ABCDEFGHIJKLMNOPQRSTUVWXYZAA
1
2
Video explainer: youtu.be/WtrBlQJktxg
3
02000000000101fb70340100000000010116eb7d
4
1d68e02f4c48ad775abd50c4f7eee2b649af1b65
5
595c829eba581e55b9b62396626d54a39a643835
6
b5358a28767d2b2d6f0004ddbb19967accbbaa01
7
00000000fdffffff022200000000f5ffffff02c0
8
020000000000002251207b000000000000225120
9
4da1913c4fc7c106263077a7b92d8c2407742e6b
10
979609c7c37c8fd9b36bde4d2ebf51b2c9f5852b
11
56c8e6328f19ab5e8e9b5ccce5bda8f452aecfaa
12
878f260b000000000000113be0f8080000000000
13
160014202cf8903457e422512001397e68099605
14
e12f0807c7fd81ae1202313a27e398273b5947b5
15
b92edf03401044a5cfc7fd3ccd08fcf10aa8da84
16
15d2be825a3854f29e517bca368287014086ba52
17
bb77df998d31d96fcd48cc44b2022b8163646000
18
dcec49f7c4ebec7bb7ea89f01d00c2b9b5a184da
19
baebcb3b326b0981c1ac3cc39c308bb3505e1cf2
20
7f009e4908df0de5e7b1f5cfa196a0981182faac
21
b3e34542e4e18fe66efd3e8945aa3521c0e5d499
22
19022098c2862faee6b6d1bd2370abc349913209
23
f568b584ec36f23a1e3ef300000000
24
01e80a82051a9ac389d0SummaryComplex
Simple transaction
25
9b301ffdfbac0063036ftransaction size (bytes):767205
26
72640101106170706c69count of bytes on 75% discount (in green):64268
27
636174696f6e2f6a736fcount of bytes at full price (in red):125137
28
6e004dd9017b0a202020effective discount:63%25%
29
202270223a2022627263full price multiplier:44
30
2d31303234222c0a2020byte price multiplier (effectively):1.53.0
31
2020226d657461766572ConclusionComplex transactions benefit from mispricing of processing ("confirmation") in Bitcoin. Price per byte (a.k.a. "blockspace") decreases as a complex transaction gets bigger.

4MB in 1 complex tx cost the same as 2MB spread across 6500 simple txs in Bitcon. Furthermore, complex tx benefits from 4MB/block bandwith while the total of simple txs is only about 1.3 MB/block. Therefore, it takes about 3 times longer (3 blocks which translates to ~30 min.) to write the same amount of data for various participants in simple txs (dangerous centralization incentive).
32
7365223a2022726f6f74
33
222c0a20202020226f70
34
223a20226d696e74222c
35
0a20202020227469636b
36
223a2022636861726163
37
746f723a6e6967687473
38
68616465222c0a202020
39
2022656c656d656e7473
40
223a207b0a2020202020
41
2020202252616365223a
42
202248756d616e6f6964
43
222c0a20202020202020
44
20225375622052616365
45
223a20224e6967687473
46
68616465222c0a202020
47
20202020202247656e64
48
6572223a202246656d61
49
6c65222c0a2020202020
50
20202022486169722043
51
6f6c6f72223a2022466c
52
756f72657363656e7420
53
4465657020426c756522
54
2c0a2020202020202020
55
22486169727374796c65
56
223a2022537472616967
57
6874222c0a2020202020
58
20202022536b696e2043
59
6f6c6f72223a20225768
60
697465222c0a20202020
61
2020202022436c6f7468
62
696e67223a20224e6967
63
687420436c6f616b222c
64
0a202020202020202022
65
4163636573736f727922
66
3a20224461726b20476c
67
6f766573222c0a202020
68
20202020202257656170
69
6f6e223a20225068616e
70
746f6d20536379746865
71
222c0a20202020202020
72
202245786f736b656c65
73
746f6e223a20224c756d
74
696e612057696e677322
75
0a202020207d0a7d6821
76
c0e32e3410be890b3b8b
77
597e2726aa71b57831b8
78
8479059f0712f6ae0a93
79
d3675600000000