From Crush the Street, by Eric Grisholm
While Bitcoin is a platform for sending money from one person to another, it is decentralized, requiring a type of incentive to keep the system going. It comes at a great cost, and this has to be repaid somewhere. Bitcoin block rewards are only set up to be a temporary payment model, rather than permanent, with the end goal being survivability through the collection (and paying out) of fees.
The Order of Transactions
Transactions are given a “weight” of sorts to determine which ones should be prioritized in any given block, with those that have the highest weight being first. There are a few things that go into this calculation, which are:
- Size (in kb): this is the actual data makeup of the transaction, comprised of metadata, inputs, and outputs
- Age: as the input coins get older, they gain more weight
View original post 524 more words