
Fees calculation in Bitcoin (and other cryptocurrencies) explained - thisisit
https://medium.com/@smith.garg/fees-calculation-in-bitcoin-and-other-cryptocurrencies-explained-ef2f9ca35320
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brndnmtthws
The post is pretty good, and mostly accurate. It would have been good to
expand more on the details of Lightning Network, which is IMO a more
interesting subject.

I wrote a blog post about fees last week, and one thing I specifically discuss
is whether or not fees are actually necessary:
[https://medium.com/@brndnmtthws/questioning-assumptions-
do-c...](https://medium.com/@brndnmtthws/questioning-assumptions-do-
cryptocurrencies-need-fees-827c8f825e34)

The tl;dr is that I believe the fees have (in some cases, specifically with
Bitcoin) acted against the best interests of users. I also don't completely
buy into the game theory/economics argument that fees help keep the network
secure.

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thisisit
Thank you :)

My biggest motivation is to provide a simple explanation of the cryptocurrency
technology.

No offense meant to other writers but most articles in this space are a
difficult read. They are written from the cryptocurrency technology
perspective. I have seen engineers who have struggled to understand the inner
working of a cryptocurrency. Even someone like me who has read about bitcoin
since 2010 finds it difficult. I had to read tons of posts and stackoverflow
questions to try and get this post correct.

And in that case I can just imagine how much difficult it is for someone whose
understanding of technology is moderate or low.

Just like you most of my tech friend point out that my posts are long with
lots of example :) But the finance guys at my company still berate me saying
these posts moderately difficult.

So, I try to cut down information and make posts smaller. Actually this is my
longest post yet at 12 minutes read on medium.

Now I have been reading on Segwit which is already activated on Bitcoin. While
I think I have a good handle on the proposed savings I don't think I can
explain it with concrete examples. In that regard Lightning network is like
years away.

