Authors
Malte Möser, Rainer Böhme
Publication date
2015
Conference
Financial Cryptography and Data Security: FC 2015 International Workshops, BITCOIN, WAHC, and Wearable, San Juan, Puerto Rico, January 30, 2015, Revised Selected Papers
Pages
19-33
Publisher
Springer Berlin Heidelberg
Description
The Bitcoin protocol supports optional direct payments from transaction partners to miners. These “fees” are supposed to substitute miners’ minting rewards in the long run. Acknowledging their role for the stability of the system, the right level of transaction fees is a hot topic of normative debates. This paper contributes empirical evidence from a historical analysis of agents’ revealed behavior concerning their payment of transaction fees. We identify several regime shifts, which can be largely explained by changes in the default client software or actions of big intermediaries in the ecosystem. Overall, it seems that rules dominate ratio, a state that is sustainable only if fees remain negligible.
Total citations
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Scholar articles
M Möser, R Böhme - Financial Cryptography and Data Security: FC 2015 …, 2015