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Right -- miners are selling you block space in which to store your transactions. That's the thing everyone's buying with Bitcoin, and that's the thing miners a
by jude- 6y ago
Right -- miners are selling you block space in which to store your transactions. That's the thing everyone's buying with Bitcoin, and that's the thing miners are spending all their energy on -- putting your transactions into blocks. The transactions themselves are very cheap to produce and validate.
- ForHackernews 6y agoThis is a distinction without a difference. What use is a bitcoin transaction that is not included in a block?
- jude- 6y agoHere's a real-world example: I sign and give you a transaction that, if you relay within the next 1000 blocks, will give you some BTC. You can choose relay it, to let it expire, or to resell it to someone else by signing another transaction that consumes my transaction's UTXO to you and grants up to the same amount to your buyer.
- ForHackernews 6y agoDoes that actually happen, anywhere? How would you record the "sale" of the transaction if not on the blockchain? (If the answer is some other currency/financial system, consider what that implies for the overall utility of btc)