And yes, if you have enough money to buy yourself a Lambo or a new ferrari as a gift, why wouldn't you buy it?
Topic: Fee Issues (Read 191 times)
Mining is the process by which set of bitcoin transactions are verified and added to the blockchain ledger that's why there are fees,because it seems pity to the part of the miner if there is no fee.
So maybe those coins or projects that don't require "mining hardware" have the right idea. Maybe some combination of POS, or IOTA's project may be a better idea. Payout the transaction fees to those people with a connected QT wallet regardless of how much coin they have in that wallet but limit it to 1 wallet per ip or mac address. Supporting/processing/verifying the transactions gets you the transaction fees. run it based on how long a group of wallets has been connected to the network. Once those wallets receive a fee, you move them to the bottom of the rotation. have a set number of wallets to verify each transaction. (Very simplified version)
So wouldn't a basic solution be;
1) Set transaction fees at a static (acceptable) rate.
1) Set transaction fees at a static (acceptable) rate.
Right, and who will decide what amount can be considered acceptable?
Goodbye decentralization.
2) Load transactions to a block based on the order in which they were placed in the blockchain.
There may be times of congestion, but at least you know that all transactions would go through in timely manner.
There may be times of congestion, but at least you know that all transactions would go through in timely manner.
And if your time for the transaction to be confirmed will be , let's say JUNE 27th.
What are going to do?
So
1) set it to the rate it used to be when it was created. No effect on decentralization.
2) There are not that many transactions occurring because if that were true, everyone would be affected by that today including those paying the highest transaction fees. Maybe it delays a transaction by a few hours, not days/weeks/months as paying a lower tx fee currently does.
Why can't the devs just make the transaction fees free unless you want want to prioritize speed and add like a 0.25% yearly inflation as the block reward post 21 million?
It seems it would make the bitcoin more spendable.
If free, who pays for miners' electricity bills? Who's going to maintain this network? I'd like to suggest an inverse understanding of the blockchain. It seems it would make the bitcoin more spendable.
yea, people are facing problem due to high transaction fee and slow transaction while doing transaction but this is only due to high traffic on the network of blockchain and we hope that this issue will be solve soon as they will working on this issue because they don't want to dishurt their customers.
So wouldn't a basic solution be;
1) Set transaction fees at a static (acceptable) rate.
1) Set transaction fees at a static (acceptable) rate.
Right, and who will decide what amount can be considered acceptable?
Goodbye decentralization.
2) Load transactions to a block based on the order in which they were placed in the blockchain.
There may be times of congestion, but at least you know that all transactions would go through in timely manner.
There may be times of congestion, but at least you know that all transactions would go through in timely manner.
And if your time for the transaction to be confirmed will be , let's say JUNE 27th.
What are going to do?
So wouldn't a basic solution be;
1) Set transaction fees at a static (acceptable) rate.
2) Load transactions to a block based on the order in which they were placed in the blockchain.
There may be times of congestion, but at least you know that all transactions would go through in timely manner.
This would still allow large mining facilities to be able to collect their own fees, but they couldn't really manipulate it by increasing the fees themselves.
1) Set transaction fees at a static (acceptable) rate.
2) Load transactions to a block based on the order in which they were placed in the blockchain.
There may be times of congestion, but at least you know that all transactions would go through in timely manner.
This would still allow large mining facilities to be able to collect their own fees, but they couldn't really manipulate it by increasing the fees themselves.
Indeed,the cost of bitcoin is very big in appeal with other coin sharing so one must have to think more mature again If you invest continuously in bitcoin because from year to year the cost of automatic transactions continue to increase.
Transaction fee issue arises quite often, and the same gets sought when the network congestion decreases gradually. Maybe it'll be increasing the difficulty in the transaction due to delay. But, the fee is not that big when we take it relative to the price growth that has happened within years.
So are you thinking of bitcoin as a currency or a commodity? Because if you want it to be a currency, you need to be able to use it for purchases. If the transaction fee is higher than the thing you want to purchase, then why are you going to use BTC? Try buying $10 worth of coffee. To get a transaction to occur in a timely matter, you need a $40 transaction fee. Does that make sense? Hell no. We are moving further away from thinking of bitcoin as a currency and that is counterproductive to further adoption. Try explaining to a new adopter that you have a great new currency that we want you to be able to use anywhere, any time. Then tell them if you want to buy something all you have to do is pay $40 in addition to the purchase price (today).
