Transaction fees - page 3. | Bitcointalksearch.org

fred21

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Quote from: mrcash02 on April 07, 2016, 11:51:18 AM

To pay less fees (at least on Blockchain.info that i use) move high transactions only. If you move many small amounts like 20.000, 30.000 satoshi you will pay highest fees later (very common between faucet users). I try to move min 100.000 satoshi. This way i pay lowest fees.

To do it on FaucetBox, set a highest threshold there, on your address statistics page.

Thanks for your reply.

However this was not what I was asking.

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?

--Encrypted--

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hee-ho.

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.

michietn94

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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 ?

mrcash02

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To pay less fees (at least on Blockchain.info that i use) move high transactions only. If you move many small amounts like 20.000, 30.000 satoshi you will pay highest fees later (very common between faucet users). I try to move min 100.000 satoshi. This way i pay lowest fees.

To do it on FaucetBox, set a highest threshold there, on your address statistics page.

fred21

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I personally think that when you start mining bitcoin with soiftware "bitcoin core" (for example), you earn a tiny amount of bitcoin every month.

This tiny amount of bitcoin that you earn every month is the result of transaction fees that you earn.

So according to me, you don't need to solve and meet the target in order to accept transaction and earn transaction fees as a miner.

fred21

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Quote

During the part where the user is solving the mathematical problem, the 25BTC is already hashed in the block, together with the transactions. Solving the mathematical problem means that the block must match a specific target for it to be accepted as valid. If the block target is not reached or "the math problem is not solved", nodes would not see it as valid and the coins/transactions would remain non-existent or unconfirmed. It is more of like a lottery but generally, the more hashrates you have, the better chance you would have.

so, transaction are accepted and validated only in blocks that are owned by miner having met the target ?

BitMaxz

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Quote from: n0ne on March 29, 2016, 10:59:59 AM

All transactions were made with a minimal fees. I mostly prefer the transaction fees of 0.0002btc. Everytime I too have experienced lot confirmations in a short time.

For now i think its if you are in default fee you can pay a fee depends if how much you will send.. just like on free fee like coinbase you are just send 0.005 to other address with fee 10k sat or below but the result is low fee and medium priority in the block chain but they are the same speed as 0.0002 fee transaction.. for now bitcoin has a problem in speed transactions..

n0ne

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All transactions were made with a minimal fees. I mostly prefer the transaction fees of 0.0002btc. Everytime I too have experienced lot confirmations in a short time.

jrpatking

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Still, I'm just confused to understand your question. All transactions are processed with or without fee. However, the transaction which pays higher fee than the other transactions will be processed first.

ranochigo

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Quote from: fred21 on March 29, 2016, 07:10:40 AM

Quote from: ranochigo on March 27, 2016, 07:10:48 PM

Quote from: fred21 on March 27, 2016, 06:11:04 PM

Thanks for your replies.

Does anyone can start mining and accepting transaction in his blocks without having solved the mathematical problem which result in earning 25 BTC reward OR do you need to have solved mathematical problem which result in earning 25 BTC reward in order to start accepting BTC transaction as miner?

thanks

You can choose to include transactions into a block as long as you get a block hash that is of the correct target. You can include transactions and claim the transaction fees on the first block you mined. The full node on Bitcoin network enforces these rules. Only if the block is of the correct size, target and follows rules, it is considered valid.

If you choose to mine a block that has the incorrect target, nodes would just reject it.

Does this mean that only people that have "solved mathematical problems" (and got block attributed to them as well as 25 BTC reward) can accept transaction into their block and get the transaction fee?

thanks

During the part where the user is solving the mathematical problem, the 25BTC is already hashed in the block, together with the transactions. Solving the mathematical problem means that the block must match a specific target for it to be accepted as valid. If the block target is not reached or "the math problem is not solved", nodes would not see it as valid and the coins/transactions would remain non-existent or unconfirmed. It is more of like a lottery but generally, the more hashrates you have, the better chance you would have.

fred21

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Quote from: ranochigo on March 27, 2016, 07:10:48 PM

Quote from: fred21 on March 27, 2016, 06:11:04 PM

Thanks for your replies.

Does anyone can start mining and accepting transaction in his blocks without having solved the mathematical problem which result in earning 25 BTC reward OR do you need to have solved mathematical problem which result in earning 25 BTC reward in order to start accepting BTC transaction as miner?

thanks

You can choose to include transactions into a block as long as you get a block hash that is of the correct target. You can include transactions and claim the transaction fees on the first block you mined. The full node on Bitcoin network enforces these rules. Only if the block is of the correct size, target and follows rules, it is considered valid.

If you choose to mine a block that has the incorrect target, nodes would just reject it.

Does this mean that only people that have "solved mathematical problems" (and got block attributed to them as well as 25 BTC reward) can accept transaction into their block and get the transaction fee?

thanks

defcon23

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Quote from: odolvlobo on March 27, 2016, 07:17:38 PM

Quote from: fred21 on March 27, 2016, 06:11:04 PM

Does anyone can start mining and accepting transaction in his blocks without having solved the mathematical problem which result in earning 25 BTC reward OR do you need to have solved mathematical problem which result in earning 25 BTC reward in order to start accepting BTC transaction as miner?

