Transaction fees - page 2. | Bitcointalksearch.org

Amph

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Quote from: fred21 on April 22, 2016, 02:18:51 PM

is transaction fee only based on the size of the transaction?

yeah and block now seems more heavy in size(miners fault), in fact the average recommended transaction has increase a lot

now to send a certain transaction, i need to pay like 70k satoshi, this in the future will surely go against the whole idea of bitcoin being almsto withotu fees

longbob72

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Quote from: pawel7777 on April 22, 2016, 02:51:53 PM

Quote from: fred21 on April 22, 2016, 02:18:51 PM

is transaction fee only based on the size of the transaction?

Short answer - yes.

But you can manually set the fee yourself (most of wallets give such choice), therefore you could send your txs even with zero fees, but those would unlikely ever be confirmed.

Historically there was something like 'priority of transaction', a formula based both on size and input age, so it was possible to successfully send even zero-fee txs, but I think that's no longer a case.

it is still the case. only that when the mempool is full of transactions many other transactions will use high fees, making the transaction take quite a long time to confirm.
and the recommended transaction fee also depends on the number of transactions in the mempool.

luciann

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Quote from: pawel7777 on April 22, 2016, 02:51:53 PM

Quote from: fred21 on April 22, 2016, 02:18:51 PM

is transaction fee only based on the size of the transaction?

Short answer - yes.

But you can manually set the fee yourself (most of wallets give such choice), therefore you could send your txs even with zero fees, but those would unlikely ever be confirmed.

Historically there was something like 'priority of transaction', a formula based both on size and input age, so it was possible to successfully send even zero-fee txs, but I think that's no longer a case.

Just to add on this.

I dont recommend using a manual fee, since what youre saying to the network is "find my block" whenever you feel like it.

So it can take up a few days now, if you dont add on the right amount of fees given or recommended as it suggest.

pawel7777

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Quote from: fred21 on April 22, 2016, 02:18:51 PM

is transaction fee only based on the size of the transaction?

Short answer - yes.

But you can manually set the fee yourself (most of wallets give such choice), therefore you could send your txs even with zero fees, but those would unlikely ever be confirmed.

Historically there was something like 'priority of transaction', a formula based both on size and input age, so it was possible to successfully send even zero-fee txs, but I think that's no longer a case.

fred21

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is transaction fee only based on the size of the transaction?

fred21

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infinite blocks is better because this will prevent historical miners to impose their fees to traders. If fees get to high, there always be new miners getting new blocks competing for a fair transaction fee price.

DannyHamilton

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Quote from: odolvlobo on April 21, 2016, 10:45:35 AM

That is basically it, but also: the subsidy (block reward is subsidy + fees) is halved every ~~216000~~ 210000 blocks (approximately 4 years), until around 2140 when it goes from 1 satoshi to 0 satoshis and the block reward is just fees.

Fixed that for you Wink

odolvlobo

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Quote from: fred21 on April 21, 2016, 06:40:28 AM

So until approximately year 2140, every new block generated will be with fixed reward (x BTCs per block generated reward). But after this date, block will be generated but with no reward at all. however, those blocks will still collect transaction fee.

Am I missing something?

That is basically it, but also: the subsidy (block reward is subsidy + fees) is halved every ~~216000~~210000 blocks (approximately 4 years), until around 2140 when it goes from 1 satoshi to 0 satoshis and the block reward is just fees.

pawel7777

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Quote from: fred21 on April 21, 2016, 06:40:28 AM

So until approximately year 2140, every new block generated will be with fixed reward (x BTCs per block generated reward). But after this date, block will be generated but with no reward at all. however, those blocks will still collect transaction fee.

Am I missing something?

Correct.

Although 'fixed' block rewards will likely become irrelevant long before year 2140. 90% of the 21m total supply will be mined in ~2021-2022. See this for reference:

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

The initial idea was the hope that Bitcoin usage will grow significantly to the point when transaction fees will become sufficient incentive for miners to carry on.

Although, with currently dominating vision of keeping small blocks and pushing users off the blockchain, I don't know what's the long term plan (if there's any).

fred21

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So until approximately year 2140, every new block generated will be with fixed reward (x BTCs per block generated reward). But after this date, block will be generated but with no reward at all. however, those blocks will still collect transaction fee.

