Topic: Are zero transaction costs possible? - page 6. (Read 577 times)
For the cost of bitcoin and altcoin transactions will not be removed, there may be a reduction in transaction taxes, but the more expensive the price of the coin will increase the tax
I really think that hardly can not happen transaction fees are rewards for miners, They call it the miner fee and it is absolutely needed until the last block of bitcoin has mined, However, transactions still need to be validated and stored on blocks in the blockchain so miners will only benefit from transaction fees and This could essentially be the lifeblood of miners in the next century, once there are no more BTC tokens to be unlocked. This is laid out in Satoshi Nakamoto’s Bitcoin whitepaper, But if you really want a fee free transaction there are wallets that are not issuing fees if the transaction was made with the same wallet transfer but you will need to encourage everyone you know to only use the same wallet you are using.
Yes, that's true.
So basically the question has two layers I guess. First is for example fee of Bitcoin transaction and the second one is all the technology related to a wallet. And yes, I understand totally that there are real costs in this world and the money must come from somewhere. But there are some cases where you move your tokens and end up paying an enormous amount of money. That's why I raised the question too.
I really think that hardly can not happen transaction fees are rewards for miners, They call it the miner fee and it is absolutely needed until the last block of bitcoin has mined, However, transactions still need to be validated and stored on blocks in the blockchain so miners will only benefit from transaction fees and This could essentially be the lifeblood of miners in the next century, once there are no more BTC tokens to be unlocked. This is laid out in Satoshi Nakamoto’s Bitcoin whitepaper, But if you really want a fee free transaction there are wallets that are not issuing fees if the transaction was made with the same wallet transfer, Or maybe there are fees but in a way of a different approach but it is highly noticeable, And you will need to encourage everyone you know to only use the same wallet you are using.
transactions will always cost something no matter what. it may not be in form of fee but it will be a cost.
but if fees are your concerns then for bitcoin and those altcoins that copied bitcoin NO it is not possible because of the design of these coins. fee is there to prevent spam attacks from going on for eternity.
but it is possible in other designs that are not copying bitcoin. for instance NANO and i think IOTA also have 0 fees.
i have been trying to do it but i have been failing to get it to even propagate. the nodes reject it so it doesn't even reach the miners!
but if fees are your concerns then for bitcoin and those altcoins that copied bitcoin NO it is not possible because of the design of these coins. fee is there to prevent spam attacks from going on for eternity.
but it is possible in other designs that are not copying bitcoin. for instance NANO and i think IOTA also have 0 fees.
I have sent a couple of 0 fee Bitcoin transactions this year and they were confirmed within 10 blocks,
would you mind sharing the TX ID of these transactions? i have been trying to do it but i have been failing to get it to even propagate. the nodes reject it so it doesn't even reach the miners!
I have sent a couple of 0 fee Bitcoin transactions this year and they were confirmed within 10 blocks, but that was without heavy network congestion and the amounts were fairly large. I'm sure that if it was an amount of like 0.005BTC or so that it would sit there doing nothing for plenty of more hours.
In the end it's not worth the hassle. Seriously, wasting hours just to save yourself $0.01 in fees is ridiculous and shouldn't be an option, unless it is more for testing purposes wich was the case for me when I sent transactions without any fees.
Network usage increases the fees significantly because there is no infinite block space. All fees are justified as long as you are willing to pay them.
In the end it's not worth the hassle. Seriously, wasting hours just to save yourself $0.01 in fees is ridiculous and shouldn't be an option, unless it is more for testing purposes wich was the case for me when I sent transactions without any fees.
Network usage increases the fees significantly because there is no infinite block space. All fees are justified as long as you are willing to pay them.
What do you think, is it possible to have zero transaction costs for bitcoin/altcoin. At the moment there are many fees and are they justified and impossible to get around or is it possible to reduce or even remove them in the future?
The usual transaction fee for Bitcoin nowadays is 1 satoshi/byte. That makes most transactions have a few cents fee. Unfortunately most online wallets and exchanges charge big fees, but that's their bad policy.
0 fee is possible, but there is a good chance the miners will not confirm your transaction. They don't really like to work for free. Hardware is expensive and electricity has to be paid for too.
Many app/wallet software calculate the "suitable" fee automatically. For expert, they usually generate the transaction themselves with the fee that they are willing to pay. I am not sure about 0 fee, but very low fee is possible.
You can try coinb.in to generate your transaction with the fee you want to include. Just sign and broadcast the raw transaction after that.
You can try coinb.in to generate your transaction with the fee you want to include. Just sign and broadcast the raw transaction after that.
What do you think, is it possible to have zero transaction costs for bitcoin/altcoin. At the moment there are many fees and are they justified and impossible to get around or is it possible to reduce or even remove them in the future?
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