Why does bitcoin have such a high fee? I can't send my sats from onchain because the fee is as much as $30! I also can't open the lightning channel and have to use a custom wallet. Where is this decentralization and escape from governments when I have to give my money to large companies? Is decentralization only for the rich?
0 sats \ 1 reply \ @POTUS 16 Dec 2023
Everyone gets the bitcoin fees they deserve
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0 sats \ 0 replies \ @future OP 17 Dec 2023
I mean sats/vB. I know that the number of UTXO increases the size of the transaction and therefore increases the fee
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0 sats \ 6 replies \ @katsu 16 Dec 2023
Fees are high due to the limited space in each block, creating a competitive bidding for transaction inclusion. Some are willing to pay more than others. L1 decentralization might only be for the super rich in the future, that's why it's utmost important to have robust L2's built on top of Bitcoin L1 to make transacting cheaper for some.
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0 sats \ 5 replies \ @future OP 17 Dec 2023
L2 still requires onchain transactions. Additionally, L2 is not a real blockchain, so it defeats the entire purpose of bitcoin. Why don't we just increase the space in the block? 1 mb is too small for the current popularity of bitcoin. Currently, all methods of reducing the fee are based on reducing the transaction size (segwit, taproot), but why not just increase the block size?
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0 sats \ 0 replies \ @Annon 17 Dec 2023
This was already done by bch (bitcoin cash) go look how good they are doing lol
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0 sats \ 0 replies \ @POTUS 17 Dec 2023
Do you think the worlds transactions can fit on a layer 1 blockchain? The entire purpose of bitcoin is using a blockchain 😂😂😂😂😂
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0 sats \ 2 replies \ @Longtermwizard 17 Dec 2023
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0 sats \ 1 reply \ @future OP 17 Dec 2023
Lack of any network scalability algorithm
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0 sats \ 0 replies \ @Longtermwizard 17 Dec 2023
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