From Mining to Markets: The Evolution of Bitcoin Transaction Fees
From Mining to Markets: The Evolution of Bitcoin Transaction Fees
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DOI：
10.2139/ssrn.3055380
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发表时间：
2018-05
期刊：
影响因子：
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通讯作者：
D. Easley;Maureen O'Hara;Soumya Basu
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文献类型：
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作者：
D. Easley;Maureen O'Hara;Soumya Basu
摘要：我们研究了交易费用在比特币区块链从基于挖矿的结构到基于市场的生态的演变中所扮演的角色。我们开发了一个博弈论模型来解释导致交易费用出现的因素，以及解释矿工和用户的策略行为。我们的模型强调了挖矿奖励、交易费用、价格和等待时间所发挥的作用，讨论了福利问题，并研究了外生结构约束等微观结构特征如何影响区块链上用户参与的动态。我们提供了模型预测的经验证据，并讨论了对比特币演变的影响。
Abstract We investigate the role that transaction fees play in the bitcoin blockchain's evolution from a mining-based structure to a market-based ecology. We develop a game-theoretic model to explain the factors leading to the emergence of transactions fees, as well as to explain the strategic behavior of miners and users. Our model highlights the role played by mining rewards, transaction fees, price, and waiting time, discusses welfare issues, and examines how microstructure features such as exogenous structural constraints influence the dynamics of user participation on the blockchain. We provide empirical evidence on the model's predictions and discuss implications for bitcoin's evolution.