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Issue #729: Fees are on the rise

Issue #729: Fees are on the rise

May 1, 2020
Marty's Ƀent

Issue #729: Fees are on the rise

If you've been paying attention to the bitcoin fee market over the last few days you may have noticed a material uptick in the average sats per byte needed to get a transaction confirmed in a block. For quite some time after the 2017 bull mania bitcoiners have been enjoying a relatively low fee regime with transactions getting confirmed in the next block for a very small fee. Even as low as 1 sat per byte for an extended period of time.

We'll see if this persists and for how long. If it does persist for some time, it may be a sign that interest in bitcoin is beginning to increase again. My personal "bull run may be in the near to medium-term" indicators have been going off lately. My sister reached out to me this morning and asked about the halving (I'm so proud!) and my cousin reached out to see where he should send his increasingly curious clients to purchase some bitcoin, which signals to me that more and more people many bitcoiners wouldn't suspect are beginning to take a deeper dive.

Beyond my personal indicators, it seems that others in the space are having similar conversations with family and friends. Interest is picking up on r/bitcoin (Reddit for you freaks who are uninitiated). And more and more macro thought leaders and traders are recommending individuals get exposure to the corn. This could all be confirmation bias by your Uncle Marty, but it seems like a material shift in attention is under way. And if my inclinations are correct, I believe the impending block subsidy halving from 12.5BTC per block to 6.25BTC per block is a big driver of that increased attention. People are hearing more about it and the fact that it is an "event" that happens within Bitcoin makes people naturally curious.

Satoshi, whether he knew it or not, created an extremely effective bootstrapping mechanism via subsidy halvings that come with a heavily front loaded supply distribution that incentivizes early adopters to ensure the network persists and succeeds.

Final thought...

Beaches are awesome.

Enjoy your weekend, freaks.


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