Crypto 101 | VIDEO: Just Released: Andreas Antonopoulous: Bitcoin Q&A: Fee markets, SegWit, and Scaling (8 mins) - Super practical resource here today!! (Other videos inside post also)
Andreas M. Antonopoulos is an early pioneer, adopter & educator in the Bitcoin/Crypto space if you have not heard of him.
He routinely puts out some of the best information going. He speaks plainly and simply with some humour!
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He travels the world preaching the Bitcoin, Liberty, Crypto and Blockchain gospel and is one of the most well respected lecturers and teachers in the crypto world!
I always include a library of AA's videos in these posts, just like he does in every one of his YT channel videos. These are things for you to use, save, watch, share, and learn from if you have time now or come back to later if you wish. It's here to help you, with extra resources.
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This resource showed up in my email inbox today, have a watch, share it with those who are learning.
Follow Andreas & Barry on Twitter:
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https://twitter.com/aantonop
https://twitter.com/BarryDutton
Published on Jun 20, 2017
"High" transaction fees and the future feasibility of micro-transactions. Transaction costs represent inherent real-life constraints on scalability and resource availability in the network. It costs money to host fully validating nodes. There is no such thing as a free lunch.
Bitcoin was able to achieve zero-fee transactions because the cost was subsidized by the mining reward and bitcoin's value increasing at a faster rate than resources were being consumed. It is not because of the block size limit; as you scale up, the amount of competition for space will also grow. We will see increases in the block size eventually, and add second-layer systems like Lightning Network.
Bitcoin is a dynamic and evolving system and the rate of innovation has exploded over the last few years. Appointing third parties to determine which transactions are "spam" opens up opportunities for censorship. Sufficient fee is a market-based mechanism. Even if your transaction doesn't have sufficient fee at the time, it could still be confirmed later when there is less demand for the network. Transaction malleability.
Segregated Witness is the best scaling that exists right now. For many miners, it represents a potential loss of profit but only if they're not willing to evolve their software and participate in payment channels. If we choose not to expand the scale of the network, that doesn't mean Bitcoin stops working; it means that Bitcoin will specialize in high-value, global, secure transactions. Nobody gets to decide what Bitcoin and we don't know what it will become. The recipe has been replicated in other cryptocurrencies, and that's how a market should work -- allowing the full forces of evolution and specialisation to operate.
This is part of a talk which took place at the JW Marriott Sahar (International Airport) on March 26th 2017 in Mumbai, India: https://www.townscript.com/e/bitcoin-...
Watch the full talk here:
He routinely puts out some of the best information going. He speaks plainly and simply with some humour!
--
He travels the world preaching the Bitcoin, Liberty, Crypto and Blockchain gospel and is one of the most well respected lecturers and teachers in the crypto world!
I always include a library of AA's videos in these posts, just like he does in every one of his YT channel videos. These are things for you to use, save, watch, share, and learn from if you have time now or come back to later if you wish. It's here to help you, with extra resources.
--
This resource showed up in my email inbox today, have a watch, share it with those who are learning.
Follow Andreas & Barry on Twitter:
--
https://twitter.com/aantonop
https://twitter.com/BarryDutton
Published on Jun 20, 2017
"High" transaction fees and the future feasibility of micro-transactions. Transaction costs represent inherent real-life constraints on scalability and resource availability in the network. It costs money to host fully validating nodes. There is no such thing as a free lunch.
Bitcoin was able to achieve zero-fee transactions because the cost was subsidized by the mining reward and bitcoin's value increasing at a faster rate than resources were being consumed. It is not because of the block size limit; as you scale up, the amount of competition for space will also grow. We will see increases in the block size eventually, and add second-layer systems like Lightning Network.
Bitcoin is a dynamic and evolving system and the rate of innovation has exploded over the last few years. Appointing third parties to determine which transactions are "spam" opens up opportunities for censorship. Sufficient fee is a market-based mechanism. Even if your transaction doesn't have sufficient fee at the time, it could still be confirmed later when there is less demand for the network. Transaction malleability.
