Transaction fees | Bitcointalksearch.org

mdude77

legendary

Activity: 1540

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Quote from: Red Emerald on April 30, 2012, 05:20:23 PM

Quote from: mdude77 on April 30, 2012, 05:10:33 PM

Quote from: Blazr on April 29, 2012, 08:09:34 PM

To the miner that mined the block your transaction is in.

Reward for solving a block is 50BTC + transaction fees.

Sooo.. does that mean the mining pools get all those fees? Last I checked on BTCGuild, the payout is 47.5/share.

Most pools take the transaction fees and a percent of the block. Long live p2pool!

THANK YOU! Never heard of p2pool before. I'm hooked now! So long BTCGuild!

freewil

member

Activity: 92

Merit: 10

Quote from: jack-o-lantern on April 30, 2012, 04:54:36 PM

When it reaches the maximum number of bitcoins, could we assume that the fee will be increasingly expensive?

No, that assumption would be incorrect. Naturally, because of it's deflationary nature, you would expect Bitcoins themselves to get more expensive relative to other currencies, but fees I would expect to stay low, compensating miners for their equipment and electricity costs, and a healthy profit.

Red Emerald

hero member

Activity: 742

Merit: 500

Quote from: mdude77 on April 30, 2012, 05:10:33 PM

Quote from: Blazr on April 29, 2012, 08:09:34 PM

To the miner that mined the block your transaction is in.

Reward for solving a block is 50BTC + transaction fees.

Sooo.. does that mean the mining pools get all those fees? Last I checked on BTCGuild, the payout is 47.5/share.

Most pools take the transaction fees and a percent of the block. Long live p2pool!

mdude77

legendary

Activity: 1540

Merit: 1001

Quote from: Blazr on April 29, 2012, 08:09:34 PM

To the miner that mined the block your transaction is in.

Reward for solving a block is 50BTC + transaction fees.

Sooo.. does that mean the mining pools get all those fees? Last I checked on BTCGuild, the payout is 47.5/share.

Gladamas

sr. member

Activity: 294

Merit: 250

Bitcoin today is what the internet was in 1998.

Quote from: jack-o-lantern on April 30, 2012, 04:54:36 PM

Quote from: freewil on April 30, 2012, 04:41:33 PM

Also note that once the maximum number of Bitcoins are created (~21 million) fees will become more important to the network as the miner will no longer receive new Bitcoins as a reward.

Is it possible to increase the amount of bitcoins?

No, there is no way to increase the number of Bitcoins above 21 million. However as deflation occurs due to a lack of Bitcoin production we could deal in millibitcoins (1/1000 of a bitcoin) or microbitcoins (1/1,000,000 of a bitcoin).

Red Emerald

hero member

Activity: 742

Merit: 500

Quote from: jack-o-lantern on April 30, 2012, 04:54:36 PM

Quote from: freewil on April 30, 2012, 04:41:33 PM

Also note that once the maximum number of Bitcoins are created (~21 million) fees will become more important to the network as the miner will no longer receive new Bitcoins as a reward.

Is it possible to increase the amount of bitcoins?

Not without a hard fork. But there is no point. Bitcoin is deflationary by design.

Quote

When it reaches the maximum number of bitcoins, could we assume that the fee will be increasingly expensive?

I don't think the per-transaction fee will really change that much, but the number of transactions will hopefully be much higher and so there will be more fees for miners to earn.

jack-o-lantern

newbie

Activity: 23

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Quote from: freewil on April 30, 2012, 04:41:33 PM

Also note that once the maximum number of Bitcoins are created (~21 million) fees will become more important to the network as the miner will no longer receive new Bitcoins as a reward.

Is it possible to increase the amount of bitcoins?

When it reaches the maximum number of bitcoins, could we assume that the fee will be increasingly expensive?

Gladamas

sr. member

Activity: 294

Merit: 250

Bitcoin today is what the internet was in 1998.

As the number of digits in the amount of Bitcoins sent in a transaction increases, the higher the transaction fee will be. For example the transaction fee for sending 103089.42, 0.42810382, or 53.1345 Bitcoins will be higher than if you are sending 2 Bitcoins in a transaction.

EDIT: See https://bitcointalksearch.org/topic/m.820964 and https://bitcointalksearch.org/topic/m.875410 for information on transaction fees.

freewil

member

Activity: 92

Merit: 10

Also note that once the maximum number of Bitcoins are created (~21 million) fees will become more important to the network as the miner will no longer receive new Bitcoins as a reward.

Blazr

hero member

Activity: 882

Merit: 1006

To the miner that mined the block your transaction is in.

Reward for solving a block is 50BTC + transaction fees.

QuickBitcoins

member

Activity: 87

Merit: 10

When these are paid "to the network" where exactly do they go?

Topic: Transaction fees (Read 751 times)