In the Bitcoin system, miners are incentivized to join the system and validate transactions
through fees paid by the users. A simple" pay your bid" auction has been employed to …

The Bitcoin payment system involves two agent types: users that transact with the currency
and pay fees and miners in charge of authorizing transactions and securing the system in …

Recently, due to the inherent restriction of Bitcoin design, the throughput of Bitcoin
blockchain protocol fails to meet the daily needs, leaving the scalability technology in dire …

Blockchain-based cryptocurrencies prioritize transactions based on their fees, creating a
unique kind of fee market. Empirically, this market has failed to yield stable equilibria with …

Blockchain-based cryptocurrencies must solve the problem of assigning priorities to
competing transactions. The most widely used mechanism involves each transaction …

The Bitcoin protocol supports optional direct payments from transaction partners to miners.
These “fees” are supposed to substitute miners' minting rewards in the long run …

We study the economics of Bitcoin transaction fees in a simple static partial equilibrium
model with the specificity that the system security is directly linked to the total computational …

Bitcoin users compete with one another over the timing of the settlement of their on-[block]
chain transactions. Earlier settlement is valuable. Bitcoin users can accelerate the …

Confirmation of Bitcoin transactions is executed in blocks, which are then stored in the
Blockchain. As compared to the number of transactions in the mempool, the set of …

Bitcoin users can offer fees to the miners who record transactions on the blockchain. We
document the blockchain rarely runs at capacity, even though there appears to be excess …