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Title: Questions about wallet fees. Where do they go? Post by: mullick on May 28, 2013, 09:01:08 PM Just a question about the various alt coins and their fees. So I have some bitgem I want to send. The blocks are 10 min apart and I want to send them a little faster. So I add a fee via options. Will this make my confirmations go without waiting for a block? Does that money go to the people processing it? Or is this not at all how it works? I just want to know if adding a fee will actually speed up confirmations and where the funds go. looking specifically for ppcoin/novacoin fees if they differ, which is what bitgem is based off of
Title: Re: Questions about wallet fees. Where do they go? Post by: Kruncha on May 28, 2013, 09:05:12 PM The miners get the block reward + fees associated with it. When coins run out, fees will keep mining worthwhile (in theory).
K. Title: Re: Questions about wallet fees. Where do they go? Post by: Rannasha on May 28, 2013, 09:11:28 PM Just a question about the various alt coins and their fees. So I have some bitgem I want to send. The blocks are 10 min apart and I want to send them a little faster. So I add a fee via options. Will this make my confirmations go without waiting for a block? Does that money go to the people processing it? Or is this not at all how it works? I just want to know if adding a fee will actually speed up confirmations and where the funds go. looking specifically for ppcoin/novacoin fees if they differ, which is what bitgem is based off of Fees can speed up the confirmations but only when miners decide to prioritize transactions with fee. For large networks like BTC, a little bit of fee can go a long way, but alt-coin networks seem to treat all transactions equally so far, just not enough volume to start prioritizing. Title: Re: Questions about wallet fees. Where do they go? Post by: mullick on May 28, 2013, 09:13:14 PM hmmm so the transaction fees get added directly to the next block pretty much?
Title: Re: Questions about wallet fees. Where do they go? Post by: mullick on May 28, 2013, 09:14:12 PM " go without waiting for a block" is 0 confirmation of transaction - not secured Ok thats what I thought. I just thought somehow other miners could verify against the blockchain or something i was way off ill do more research thanks! |