Bitcoin [BTC] dust does not damage the owner or network, explains Andreas Antonopoulos

2019-4-26 17:30

Andreas Antonopoulos, the author of Mastering Bitcoin and a well-known Bitcoin proponent, spoke about Bitcoin dust, during his latest Q&A session on YouTube. The author also spoke about whether it was bad for Bitcoin owners or the network in the long run and whether it could be avoided.

Antonopoulos explained that Bitcoin dust was the amount of Bitcoin that became a part of the UTXP set; those that are deemed unspendable as the cost to spend these coins [transaction fees] exceeds the value of the Bitcoin itself. This was followed by the author giving the following example,

“I create a transaction and part of the change in that transaction of one of the payments in that transaction is an amount that’s maybe a thousand Satoshi […] then the cost to spend that single chunk of Bitcon […] is going to be more in fees or I’ll end up paying a significant percentage of it in fees and therefore it is in practice unspendable.”

He further stated that these coins would probably not end up being forever unspendable, despite the fact that this could be the case at the current price and fee of Bitcoin. He went on to state that it could become spendable in the future, when the price of the cryptocurrency rises and the relative percentage of the fees goes down, making it valuable enough to spend with a lower fee.

Antonopoulos further stated,

“It’s like the loose change you find in your couch where if you carry that around in your pocket all you’re going to do is make a hole in your pants and ruin your pants and you’re not eventually going to be able to buy anything with it because it’s such a tiny amount.”

This was followed by the Bitcoin proponent speaking about whether it would damage Bitcoin. He stated that it did “not really” do any damage and added that the dust just sits around “doing nothing”. He added,

“[…] and depending on the level of dust if it really is true, dust like amounts that are so tiny that you can’t spend them on the Bitcoin network today or ever then it’s just gonna sit around forever […]”

The post Bitcoin [BTC] dust does not damage the owner or network, explains Andreas Antonopoulos appeared first on AMBCrypto.

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Источник: ambcrypto.com

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