No. In order to add a block to the block chain you have to be the first to have "solved the mathematical problem".

yes , exactly, and that's call the golden nonce Cheesy

odolvlobo

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Quote from: fred21 on March 27, 2016, 06:11:04 PM

Does anyone can start mining and accepting transaction in his blocks without having solved the mathematical problem which result in earning 25 BTC reward OR do you need to have solved mathematical problem which result in earning 25 BTC reward in order to start accepting BTC transaction as miner?

No. In order to add a block to the block chain you have to be the first to have "solved the mathematical problem".

ranochigo

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Quote from: fred21 on March 27, 2016, 06:11:04 PM

Thanks for your replies.

Does anyone can start mining and accepting transaction in his blocks without having solved the mathematical problem which result in earning 25 BTC reward OR do you need to have solved mathematical problem which result in earning 25 BTC reward in order to start accepting BTC transaction as miner?

thanks

You can choose to include transactions into a block as long as you get a block hash that is of the correct target. You can include transactions and claim the transaction fees on the first block you mined. The full node on Bitcoin network enforces these rules. Only if the block is of the correct size, target and follows rules, it is considered valid.

If you choose to mine a block that has the incorrect target, nodes would just reject it.

fred21

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Thanks for your replies.

Does anyone can start mining and accepting transaction in his blocks without having solved the mathematical problem which result in earning 25 BTC reward OR do you need to have solved mathematical problem which result in earning 25 BTC reward in order to start accepting BTC transaction as miner?

thanks

defcon23

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just have a look at this website: http://bitcoinfees.21.co/ , That's a good point of start to understand/lurn how transactions fees could be calculate.

odolvlobo

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Quote from: fred21 on March 25, 2016, 07:14:11 AM

Quote from: ranochigo on March 22, 2016, 11:17:28 AM

Quote from: fred21 on March 22, 2016, 08:43:18 AM

So the more transaction there will be, the more competitions there will be between miners and the lower the transaction fee will be. is this right?

No. The transaction fees would actually rise. Since the maximum amount of transaction that can be included is 1kb, users have to try to add a higher fee to get to the top of the ranking and have a higher chance of getting included in a block.

If transaction fee increases when number of transaction increases in BTC network, this is a big problem for the bitcoin system as this will slow the BTC developpement to be used by "normal people" in their daily spending (which is the ultimate goal). what do you think?

Some people, primarily the 1 MB crowd, don't believe that use of the Bitcoin block chain by normal people in their daily spending is the ultimate goal.

fred21

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Quote from: ranochigo on March 22, 2016, 11:17:28 AM

Quote from: fred21 on March 22, 2016, 08:43:18 AM

So the more transaction there will be, the more competitions there will be between miners and the lower the transaction fee will be. is this right?

No. The transaction fees would actually rise. Since the maximum amount of transaction that can be included is 1kb, users have to try to add a higher fee to get to the top of the ranking and have a higher chance of getting included in a block.

If transaction fee increases when number of transaction increases in BTC network, this is a big problem for the bitcoin system as this will slow the BTC developpement to be used by "normal people" in their daily spending (which is the ultimate goal). what do you think?

RealPhotoshoper

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Quote from: BitBoyDonny on March 07, 2016, 10:18:14 AM

Hey guys, wanted to know whether there is any point in considering a transaction fee to decide which transaction to mine?

imagine if you will shipping goods,you will put fee in different class,more fee will faster that goods shipped. its also like transacton fee,decide transactions fee by speed,faster transaction will take bigger fees. i think that's the point.

ranochigo

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Quote from: fred21 on March 22, 2016, 08:43:18 AM

thanks for your answer.

if I understand well, transaction fees are decided by miners and there is a market place of transaction fee with competition between miners which own blocks.

When the miner hashes the block repeatedly, they have to use the hash of all the transactions that they are planning to include into the block. This is called the merkle root. The coinbase transaction which distributes the Bitcoins is mandatory. The miner then has to hash the transaction to try to meet the target.

During this step, the miner can effectively filter out transactions that they don't like or don't fit their criteria.

Quote from: fred21 on March 22, 2016, 08:43:18 AM

if a miner decide to set the fee too high, he will not receive transactions in his blocks and will be obliged to lower his fee to get transaction in his block.

Basically yes. However, if the entire network of miners decides to rise their fees threshold, they can effectively force users to pay a higher fee to get their transaction in a block.

Quote from: fred21 on March 22, 2016, 08:43:18 AM

So the more transaction there will be, the more competitions there will be between miners and the lower the transaction fee will be. is this right?

No. The transaction fees would actually rise. Since the maximum amount of transaction that can be included is 1kb, users have to try to add a higher fee to get to the top of the ranking and have a higher chance of getting included in a block.

Quote from: fred21 on March 22, 2016, 08:43:18 AM

It is reasonable to say that the more BTC gets high compare to fiat currencies, the more transaction in BTC there will be.

this is unless miners agree together to set high transaction fee. Is this likely?

I'm not sure what you mean by that. Please elaborate.

Topic: Transaction fees - page 3. (Read 3816 times)