Transaction fee question. | Bitcointalksearch.org

AltorXP

member

Activity: 71

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Quote from: Pangia on February 05, 2014, 01:22:42 PM

Quote from: Barek on February 05, 2014, 01:19:04 PM

Quote from: Pangia on February 05, 2014, 01:03:47 PM

Would you know what that fee is currently set at?

Minimum fee is 0.0001, which is sufficient in most cases. More detail here.

https://en.bitcoin.it/wiki/Transaction_fees

Thanks Barek.

Now when all coins are mined, will that minimum fee potentially have to rise to compensate miners for their resources?

By the time all coins are mined, BTC will (most likely) have gone up a lot in value. Even tiny transaction fees then will amount to a lot - imagine $1,000,000 per coin, so it will remain at around 2-3%

lnternet

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Assuming you want to stay at 25 BTC block reward and 6 txps you will need 7mBTC fee. That is 70 times the current fee and currently worth around $5.55.

These assumptions will almost certainly not be met, but just as a way to visualize what the 25BTC right now means.

cr1776

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Quote from: Pangia on February 05, 2014, 01:22:42 PM

Quote from: Barek on February 05, 2014, 01:19:04 PM

Quote from: Pangia on February 05, 2014, 01:03:47 PM

Would you know what that fee is currently set at?

Minimum fee is 0.0001, which is sufficient in most cases. More detail here.

https://en.bitcoin.it/wiki/Transaction_fees

Thanks Barek.

Now when all coins are mined, will that minimum fee potentially have to rise to compensate miners for their resources?

The minimum fee would have to compensate miners for their costs in securing the network, but this will be around 2140 so it is pure speculation as to what fees will be then.

Barek

full member

Activity: 168

Merit: 100

In the past, the minimum fee in the reference implementation has always been adjusted to be no higher than current levels.

We are at less than 1 transaction/second and use a block size limit that would allow about 6 per second. That means there is plenty of room to store the transactions.

Transaction storage space could become a rarity which would drive the price for storing a transaction up. Or maybe the block limit will be increased, which would mean a larger total fee from multiple small transactions.

It is hard to say what will happen in the future. You also need to realize that you are talking about 10s of years in the future.

Pangia

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Activity: 406

Merit: 250

Quote from: Barek on February 05, 2014, 01:19:04 PM

Quote from: Pangia on February 05, 2014, 01:03:47 PM

Would you know what that fee is currently set at?

Minimum fee is 0.0001, which is sufficient in most cases. More detail here.

https://en.bitcoin.it/wiki/Transaction_fees

Thanks Barek.

Now when all coins are mined, will that minimum fee potentially have to rise to compensate miners for their resources?

Barek

full member

Activity: 168

Merit: 100

Quote from: Pangia on February 05, 2014, 01:03:47 PM

Would you know what that fee is currently set at?

Minimum fee is 0.0001, which is sufficient in most cases. More detail here.

https://en.bitcoin.it/wiki/Transaction_fees

Pangia

sr. member

Activity: 406

Merit: 250

Quote from: odolvlobo on February 05, 2014, 12:56:33 PM

In theory, there are no set fees. Fees are optional. You can decide how much you want to pay, and nodes in the network can decide if they want to transmit your transaction based on the fee, and miners can decide if they want to include your transaction in a block based on the fee.

However, the Bitcoin-qt wallet has a set of criteria that it uses to determine what fee you must pay, and most other wallets, nodes, and miners currently use that same criteria.

Excellent. Thank you sir.

Would you know what that fee is currently set at?

odolvlobo

legendary

Activity: 4466

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In theory, there are no set fees. Fees are optional. You can decide how much you want to pay, and nodes in the network can decide if they want to transmit your transaction based on the fee, and miners can decide if they want to include your transaction in a block based on the fee.

However, the Bitcoin-qt wallet has a set of criteria that it uses to determine what fee you must pay, and most other wallets, nodes, and miners currently use that same criteria.

Pangia

sr. member

Activity: 406

Merit: 250

Quote from: BTCIndia on February 05, 2014, 12:26:08 PM

Quote from: Pangia on February 05, 2014, 12:20:42 PM

Quote from: btc_dev on February 05, 2014, 12:03:04 PM

Quote from: Pangia on February 05, 2014, 11:48:25 AM

When all Bitcoins are mined, how much will each person have to pay to perform a transaction on the network? (how much will miners charge per transaction)

Thanks in advance for your input.

Is it the fact that miners can charge on their will ? I mean do they have the independence to chose Tx depending on Tx fee ?

I haven't a clue.

Perhaps I wrote my question incorrectly. I'm trying to figure out what the transaction fee will be once all Bitcoins are mined.

Right now, transaction fees is very low and will stay same for a while. Once, btc is mainstream, I believe, transaction cost will again cost 2-3% per transaction adding commission of various middleman that includes conversion of btc to fiat, miner, payment processor etc. I strongly believe, we'll be back to age where we're right now.

Ok thanks for your input. I know that there are other variables associated with fees (middlemen, etc.). I'm trying to find out what the fee will be on the network to perform a transaction. For example, I want to send someone 1 BTC, how much will the network charge me to perform that transaction? (I don't want to wait 2 days so I'm going to pay the transaction fee, how much is that right now and when all coins are mined, how much will that be?). Thanks all.

BTCIndia

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vini, vedi, no vici.

Quote from: Pangia on February 05, 2014, 12:20:42 PM

Quote from: btc_dev on February 05, 2014, 12:03:04 PM

Quote from: Pangia on February 05, 2014, 11:48:25 AM

When all Bitcoins are mined, how much will each person have to pay to perform a transaction on the network? (how much will miners charge per transaction)

Thanks in advance for your input.

Is it the fact that miners can charge on their will ? I mean do they have the independence to chose Tx depending on Tx fee ?

I haven't a clue.

Perhaps I wrote my question incorrectly. I'm trying to figure out what the transaction fee will be once all Bitcoins are mined.

Right now, transaction fees is very low and will stay same for a while. Once, btc is mainstream, I believe, transaction cost will again cost 2-3% per transaction adding commission of various middleman that includes conversion of btc to fiat, miner, payment processor etc. I strongly believe, we'll be back to age where we're right now.

Pangia

sr. member

Activity: 406

Merit: 250

Quote from: btc_dev on February 05, 2014, 12:03:04 PM

Quote from: Pangia on February 05, 2014, 11:48:25 AM

When all Bitcoins are mined, how much will each person have to pay to perform a transaction on the network? (how much will miners charge per transaction)

Thanks in advance for your input.

Is it the fact that miners can charge on their will ? I mean do they have the independence to chose Tx depending on Tx fee ?

I haven't a clue.

Perhaps I wrote my question incorrectly. I'm trying to figure out what the transaction fee will be once all Bitcoins are mined.

btc_dev

newbie

Activity: 42

Merit: 0

Quote from: Pangia on February 05, 2014, 11:48:25 AM

When all Bitcoins are mined, how much will each person have to pay to perform a transaction on the network? (how much will miners charge per transaction)

Thanks in advance for your input.

Is it the fact that miners can charge on their will ? I mean do they have the independence to chose Tx depending on Tx fee ?

Pangia

sr. member

Activity: 406

Merit: 250

When all Bitcoins are mined, how much will each person have to pay to perform a transaction on the network? (how much will miners charge per transaction)

Thanks in advance for your input.

Topic: Transaction fee question. (Read 618 times)