Segregated Witness is the best scaling that exists right now. For many miners, it represents a potential loss of profit but only if they're not willing to evolve their software and participate in payment channels. If we choose not to expand the scale of the network, that doesn't mean Bitcoin stops working; it means that Bitcoin will specialize in high-value, global, secure transactions. Nobody gets to decide what Bitcoin and we don't know what it will become. The recipe has been replicated in other cryptocurrencies, and that's how a market should work -- allowing the full forces of evolution and specialisation to operate.
This is part of a talk which took place at the JW Marriott Sahar (International Airport) on March 26th 2017 in Mumbai, India: https://www.townscript.com/e/bitcoin-...
Watch the full talk here:
--
He travels the world preaching the Bitcoin, Liberty, Crypto and Blockchain gospel and is one of the most well respected lecturers and teachers in the crypto world!
I always include a library of AA's videos in these posts, just like he does in every one of his YT channel videos. These are things for you to use, save, watch, share, and learn from if you have time now or come back to later if you wish. It's here to help you, with extra resources.
--
This resource showed up in my email inbox today, have a watch, share it with those who are learning.
Follow Andreas & Barry on Twitter:
--
https://twitter.com/aantonop
https://twitter.com/BarryDutton
Published on Jun 20, 2017
"High" transaction fees and the future feasibility of micro-transactions. Transaction costs represent inherent real-life constraints on scalability and resource availability in the network. It costs money to host fully validating nodes. There is no such thing as a free lunch.
Bitcoin was able to achieve zero-fee transactions because the cost was subsidized by the mining reward and bitcoin's value increasing at a faster rate than resources were being consumed. It is not because of the block size limit; as you scale up, the amount of competition for space will also grow. We will see increases in the block size eventually, and add second-layer systems like Lightning Network.
Bitcoin is a dynamic and evolving system and the rate of innovation has exploded over the last few years. Appointing third parties to determine which transactions are "spam" opens up opportunities for censorship. Sufficient fee is a market-based mechanism. Even if your transaction doesn't have sufficient fee at the time, it could still be confirmed later when there is less demand for the network. Transaction malleability.
Segregated Witness is the best scaling that exists right now. For many miners, it represents a potential loss of profit but only if they're not willing to evolve their software and participate in payment channels. If we choose not to expand the scale of the network, that doesn't mean Bitcoin stops working; it means that Bitcoin will specialize in high-value, global, secure transactions. Nobody gets to decide what Bitcoin and we don't know what it will become. The recipe has been replicated in other cryptocurrencies, and that's how a market should work -- allowing the full forces of evolution and specialisation to operate.
This is part of a talk which took place at the JW Marriott Sahar (International Airport) on March 26th 2017 in Mumbai, India: https://www.townscript.com/e/bitcoin-...
Watch the full talk here:
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Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and well-respected figures in bitcoin.
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Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: https://antonopoulos.com/
He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.
THE INTERNET OF MONEY, v1: https://www.amazon.co.uk/Internet-Mon...
MASTERING BITCOIN: https://www.amazon.co.uk/Mastering-Bi...
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Follow on Twitter: @aantonop https://twitter.com/aantonop
Website: https://antonopoulos.com/
He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters.
THE INTERNET OF MONEY, v1: https://www.amazon.co.uk/Internet-Mon...
MASTERING BITCOIN: https://www.amazon.co.uk/Mastering-Bi...
Thanks for reading, have a nice day.
If you liked this blog post - please Resteem it and share good content with others!
--
Some of my recent blogs:
--
If you feel my posts are undervalued or you want to donate to tip me - I would appreciate it very much.
--
Bitcoin (BTC) - 18J6RRuzX4V7b2CDbx7tWZYNBLkkGWsvWX
Ethereum (ETH) - 0x3Ad69Ff057C9533ca667B2d7E3E557F5eeFd4477
Ethereum Classic (ETC) - 0x5ab2b08d4ce8d454eb9d1ecc65c6d8b0c5f9784c
LiteCoin (LTC) - LKdsnvSXk9JW99EiNicFMGKc1FXiBo9tUE
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well thanks. that helps.
Wow great information. Like your post. Thank you buddy
Last week, I watched all of his other videos that you have posted. Is there anything new in this video? (I found the others very repetitive)
Thanks for sharing!
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