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Topic: Transaction fee - page 2. (Read 1334 times)

legendary
Activity: 3038
Merit: 4418
Crypto Swap Exchange
December 20, 2015, 09:00:12 AM
#10
Then stop using that exchange. The minimum fee for nodes to relay will get lowered if that happens. After sometime, less people would be willing to pay that high of a transaction fee and miners would start to mine transactions with lower TX fees.

I'm afraid until 'miners would start to mine transactions with lower TX fees' the people would 'stop using that' bitcoin.
Lets face it. Bitcoin will never go from $400 to $5000 or even $1500 overnight. It would definitely take sometime and miners would start adjusting their minimum fee to accept. I've had 0.00001BTC/kb confirming smoothly recently, this shows that miners are accepting fees that are at that range. By the time price goes to $5000, block rewards would be lower. If the price rises, users won't be wanting to pay high fees and miners would want to maximise their revenue. Hence, they will start accepting lower fees in BTC.
mda
member
Activity: 144
Merit: 13
December 20, 2015, 08:40:54 AM
#9
Then stop using that exchange. The minimum fee for nodes to relay will get lowered if that happens. After sometime, less people would be willing to pay that high of a transaction fee and miners would start to mine transactions with lower TX fees.

I'm afraid until 'miners would start to mine transactions with lower TX fees' the people would 'stop using that' bitcoin.
legendary
Activity: 3038
Merit: 4418
Crypto Swap Exchange
December 20, 2015, 08:28:11 AM
#8
The miners decides on the mining fee that they want to include into their block. You can try to convince miners to have the fees bind to the average fees but that probably would never work. Transaction fees are still very small compared to other payment methods.

I had issues with the tx fee quite a few times. Normally I pay a uniform transaction fee of BTC0.0001, no matter how much the size of my transaction. Sometimes, the transaction can be quite big (10 KB or 15 KB), and on such occasions, I had to wait up to 48 hours to get the 3 confirmations. This can be a serious issue in the future. As Bitcoin gets older, the coins will be traded more and more, and the size will get bigger and bigger for each transaction. In such cases, the miners will simply refuse to transmit the transaction, if we are paying only the standard transaction fee of BTC0.0001.
That should happen. If your TX is 10kb, you should be paying 0.001BTC as a fee (unlikely that it's going to happen unless you hoard LOADS of UXTOs. Miners want to utilize the 1mb that they are allowed to have with the best efficiency. If you have a fee of 0.0001BTC with a 10kb size and someone else have 0.00002BTC fee and 1 kb size, they would most likely be considering to accept the 1kb TX first.

There are always exception however. If every single miner dislike your address/coins/transaction, they can choose not to mine it no matter how much you pay. That's why we don't like mining centralisation.

The size will not increase no matter how much times it is "spent". (I can't go technical here.)

What are you talking about here and what you mean "unpredictable"  ? Fees are already low comparing to the other payment methods (0.0001 BTC = 0.05$) .

To pay from exchange it's 0.0005-0.001 BTC = $0.25-$0.5, for a rate of $5000/BTC it's $2.5-$5.
Then stop using that exchange. The minimum fee for nodes to relay will get lowered if that happens. After sometime, less people would be willing to pay that high of a transaction fee and miners would start to mine transactions with lower TX fees.
mda
member
Activity: 144
Merit: 13
December 20, 2015, 08:19:23 AM
#7
What are you talking about here and what you mean "unpredictable"  ? Fees are already low comparing to the other payment methods (0.0001 BTC = 0.05$) .

To pay from exchange it's 0.0005-0.001 BTC = $0.25-$0.5, for a rate of $5000/BTC it's $2.5-$5. Market rates could be manipulated and therefore the whole bitcoin game could be manipulated this way.
legendary
Activity: 3766
Merit: 1217
December 20, 2015, 07:45:53 AM
#6
The miners decides on the mining fee that they want to include into their block. You can try to convince miners to have the fees bind to the average fees but that probably would never work. Transaction fees are still very small compared to other payment methods.

I had issues with the tx fee quite a few times. Normally I pay a uniform transaction fee of BTC0.0001, no matter how much the size of my transaction. Sometimes, the transaction can be quite big (10 KB or 15 KB), and on such occasions, I had to wait up to 48 hours to get the 3 confirmations. This can be a serious issue in the future. As Bitcoin gets older, the coins will be traded more and more, and the size will get bigger and bigger for each transaction. In such cases, the miners will simply refuse to transmit the transaction, if we are paying only the standard transaction fee of BTC0.0001.
legendary
Activity: 1120
Merit: 1008
CryptoTalk.Org - Get Paid for every Post!
December 20, 2015, 06:58:42 AM
#5
After the bitcoin price get doubled we also see fee to get doubled. I know it is market driven but how much bitcoin used to be fee when price was at 1k.
Is that same like today 10000 satoshi ?
legendary
Activity: 2646
Merit: 1137
All paid signature campaigns should be banned.
December 20, 2015, 06:44:04 AM
#4
Fees are market driven.

Is that what you mean by "unpredictable"?

The exchange rate is also "unpredictable", even more so.

Do you want to try and artificially also set the exchange rate?
legendary
Activity: 3038
Merit: 4418
Crypto Swap Exchange
December 20, 2015, 06:38:32 AM
#3
The miners decides on the mining fee that they want to include into their block. You can try to convince miners to have the fees bind to the average fees but that probably would never work. Transaction fees are still very small compared to other payment methods.
staff
Activity: 3500
Merit: 6152
December 20, 2015, 06:35:07 AM
#2
Now value of transaction fee in fiat is unpredictable scaring commerce and blocking the whole bitcoin development.
Linking the fee through 5-10 biggest exchanges to consumer price index would solve a lot of problems and end a lot of discussions.

What are you talking about here and what you mean "unpredictable"  ? Fees are already low comparing to the other payment methods (0.0001 BTC = 0.05$) .
mda
member
Activity: 144
Merit: 13
December 20, 2015, 06:26:24 AM
#1
Now value of transaction fee in fiat is unpredictable scaring commerce and blocking the whole bitcoin development.
Linking the fee through 5-10 biggest exchanges to consumer price index would solve a lot of problems and end a lot of discussions.
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