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RE: STEEM The Super Basic Explanation for NEW Users
Excellent post. This will help a lot of newcomers, such as myself. Didn't know there were transaction fees on Bitcoin. Is this something new?
Excellent post. This will help a lot of newcomers, such as myself. Didn't know there were transaction fees on Bitcoin. Is this something new?
No they have always been there it's just (if I remember right) they are optional and early on people could still get transactions processed if they didn't pay them.
The thing is they provide an extra incentive for miners to include transactions in their blocks so as time goes and there are more transactions filling every block, those that pay lower fees go to the back of the queue.
I think the original idea was that over time the transaction fees would compensate for the reduction in Bitcoins per block.
That is my understanding anyway. Others will likely be able to give a better and more accurate explanation.
I could see Bitcoin become irrelevant in the coming years, with slow block and transaction times. It seems Bitcoin wasn't meant to be scalable. Perhaps Dash or ETH could soon replace it.