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Topic: why are mining fees not refunded - page 2. (Read 267 times)

full member
Activity: 364
Merit: 115
March 23, 2024, 08:19:50 AM
#8
Why was the transaction fee not refunded?
Bitcoin network is Proof of Work and Miners have their roles to find blocks, confirm transactions from Bitcoin users. Finding blocks, confirming transactions are works of miners and they receive bitcoins for their works.

So, is it logic to require Bitcoin miners to refund transaction fee to Bitcoin users?
hero member
Activity: 812
Merit: 560
March 23, 2024, 08:14:05 AM
#7
In addition to all that has been said, from my own experience too, when i tried to use the feature of cancel transaction on the electrum wallet, i discovered that the transaction was not being broadcasted, which means you're yet to send the transaction and the ugliest aspect was the increase in the fee rate to cancel the transaction which i cant afford to bear than to just go by pumping the transaction to higher fee affordable enough, you cant imagine that it cost 4 USD for instance to cancel a transaction and 1 USD to pump it, which is more preferable, then i realized that the transaction was not sent initially, therefore, no transaction sent and confirmed can be cancelled.
legendary
Activity: 1512
Merit: 4795
March 23, 2024, 08:13:20 AM
#6
so saying your transaction fees should be refunded means you are indirectly saying that every node should purge your transaction from the block chain. And that would have been possible if you had made use of a fee below 6sat/byte. Probably only the node network of the wallet you used would have broadcasted it while other node will simply just purge it because of the extremely low fees.
Let us say the purging is 2.91 sat/vbyte right now. If the server of the wallet that you used set the purging to be less than usual, and you used a fee of 2.5, the server that the wallet used may make the transaction to be broadcasted successfully. But if it is by default and it is 2.91 sat/vbyte as it is Right now, any transaction with the fee rate below that will not be broadcasted by the server of the wallet used.

Also know that if the server has already broadcasted the transaction and later the server dropped the transaction in a way that the sender can spend the coins again in another transaction, if the sender decided not to spend the coin again, the sender should not be surprised if the transaction he thought to have been dropped later got confirmed because the unconfirmed transaction has been sent to other nodes and some nodes have different settings.

So if you want a transaction to be sent back to you, it is better you use RBF to cancel the transaction to send the coin to the address that you own.

transaction with a very low fee, that it is purged, what then happens to the fees since no miner included it in a block?
If a transaction is dropped from mempool, the fee will also be dropped because there is no transaction at all as the transaction dropped from mempool.

Just regard node and server as the same in my reply.
sr. member
Activity: 308
Merit: 448
Math + Code = Blockchain 😁
March 23, 2024, 08:08:36 AM
#5
In addition to what Charles-Tim said, the transaction fees act as a form of payment for the block space your transaction occupies on the Bitcoin blockchain. so saying your transaction fees should be refunded means you are indirectly saying that every node should purge your transaction from the block chain. And that would have been possible if you had made use of a fee below 6sat/byte. Probably only the node network of the wallet you used would have broadcasted it while other node will simply just purge it because of the extremely low fees.

This is not true, the block doesn’t need your transaction fee for it to have it stored there, so also is the blockchain. The only thing needed by the bitcoin network which is handled by the nodes is that your transaction should just meet the requirements like it hasn’t been spend before, that’s what nodes verify your transaction for.

The transaction fee is just an incentive to the miner to include your transaction into their block other than other transactions since they are junk of them and that’s why you see miners prioritizing transactions based on fees. This has nothing to do with the transaction been included into a block. A transaction without transaction fee can also be included into a block and consequently to the blockchain
So if you broadcast a transaction with a very low fee, that it is purged, what then happens to the fees since no miner included it in a block?
hero member
Activity: 672
Merit: 855
March 23, 2024, 08:05:59 AM
#4
In addition to what Charles-Tim said, the transaction fees act as a form of payment for the block space your transaction occupies on the Bitcoin blockchain. so saying your transaction fees should be refunded means you are indirectly saying that every node should purge your transaction from the block chain. And that would have been possible if you had made use of a fee below 6sat/byte. Probably only the node network of the wallet you used would have broadcasted it while other node will simply just purge it because of the extremely low fees.

This is not true, the block doesn’t need your transaction fee for it to have it stored there, so also is the blockchain. The only thing needed by the bitcoin network which is handled by the nodes is that your transaction should just meet the requirements like it hasn’t been spend before, that’s what nodes verify your transaction for.

The transaction fee is just an incentive to the miner to include your transaction into their block other than other transactions since they are junk of them and that’s why you see miners prioritizing transactions based on fees. This has nothing to do with the transaction been included into a block. A transaction without transaction fee can also be included into a block and consequently to the blockchain
sr. member
Activity: 308
Merit: 448
Math + Code = Blockchain 😁
March 23, 2024, 07:54:40 AM
#3
In addition to what Charles-Tim said, the transaction fees act as a form of payment for the block space your transaction occupies on the Bitcoin blockchain. so saying your transaction fees should be refunded means you are indirectly saying that every node should purge your transaction from the block chain. And that would have been possible if you had made use of a fee below 6sat/byte. Probably only the node network of the wallet you used would have broadcasted it while other node will simply just purge it because of the extremely low fees.
legendary
Activity: 1512
Merit: 4795
March 23, 2024, 06:33:43 AM
#2
If you cancel a bitcoin transaction, not that you actually cancel it. You only increase the fee so that the coin can be sent with higher fee to another of your wallet address.

Next time, just use pump fee/increase the fee instead if you are still willing to send the coin to the receiving address.
member
Activity: 75
Merit: 16
March 23, 2024, 06:23:16 AM
#1
I made a transaction about four days ago, I used 10. sat/vbyte but since then the transaction have been without confirmation so yesterday I decided to cancel the transaction hoping that the principal amount I wanted to send out and the mining fee will be returned together but to my surprise the mining fee was not refunded even when the transaction was not mined because there was no confirmation.

Why was the transaction fee not refunded?
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