[Blockchain Classroom] Lesson 17：Blockchain transfers are actually charged by by

buwaytress

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Quote from: figmentofmyass on January 07, 2020, 04:42:56 AM

years ago, miners employed a node policy for "priority transactions". if certain conditions were met, you didn't have to pay a fee at all:

Quote

A transaction was safe to send without fees if these conditions were met:
-It is smaller than 1,000 bytes.
-All outputs are 0.01 BTC or larger.
-Its priority is large enough (priority = sum(input_value_in_base_units * input_age)/size_in_bytes)

as blocks began filling up, miners removed the node policy because they wanted to collect fees instead.

Thanks! I actually do recall now in 2016, even blockchain.info explorer, you'd be looking at "high priority" and low even, but I seem to remember that these were either categorised by the age of the coins (or coin days was it now?) so that seems to fit that input age condition.

I hadn't realised at the time that size of input and value of output were also part of the conditions. I do remember being able to send 0-fee txs. Entered late, but early enough to see that era end!

kro55

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Cryptocurrency comes in handy if you are transferring coins from one peer to another peer. If you are not in rush then select minimum fee (I can set as low as 13 cents in electrum wallet), in an hour or so your funds will be transferred.
Yobit charges 0.001 bitcoin per withdrawal which is high if you are withdrawing few satoshis.

figmentofmyass

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Quote from: buwaytress on January 07, 2020, 04:34:37 AM

I actually wonder if, before the sat/byte settings now, if it was always based on the size of data, or if it was ever at some point simply based on how much it was? I imagine back in the day, before block sizes reached their limits most of the time, if miners simply looked at actual amount in fees paid rather than effective fee (per byte).

years ago, miners employed a node policy for "priority transactions". if certain conditions were met, you didn't have to pay a fee at all:

Quote

A transaction was safe to send without fees if these conditions were met:
-It is smaller than 1,000 bytes.
-All outputs are 0.01 BTC or larger.
-Its priority is large enough (priority = sum(input_value_in_base_units * input_age)/size_in_bytes)

as blocks began filling up, miners removed the node policy because they wanted to collect fees instead.

buwaytress

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I actually wonder if, before the sat/byte settings now, if it was always based on the size of data, or if it was ever at some point simply based on how much it was? I imagine back in the day, before block sizes reached their limits most of the time, if miners simply looked at actual amount in fees paid rather than effective fee (per byte).

P.S. Should edit your title to say: Bitcoin fees measured by byte, not value. Might make it clearer.
P.P.S. 250 bytes is no longer the common transaction size (it was before SegWit). Even the most conservative estimate sees over 59% of Bitcoin txs are now SegWit. I'm using native segwit and a single input, single out tx is only 110 bytes... though of course, the more common 2 output (including 1 change address) would be 141 bytes. Still a lot smaller than 250!

Tary12

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yes the transfer fee is very detrimental we are paid for us beginners who are not ready for it. but it cannot be denied that this must exist because there really is something like that.

xhomerx10

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Quote from: BitRabbit_Official on January 06, 2020, 10:18:41 PM

We often make transfers between banks, and interbank transfer fees are generally charged according to a certain percentage of the transfer amount.

For example, the inter-bank transfer fee is about 5 ‰, and the inter-region transfer fee is 1 ‰ -1%. In addition to the above-mentioned transaction fee, cross-border transfers also need to pay 50-200 yuan telegram fee per transfer.

The transfer fee between blockchain assets has nothing to do with the amount of the transfer, and it is charged by byte. Taking bitcoin transfer as an example, a common transaction occupies about 250 bytes, and the handling fee is about 0.001-0.0015 Bitcoin (about 20-30 yuan). If you need to transfer to multiple Bitcoin addresses at the same time in a transaction, the exchange will occupy a larger number of bytes, so you need to pay a few extra fees before there are miners to package your transactions in time.

Even so, from the perspect of transfer costs, there is still a great advantage in using the blockchain for cross-border transfers.

Bitcoin tx fees are much lower than that.

Attaching a fee of 15 sats per byte should get your tx to confirm in 2 blocks or less.
So for the typical 250 byte tx, the cost would be 0.0000375 BTC which is about 2 yuan.
If you were so inclined to use Segwit, the cost would be lower still.

BitRabbit_Official

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We often make transfers between banks, and interbank transfer fees are generally charged according to a certain percentage of the transfer amount.

For example, the inter-bank transfer fee is about 5 ‰, and the inter-region transfer fee is 1 ‰ -1%. In addition to the above-mentioned transaction fee, cross-border transfers also need to pay 50-200 yuan telegram fee per transfer.

The transfer fee between blockchain assets has nothing to do with the amount of the transfer, and it is charged by byte. Taking bitcoin transfer as an example, a common transaction occupies about 250 bytes, and the handling fee is about 0.001-0.0015 Bitcoin (about 20-30 yuan). If you need to transfer to multiple Bitcoin addresses at the same time in a transaction, the exchange will occupy a larger number of bytes, so you need to pay a few extra fees before there are miners to package your transactions in time.

Even so, from the perspect of transfer costs, there is still a great advantage in using the blockchain for cross-border transfers.

Topic: [Blockchain Classroom] Lesson 17：Blockchain transfers are actually charged by by (Read 154 times)