- For users of Bitcoin, its transaction fees represent an unpredictable cost,
but a known benefit: global 24/7 digital final settlement of a highly liquid
asset. Historically, Bitcoin's transaction fees have been a small part of miners'
revenue relative to "minting" new BTC for the ledger, but long term these
fees may become the primary source of miners' revenue.
- In this Blockware Intelligence Report, we describe:
• Who pays transaction fees and how fee rates are set
• Why high congestion fees are transitory
• How Bitcoin transactors could use fees to route around unreliable miners