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Topic: Transaction fees - page 4. (Read 3816 times)

legendary
Activity: 2436
Merit: 1561
March 22, 2016, 09:48:12 AM
#7

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.

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.

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?

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?

You got it a bit backwards. When number of transactions exceeds network capacity, then you have something called "fee market" (don't be confused with 'free market'). In such scenario it's the users (not miners) who compete for their transactions to be processed, miners would just pick txs with highest fees.

That's the general, simplified picture.
member
Activity: 154
Merit: 29
March 22, 2016, 08:43:18 AM
#6
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.

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.

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.

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?

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?
legendary
Activity: 4242
Merit: 8515
'The right to privacy matters'
March 20, 2016, 12:17:44 AM
#5
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.

To follow up if you have 20 .01 transactions = .20 btc you need a big fee like 0.0005 to .0010. Because the .20 btc is made of 20 small pieces .

If you have 25 coins from a solo block it is made of 1 piece and a fee of .0001 should be okay.

Block size needs to grow we can sit and fight over this but if it never grows btc will not grow.

Simple reasons are would you pay 20 used to send 100 used no you will not.

So transactions are capped as of today.
Now if you can figure a way to compress a transaction so that a 1mb block stays the same size but can hold far more transactions. You would be pretty good dev and maybe people would do that.

legendary
Activity: 1302
Merit: 1068
March 18, 2016, 07:37:31 AM
#4
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.
member
Activity: 154
Merit: 29
March 18, 2016, 06:55:17 AM
#3
Hello VirosaGITS,

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

thanks
legendary
Activity: 1302
Merit: 1068
March 07, 2016, 10:25:52 AM
#2
Hey guys, wanted to know whether there is any point in considering a transaction fee to decide which transaction to mine?



If you're asking whether you can pick which transaction to include in a block you mine based on what the fee is per kB, the answer is yes and that is why low TX fee transaction wont get confirmed fast, normally.
newbie
Activity: 2
Merit: 0
March 07, 2016, 10:18:14 AM
#1
Hey guys, wanted to know whether there is any point in considering a transaction fee to decide which transaction to mine?

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