In my opinion the whole idea was too increase your fee, if you wanted quicker transaction confirmation. Let say you only wanted to pay a bill at the local municipality, and it's due date is in 3 days... you could add virtually NO transaction fee, and it would still be confirmed.
In other instances, you pay for a cup of coffee and you want it to confirm quickly, because the merchant wants instant payment... So you pay a higher fee.
Unfortunately, this does not work 100% {Confirmation time takes too long}
The solution : Your local coffee shop, sell digital vouchers to it's customers and every time you buy something, it just subtracts the voucher.
Other 3rd party payment solutions can also act as a intermediary for instant payment {Xapo} So you pay and the transaction is done off-chain and the transaction is done within seconds.
Topic: ... - page 2. (Read 2016 times)
You can put any value you want for fees, including nothing 
It is little weird. Since some time I don't need to pay any fees while using Bitcoin Core. My wallet used to automatically grab portion of btc as a fee. But it is not doing it anymore, at all.Confirmations are processed as normal, without delays. What is going on? I didn't change anything in the options.
Just few cents is not going to be a big deal but imagine if all that adds up. However, in this case, should I treat it as good or bad because don't forget that the long term plan once the 21 mil has been completely mined, the idea is for the transaction fee to take over the reward given to miner instead of new blocks. If this means the network can sustain itself with that fee so low unless the condition of price per bitcoin changes considerably high.
Sent over 14 BTC for a fee of 0.00001412 BTC, 0.3 cent fee for a $3300 transaction!
Confirmed at the same speed new blocks were added to the blockchain.
Large Bitcoin transactions like this can be confirmed quickly even with no fee. They have a higher priority because of the transacted amount. Confirmed at the same speed new blocks were added to the blockchain.
I am using Electrum, which only charge me ~0.0000**** for small transaction! But I still can choose the amount of fee I am gonna to pay based on my requirement for the confirmation speed! Anyone can do that easily! Probably the miners are not satisfied but at least they get the basic subsidy! However, as the subsidy drops, the mining reward will definitely decline a lot if there is no enforced mechanism coming out to charge basic amount of transaction fee! Then miners will have no incentive to mine and leave! It will be a serious issues after a few years!
Those are some very very low fees, which should mean that your transactions won't be confirmed unless the Bitcoins are a very large amount. The default transaction fee and recommended fee is still 0.0001BTC.
Yes.
The user could always pay a small amount if there is no rush and no need a fast confirm.
But in theory, if you want to be in the next block, then 0.0001 is still recommended.
I suppose it's good but the fees don't bother me, they're still far less than PayPal or Western Union. All that matters to me is that my coins are sent from one address to the other safely & quickly.
Do any tech guys know if the block confirmation time will ever become quicker, waiting for the recommended 6 confirmations takes so long, it can really be frustrating. Yesterday I waited 20 mins for 1 confirmation.
Bitcoin will never get widespread/mainstream adoption whilst it takes so long for confirmations especially if you're a business or merchant, it must be so annoying.
Do any tech guys know if the block confirmation time will ever become quicker, waiting for the recommended 6 confirmations takes so long, it can really be frustrating. Yesterday I waited 20 mins for 1 confirmation.
Bitcoin will never get widespread/mainstream adoption whilst it takes so long for confirmations especially if you're a business or merchant, it must be so annoying.
Yep I do think that lowering the fee is not good.
The fee is suppose to take place when the block is halving so if we reduce then it will not worth it to mine.
0.0001 is about 0.02$ so if everyone drop the fee miners will just turn off and we know that we need miner to secure the network.
So if you like bitcoin and want to use it in the future, do not drop the fee.
The fee is suppose to take place when the block is halving so if we reduce then it will not worth it to mine.
0.0001 is about 0.02$ so if everyone drop the fee miners will just turn off and we know that we need miner to secure the network.
So if you like bitcoin and want to use it in the future, do not drop the fee.
Consider this:
If we have 1 MB blocks and transaction fees are 0.0000025 per kB, then miners are going to make at most 0.0025 BTC per block, currently worth about $0.60, when the subsidy drops to 0.
That's not much incentive for mining. Eventually, the fee has to go up (in real terms) by a huge factor to make it worth it for miners to mine.
Perhaps the fee should double every time the subsidy halves. Unfortunately, there is no real mechanism to enforce that.
My prediction is that fees will eventually rise to about 0.2% - 0.5% of transaction volume, which would currently be about 0.004 - 0.01 BTC per kB.
If we have 1 MB blocks and transaction fees are 0.0000025 per kB, then miners are going to make at most 0.0025 BTC per block, currently worth about $0.60, when the subsidy drops to 0.
That's not much incentive for mining. Eventually, the fee has to go up (in real terms) by a huge factor to make it worth it for miners to mine.
Perhaps the fee should double every time the subsidy halves. Unfortunately, there is no real mechanism to enforce that.
My prediction is that fees will eventually rise to about 0.2% - 0.5% of transaction volume, which would currently be about 0.004 - 0.01 BTC per kB.
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