What if in future btc transactions will only confirm via an accelerator?

cafucafucafu

hero member

Activity: 812

Merit: 509

Quote from: Herbert2020 on June 04, 2017, 01:39:11 AM

again you pay the fee in your transaction, if it is 0.01BTC fee then you pay it with the transaction and if one miner rejects it then another will pick it up and mine it for the reward.
and if someday fees grow that high, for example $25 for a simple small transaction then people will just stop using bitcoin and the backlog will clear and fees come down because there no longer will be any competition.

and if miners continue being malicious in your scenario we can always fork to a new algorithm that prevents them from doing such things.
i am not an expert in this matter but you can check out the POW change proposal. that can work in a situation like what you are describing.

Thanks for the response.

Maybe i'm just overworrying things because right now i cant really use bitcoin anymore without having to try to get a spot in Viabtc(very unlikely) or pay for a transaction accelerator. And I can't control the fees all the time because others are sending to me.

Hopefully this can be sorted out in the near future... Fees are way too high.

Herbert2020

legendary

Activity: 1946

Merit: 1137

again you pay the fee in your transaction, if it is 0.01BTC fee then you pay it with the transaction and if one miner rejects it then another will pick it up and mine it for the reward.
and if someday fees grow that high, for example $25 for a simple small transaction then people will just stop using bitcoin and the backlog will clear and fees come down because there no longer will be any competition.

and if miners continue being malicious in your scenario we can always fork to a new algorithm that prevents them from doing such things.
i am not an expert in this matter but you can check out the POW change proposal. that can work in a situation like what you are describing.

cafucafucafu

hero member

Activity: 812

Merit: 509

Quote from: Herbert2020 on June 04, 2017, 12:55:44 AM

the transaction fee is the fee you are paying the pool to mine your transaction!

when you pay lower fee (like zero fee to 50 satoshi per byte) you get stuck and need to seek alternative methods like paying the additional (300 satoshi per byte) to the pool so they can mine your transaction. if you pay the higher fee in first place you won't have to pay anything else.

and the solution is scaling! and it will happen sooner or later, there is no escaping it. the miners can delay the inevitable but eventually something will be forced on them.

I understand this. But what if the miners decide to just not confirm any transactions outside of the transactions that people pay them for BEFORE they even mine a block? Do you get what i'm saying here?

Basically, a way more extreme situation than the one we're currently in. Right now you can pay a 0.001 BTC fee on your average sized transaction and get it confirmed in the first block. But what if in future, even if you pay 0.01 BTC for it, it won't confirm without an accelerator? Undecided

Herbert2020

legendary

Activity: 1946

Merit: 1137

the transaction fee is the fee you are paying the pool to mine your transaction!

when you pay lower fee (like zero fee to 50 satoshi per byte) you get stuck and need to seek alternative methods like paying the additional (300 satoshi per byte) to the pool so they can mine your transaction. if you pay the higher fee in first place you won't have to pay anything else.

and the solution is scaling! and it will happen sooner or later, there is no escaping it. the miners can delay the inevitable but eventually something will be forced on them.

cafucafucafu

hero member

Activity: 812

Merit: 509

Namely, no matter how much you pay originally in your bitcoin transaction fees, you have to still go to a pool to confirm your transaction and pay a fee for it. We can see this sort of happening. Fee used to be 0.0001 BTC but now if you pay even 200 sats/byte it's not guaranteed to confirm in the first 6 blocks.

So what if in future confirmations will only be given if you pay a fee to a certain pool ahead of them even mining the block?

Will this result in the centralisation of bitcoin? How can we mitigate this???

Topic: What if in future btc transactions will only confirm via an accelerator? (Read 332 times)