP5EzMRJsdDk4EJS1ekZ2d7r
- App
- twetch
- Type
- post
- Content type
- text/plain
- Name in tx
- twetch#2159
Fields the transaction did not carry are omitted. Open the payload to see the bytes as stored.
Signed by
1Q3FasGpiaUP5EzMRJsdDk4EJS1ekZ2d7r VerifiedReplies (4)
You have to think in terms of the amount of coin available - supply & demand, per block reward. Also transaction fees are meant to replace the block subsidy, so ideally the # of txs and fees should rise to make up the difference.
But that means unless transaction frequency goes way up fees go up. And then people will question if they want to use this network or not. I see the logic. Hopefully there are plenty of transactions to balance fees.I wonder how it will actually play out 🤔
The whole reason we big blockers have been fighting to remove the blocksize cap has been specifically to increase the # of transactions per block and thus the total fees earned per block to make up for the halving. Bitcoin must scale or die.
It isn’t the # of transactions alone - it’s the fees per byte, so applications are required that create more reasons to transact, such as storage and computation which apps like Twetch prove works on BSV.