How Does the Concept of ‘Fee-per-Byte’ Standardize Transaction Value?

The concept of 'fee-per-byte' (or satoshis per virtual byte) standardizes transaction value by creating a consistent metric for comparing the economic worth of different transactions. Since the cost to the network is based on the data size a transaction occupies in a block, the fee-per-byte metric reflects the price of that block space.

It allows miners to easily compare a small, high-value transaction with a large, low-value transaction. By standardizing the cost relative to the resource consumed (block space), it facilitates the rational, profit-maximizing selection process for miners.