If Bitcoin were a mechanical watch, the fee market (not the free market) would be the mechanism making everything tick.

This is where everything starts and ends.

This is where censorship resistance comes from and where the precious resource of block space gets priced into energy consumption.

The Bitcoin fee market is the first man-made free market that ever existed.

In a free market:

  • No third party can intervene in pricing
  • No one can stop you from participating
  • Participation is voluntary

Most markets that emerge naturally are actually free; it is the man-made ones that usually struggle with this property.

(Excerpt) Read more Here | 2021-05-03 14:35:27
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