Love lightning, but we should have our eyes wide open to its limitations. Roughly 75% of known lightning node capacity is hosted at a third party cloud company. Not ideal. #bitcoin #lightning
Discussion
$boost
Bitcoin #transaction #fees have to go immediately. So that #Bitcoin is more usable.
Bitcoin doesn't need fees. They're just theft, and an illegitimate tax on bitcoin owners and users.
The reason the block reward decreases very slowly over time is to wean miners off of Bitcoins #tit..🧡😊
don't you still need the miners in order to verify the transactions even after the block rewards are gone?
That’s the Nodes function
so do the miners secure the network or the nodes?
The Bitcoin network's security is multi-layered. Transaction hashing, mining, block confirmations, and game theory all work together to make Bitcoin's blockchain impenetrable. Since the first transaction block in 2009, the network has never once shut down – and no bitcoin has ever been stolen from the blockchain.
Okay but then what is responsible for the transaction hashing to make sure it's correct?
I was under the impression that miners did the hashing and block mining. Which adds to the security of the network. Am I incorrect or missed something out in that?
I know it's oversimplified, but to keep the miners, even after block rewards are gone are still very important to the continuation of the security of BTC
Now if you are talking about transactions… again this is the consensus by nodes. Hashing is mining.
Okay. So then is the hashing part of the security layer?
This thread is confusing.
Yes you need miners. They hash until they find a valid block that includes transactions they want included. Miners have no incentive to include a transaction unless it pays a fee. Yes this is part of security, the chain of blocks with the most hashing work put into it is seen by your node and accepted. Its how we know and agree upon the current state of the ledger.
Thank you that's roughly what I thought. So then yes the miner should continue to be paid
I guess I'm confused because I see the miners as being part of the puzzle that's important for the security of the network.
Bitcoin fees are neither a tax nor any other kind of theft. If you don’t want to pay the fees you have a choice to not participate.
You can also set fees as low as you like, just don’t expect your transaction to go through quickly.
Fees pay for the security of the network. No fees for the miners no incentive to build blocks and confirm the longest chain
i think greenlight from blockstream will be helpful here 🤷🏾♂️