A Deep Dive into Bitcoin Network Fees and Running a Full Node

In this discussion, two Bitcoin researchers delved into the complexity of Bitcoin network fees and the importance of running a Full Node.

Regarding network fees, experts have pointed out a common misconception - referring to Bitcoin transaction fees as "Gas fees". In fact, Bitcoin fees are based on transaction size rather than computational workload, which is fundamentally different from Ethereum's Gas fee model.

The discussion also touched upon the network congestion issues brought about by BRC20 tokens. While high transaction fees and large blocks do affect user experience, what is more concerning is the significant increase in the UTXO set. This could add to the computational and storage burden of the network, bringing uncertainty to the future development of Bitcoin.

Regarding the importance of running a Full Node, experts emphasize that although running a Full Node may not have direct economic returns, it is crucial for maintaining network integrity, censorship resistance, and trustless verification. Full Nodes are not just passive data storage, but are capable of fully verifying transactions as "full verification nodes."

The discussion also involved the differences between soft forks and hard forks, as well as the role of miners in network upgrades. Experts used BIP 148 and the Segregated Witness upgrade as examples to illustrate how Full Node operators can take the initiative in controversial upgrades.

Finally, the discussion reiterated the philosophical essence of Bitcoin - limiting power to protect individual freedom. Unlike some cryptocurrencies that may cater to the concept of power, Bitcoin is designed to create a system without a single point of failure, resistant to censorship, and protective of individual property rights.

This in-depth discussion provided a comprehensive and profound insight for those listeners interested in the complexities of Bitcoin technology and philosophy.