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Patrick Lemke 2020-02-20 17:53:34 +01:00
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@ -467,7 +467,7 @@ Higher value payments will thus cost more to route, and a market for capacity wi
==== Varying Fees Depending Traffic vs Announced Fees
On the Bitcoin Network, miners are profit-seeking, and so will typically include as many transactions in a block as possible, while staying within the block size limit (actually, a modified form called the block weight limit).
On the Bitcoin network, miners are profit-seeking, and so will typically include as many transactions in a block as possible, while staying within the block size limit (actually, a modified form called the block weight limit).
If there are more transactions in the queue (called the mempool) than they can fit in a block, they will begin by mining the transactions that pay the highest fees per byte (highest fee per weight).
Thus, if there are many transactions in the queue, users will have to pay a higher fee to be included in the next block, or they will have to wait until there are fewer transactions in the queue.
This naturally leads to the concept of 'traffic' and the creation of a fee market where users pay based on how urgently they need their transaction included in the next block.