The Bitcoin network was designed beautifully, and it is always awe-inspiring to see the protocol simply work. Chugging along producing blocks as its users adapt to it on the fly.
After the onset of the third block subsidy, reportedly, there was a downward difficulty adjustment of 6%, and some miners were unprofitable as the subsidy was getting reduced to half. A lot of computing power has left the network. The blocks have already slowed down, and the hashrate has declined. There is an increase in the amount of transactions waiting in the mempool.
The difficulty adjustment keeps fluctuating as hash power is added and decreased. There will be different fees according to the demand for a block space at a point in time.
Those individuals who need to have the transactions done quickly are pushing the transaction fees higher. To get transactions completed faster, there is a need to have more hashrates to join the network. The increase in fees will all up to the BTC reward. The predicted fees is higher than it was before. The protocol, therefore, makes absolute sense, and it simply works.
Sydney Ifergan, the crypto expert, tweeted: “Bitcoin (BTC) is set to be the master template of all cryptocurrencies and is here to say. Hashrate increase, decrease, difficulty adjustment, rewards – Satoshi thought it all well time ahead. The protocol wins.”
For those who know how to use it well, Bitcoin is an excellent saving technology. Bitcoin represents real freedom of money. It is the most incorruptible substance that has ever been discovered.
Yet another interesting expression is that there is no need for merchant adoption to add to the value of Bitcoin.
Dan Hedl, multi-faceted crypto enthusiast, tweeted: “Gold has an $10 trillion market cap with zero merchant adoption. So why do people think Bitcoin can only have value if it’s used for coffee Payments?”
Bitcoin (BTC) with Andreas M. Antonopoulos
It is like everyone making the Bitcoin ecosystem is Satoshi. And, also that the future of money cannot be rushed.
Peter McCormack, host of what bitcoin did and defiance cast podcast in his Defiance Episode 42 – “Bitcoin in one Lesson” covers for the most commonly asked questions about why we need Bitcoin, what is money, Bitcoin origins, what bitcoin is, Bitcoin’s monetary policy, how to bitcoin, OPSEC, and lot more.
Peter expresses that the 21st century requires a 21st-century system of internet money, which is open, borderless, neutral, censorship-resistant, immutable, and permissionless; and, that is Bitcoin.
Twenty hours in beginners’ guide can be daunting for beginners, and therefore he refers to a decent primer about Bitcoin on why we need Bitcoin with Andreas M. Antonopoulos.