We Study Billionaires - The Investor’s Podcast Network BTC130: Inscriptions & High Fees On Bitcoin L1 w/ Tuur Demeester (Bitcoin Podcast)
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May 17, 2023 Tuur Demeester, a prominent Bitcoin economist known for his sharp insights, joins the discussion about Bitcoin's growing fees and the implications of inscriptions on L1 and L2 networks. They explore why there's urgency to update the Bitcoin codebase, and how these inscriptions might boost Layer 2 solutions. The conversation dives into future fee predictions, the seamless interplay between layers, and Tuur’s ongoing research, illuminating the evolving landscape of Bitcoin and its potential to adapt.
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Inscriptions and Scalability
- Bitcoin inscriptions are causing a stir, similar to the block size debate years ago.
- Layer 2 solutions like Lightning Network address scalability, but newcomers need education.
Inscriptions Explained
- Preston Pysh asks Tuur Demeester to explain Bitcoin inscriptions.
- Demeester admits he hasn't delved deeply, viewing it as hype, focusing on the base layer's preservation potential.
Inscriptions' Impact on Fees
- Bitcoin's block storage was intended for transactions, not data like inscriptions.
- Inscriptions, enabled by updates like Taproot, clog the mempool, raising fees for miners.
