Bitcoin blocks will ultimately fill up and fees will increase accordingly, another community figure has warned as a spike in volume continues.
Somsen: Make ‘Smarter Use’ Of Block Space
In a series of tweets April 10, Ruben Somsen, podcast host and long-time convenor of the Seoul Bitcoin Meetup, argued that despite fees increasing, they are part of Bitcoin’s overall transformation into a global payment system.
The impact, he argued, does not have to be a negative one.
“Blocks WILL be full sooner or later. We’re not making smart use of block space, so we’re likely to experience a bumpy fee ride until people adjust their behavior,” he wrote.
…It costs miners virtually nothing to add a transaction. Block space is given to the highest bidder – if nobody bids, it’s practically free. If you think mass replicated immutable blockchain data is at least worth something, then it logically follows that blocks WILL be full.
The topic of Bitcoin transaction fees has returned to the spotlight over the past week after…