Am I missing something?

pawel7777

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Quote from: fred21 on April 18, 2016, 03:43:48 AM

thanks for your reply.

your answers are contradictory. Who is right between Amph and alyssa85? Even if the number of BTC is finite is the number of blocks infinite?

Alyssa85 is right, not sure where Amph got the idea of finite number of blocks. ~2140 is an estimate of last block with fixed reward.

fred21

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thanks for your reply.

your answers are contradictory. Who is right between Amph and alyssa85? Even if the number of BTC is finite is the number of blocks infinite?

Amph

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Quote from: fred21 on April 17, 2016, 03:12:15 PM

Is the number of block infinite or eventually it will stop generating new blocks?

no the number of blocks is around 7M, and the last block should end around 2140 probably early due to the diff retarget, that can not keep with the suddenly hash increase

alyssa85

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Quote from: fred21 on April 17, 2016, 03:12:15 PM

Is the number of block infinite or eventually it will stop generating new blocks?

The number of bitcoins is fixed, but the number of blocks is not. Theoretically once the maximum bitcoins are produced, the blocks should continue to be mined, confirming new transactions, and the miners should be paid with transaction fees. In theory, the number of blocks will continue to be made as long as people use bitcoin, keep sending transactions and the miners still think its profitable to mine. Of course if the price of BTC went to zero, i expect the miners will abandon it- when the last miner stops, it's over!

fred21

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Is the number of block infinite or eventually it will stop generating new blocks?

unholycactus

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Quote from: fred21 on April 17, 2016, 01:37:05 PM

Quote from: odolvlobo on April 15, 2016, 11:19:22 AM

Your understanding is not complete. A miner validates transactions, gathers those transactions into a block, and attempts to add that block to the block chain. A successfully added block earns the miner all the transaction fees in the block plus the 25 BTC "subsidy".

thanks for your reply.

What happens if the miner doesn't succeed in adding the block into the blockchain : are the transactions that the miner gathered into the block "unvalidated"?

You should view it like this, everyone is competing to solve a block.
If you aren't the first to do so, everything starts over and you move on to the next one.

fred21

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Quote from: odolvlobo on April 15, 2016, 11:19:22 AM

Your understanding is not complete. A miner validates transactions, gathers those transactions into a block, and attempts to add that block to the block chain. A successfully added block earns the miner all the transaction fees in the block plus the 25 BTC "subsidy".

thanks for your reply.

What happens if the miner doesn't succeed in adding the block into the blockchain : are the transactions that the miner gathered into the block "unvalidated"?

romero121

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Quote from: --Encrypted-- on April 07, 2016, 12:27:58 PM

Quote from: michietn94 on April 07, 2016, 12:24:54 PM

I'm using blockchain online wallet.
What If I'm accidentally set custom fee from 0.0002 into 0.02 , does it means that I donate the miner very generously ?
Is it possible for refunding ?

first question, yes.
second question, no unless you contact the miner (or pool owner) and get them to agree to return the money.

Well only it depends upon the miner who gets the transaction fee. I believe return of bitcoin is highly impossible if you were not able to get contact with the miner or pool owner.

odolvlobo

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Quote from: fred21 on April 15, 2016, 05:48:02 AM

What I would like to understand is :

when you mine bitcoin, you earn small amount of bitcoin (without earning the 25 BTC reward to meet mathematical target). This small amount of BTC you earn is the result of transaction fee earned because you are accepting transaction into your block.

Is what I assume above right? or am I misunderstanding something?

Your understanding is not complete. A miner validates transactions, gathers those transactions into a block, and attempts to add that block to the block chain. A successfully added block earns the miner all the transaction fees in the block plus the 25 BTC "subsidy".

GreenMatrix

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Quote from: VirosaGITS on March 18, 2016, 07:37:31 AM

Quote from: fred21 on March 18, 2016, 06:55:17 AM

Hello VirosaGITS,

Is there a risk that transaction fee won't decrease as BITCOIN get more and more value compare to fiat currencies?

thanks

Yes, the fee per TX would go down if "we" increased the block size. Or up if not as people compete for the same limit size per blocks. I particularly do not see a problem with this however.

Anyhow, the TX fee is more tied to available space than BTC's value.

Great to know Wink

Topic: Transaction fees - page 2. (Read 3816 times)