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What will be the solution for high transaction fees?
61 sats \ 3 comments \ @prometheus_unbound 23 Nov 2023 bitcoin freebie
This can't go on forever right? Will the difficulty adjustment correct this in 2 days?
What are ordinals and why can't we get rid of them? Bitcoin should be used as a store of value and an electronic cash system as Satoshi intended. How do we proceed from here?
Happy Thanksgiving fellers. Stay safe.
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476 sats \ 2 replies \ @kepford 23 Nov 2023
Difficultly adjustments have nothing to do with fee rates. It adjusts to keep block times near 10 minutes.
The fee rate is simply a free market for block space. Its what people are willing to pay to get their transaction in a block. It is working as designed. As many shit coiners have pointed out bitcoin will not handle all transactions on the main chain. This is why Lightning exists. It is also important to understand that the reason for such small blocks is to guard against centralization of nodes.
As far as inscriptions goes they will eventually get priced out as well. This pain we are feeling now will require technical solutions to be developed. If fees are rising that is a signal of the market desire for block space. It encourages miners and further development of layer 2s and 3s.
Currently bitcoin is used by less than 1% of the population. Layer twos need more development. If you are concerned I recommend diving into lighting. Use it and support the devs building the tools.
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0 sats \ 1 reply \ @prometheus_unbound OP 23 Nov 2023
What are your favorite lightning apps? I haven't dove into it much. I guess I have been hesitant as I just don't have the same trust that I have in layer 1.
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0 sats \ 0 replies \ @kepford 23 Nov 2023
Phoenix is a great first app to start with. Don't put your whole stack there of course. It's non custodial and works very well.
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