0 sats \ 6 replies \ @katsu 16 Dec 2023 \ on: Why does bitcoin have such a large fee? bitcoin
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.
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?
reply
This was already done by bch (bitcoin cash) go look how good they are doing lol
reply
Do you think the worlds transactions can fit on a layer 1 blockchain? The entire purpose of bitcoin is using a blockchain 😂😂😂😂😂
reply
deleted by author
reply
Lack of any network scalability algorithm
reply
deleted by author
reply