Bitcoin Wiki Contains Wrong Information Regarding Transaction Fees
Relying on the Bitcoin wiki for up-to-date information on this disruptive digital currency is not always the best idea. Even though the concept of a wiki is to let anybody contribute, changes usually have to be approved by the administrator, or any of the moderators active on that Wiki page in question. According to the Bitcoin wiki, many Bitcoin transactions are typically processed in a way where no fee is expected at all.
Decentralized Wiki Solution For Bitcoin Needed
Having a dedicated Wikipedia page for Bitcoin itself is a great idea. However, such a dedicated platform needs to provide accurate and up-to-date information regarding Bitcoin and all of its technical specifications. Unfortunately, that is not the case right now; due to negligence by the people running the Bitcoin wiki.
A helpful Reddit user pointed out how the Bitcoin Wiki states the following: “At the moment, many transactions are typically processed in a way where no fee is expected at all.” Truth be told, this scenario was correct many moons ago, but it is no longer valid information right now. Sending Bitcoin transactions without a fee is still possible, mind you, but they will take much longer to be included in a block.
Additionally, nearly every Bitcoin wallet in existence today – regardless of whether this is a light client, full client, or mobile solution – will automatically include a transaction fee for every Bitcoin payment. The recent discussion on whether or not to introduce a fee market is another example of why the Bitcoin Wiki is far outdated, and needs to be maintained properly.
The person in charge of the Bitcoin Wiki is also the person running Bitcointalk, Bitcoin.org, Bitcoin.it and /r/Bitcoin. It makes sense how juggling so many jobs at the same time can be a struggle, but this is where delegation can play a major role. That being said, this is not something person is overly good at. Otherwise these mistakes would never be found on the Bitcoin Wiki in the first place.
Creating a decentralized Wiki solution for Bitcoin could be a way forward; However, this also opens the door to loads of spam and even more wrong information to be found on the Bitcoin Wiki. Some oversight will always be needed, although more participation from the community will help in providing up-to-date details regarding the Bitcoin ecosystem.
Bitcoin Transaction Fees Are Here To Stay
Regardless of how you want to look at it, Bitcoin transaction fees are not going away anytime soon. Nor should they, as transaction fees are an incentive for the miners to include that transaction into the next block on the network. In fact, transaction fees will keep going up over time, although their monetary value in fiat currency may or may not increase altogether, depending on the Bitcoin value.
But there is an argument to be made as well, as Bitcoin’s transaction fees can be considered to be unpredictable. This can cause some issues down the line, especially when trying to take adoption of digital currency to a next level. One can only hope Bitcoin developers can address this issue before it becomes critical.
What are your thoughts on the Bitcoin transaction fee structure? Let us know in the comments below!
Images courtesy of Shutterstock