If the issue continues, it will only get worse. Maybe by summer we are up to $100 transaction fees. So when you say "the fee is not that big" you have to ask in what way. Because if you are only thinking of bitcoin as a commodity then maybe you are right (at least with people who are transfering large amounts of bitcoin). But if you want it to be a currency which you want to use on a daily basis, then it is a huge issue.
It prevents spam to a certain extent. In most cases an entity could still spam blocks with low chances of confirming transactions, but even if we know it's a spam transaction, it on the other hand isn't spam at all.
these fee issues solely exist because of mining cartels. anyone who has a very high chance of collecting their own fees, which is bitmain and their buddies, is going to do this. and even if they miss their own fees they've still pushed up the other ones they collect.
if mining worked how it was initially intended to do then threads like this wouldn't exist.
The benefit of a fee is very simple. It prevents spam. If there is no cost to making a transaction, then anyone can fill up all the blocks at no cost and at the exclusion of other transactions. When people compete for space in a block by paying a fee then then only the important transactions tend to end up in the block chain.
It prevents spam to a certain extent. In most cases an entity could still spam blocks with low chances of confirming transactions, but even if we know it's a spam transaction, it on the other hand isn't spam at all.As long as transactions contain a fee, even if it's just a low one, it's still a valid transaction that can't be marked as spam, while in reality it might very well have that intention behind it.
According to you, an important transaction as per the economical sense, is a transaction containing a higher than average fee, with higher overall chances of getting next block confirmations, which isn't always so.
Higher fees don't always translate into 'more important' transactions. It's just how the economy goes.
You cant set it free, because bitcoin network runs on the minning fees. Its same like the bus ticket. You have to pay the charges for the transportation.
With the current fees Bitcoin has become totally unusable. You can afford to pay those fees only if you move Bitcoin to trade it on exchanges or to buy apartments in Dubai - any other use makes no sense.
Also Atomic Swaps with LTC which is a direct p2p swap with altcoins have been tested and are being implemented. There's even a new exchange designed for Crypto traders that utilizes atomic swaps to offer super low fees. It's in Beta so DM for invite.
this is the thing about atomic swaps that intrigues me. will it be possible to open a lightning network channel with another coin, switch across, do my bitcoin business, and then swap back to close it?
unless we get a block size increase, lightning network channel openings will quickly fill the main bitcoin chain.
Also Atomic Swaps with LTC which is a direct p2p swap with altcoins have been tested and are being implemented. There's even a new exchange designed for Crypto traders that utilizes atomic swaps to offer super low fees. It's in Beta so DM for invite.
Either we all adopt Segwit quicker please which will lower the fees or the devs please implement that Lightning Network a little quicker please 
. However I do have some concerns with it but it has to be better then the current situation we got right now 
. However I do have some concerns with it but it has to be better then the current situation we got right now Why can't the devs just make the transaction fees free unless you want want to prioritize speed and add like a 0.25% yearly inflation as the block reward post 21 million?
It seems it would make the bitcoin more spendable.
It seems it would make the bitcoin more spendable.
The thought of having to be bothered about the exorbitant level of the transfer free is worrisome, but then, it is expedient for them to remove to sustain the system i believe.
The benefit of a fee is very simple. It prevents spam. If there is no cost to making a transaction, then anyone can fill up all the blocks at no cost and at the exclusion of other transactions. When people compete for space in a block by paying a fee then then only the important transactions tend to end up in the block chain.
Transaction fee issue arises quite often, and the same gets sought when the network congestion decreases gradually. Maybe it'll be increasing the difficulty in the transaction due to delay. But, the fee is not that big when we take it relative to the price growth that has happened within years.
1 Why can't the devs just make the transaction fees free unless you want want to prioritize speed and 2 add like a 0.25% yearly inflation as the block reward post 21 million?
It seems it would make the bitcoin more spendable.
1. Technically you can choose to not pay any fees. Obviously no wallet allows you to do this because the transaction will never confirm but it's feasible, devs don't have to do it. It seems it would make the bitcoin more spendable.
2. Not possible. Such a change would go against the fundamentals of Bitcoin and wouldn't have any support.
The first point is actually the black hole for the crypto. The fees are too high and there must be a solution, the hard forks are not necessarely the one.
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