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"Lower fees mean that miners make less money" - not really. There are two mechanisms: 1. The congestion would mean bigger fees 2. In bigger blocks there wi
by zby 9y ago
"Lower fees mean that miners make less money" - not really. There are two mechanisms:
1. The congestion would mean bigger fees
2. In bigger blocks there will be more transactions - so more fees in the block
The most probably cancel each other.
Actually the big miners seem to be in favour of the Bitcoin Unlimited big blocks. What they want to stop is SegWit which is needed for scaling bitcoin off chain with Lightning etc. There is a conspiracy theory about that - and it actually makes sense to me - which is that SegWit would eliminate ASICBoost (which is an optimization technique that is implemented in some ASIC miners). But there is also another narrative that Lightning would mean banking entering the Bitcoin community - and that is why it should be stopped.
Bitcoin can never become a good payment processor - this would require many orders of magnitude bigger blocks (now bitcoin can process about 7 transactions per second, VISA can process 50K transactions per second). And while storage for bigger blocks grows linearly - the other algos have probably worse complexity.