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Title: Better way to reduce transaction fee Post by: minerva on February 25, 2014, 09:58:15 PM Right now the typical transaction is half a kilobyte or less, correct? And cost is rounded up usually?
Best way to reduce transaction fees is to price it on a per byte basis. There, transactions just got quartered. Title: Re: Better way to reduce transaction fee Post by: roslinpl on February 25, 2014, 11:06:25 PM Right now the typical transaction is half a kilobyte or less, correct? And cost is rounded up usually? Best way to reduce transaction fees is to price it on a per byte basis. There, transactions just got quartered. You want to reduce 0001 btc fee? :-) Come on man ... its cheaper than a box of matches ... :-) Why to reduce it? Anyway you can pay no fee if you like ... qt settings? :-) Title: Re: Better way to reduce transaction fee Post by: minerva on February 25, 2014, 11:20:19 PM It's true.
But given the recent hubub about developers reducing the default fee, they could easily reduce the fee through increased precision. Title: Re: Better way to reduce transaction fee Post by: roslinpl on February 26, 2014, 12:01:35 AM It's true. But given the recent hubub about developers reducing the default fee, they could easily reduce the fee through increased precision. perhaps you are right :) it's hard to say without testing your option :) But idea seems not bad - just guess it will never be implemented into Bitcoin. (or maybe :) - then ask for some donations for idea:P) Title: Re: Better way to reduce transaction fee Post by: rapsaodan84 on February 26, 2014, 12:04:00 AM I think we all must get used to pay enough fees.
Otherwise, how will the network operate after all Bitcoins are mined? Title: Re: Better way to reduce transaction fee Post by: rmines on February 26, 2014, 12:04:02 AM Right now the typical transaction is half a kilobyte or less, correct? And cost is rounded up usually? Best way to reduce transaction fees is to price it on a per byte basis. There, transactions just got quartered. You want to reduce 0001 btc fee? :-) Come on man ... its cheaper than a box of matches ... :-) Why to reduce it? Anyway you can pay no fee if you like ... qt settings? :-) If you set the fee to 0, the payment will still reach the other party, it might only take days instead of minutes. correct? Title: Re: Better way to reduce transaction fee Post by: minerva on February 26, 2014, 12:06:59 AM Right now the typical transaction is half a kilobyte or less, correct? And cost is rounded up usually? Best way to reduce transaction fees is to price it on a per byte basis. There, transactions just got quartered. You want to reduce 0001 btc fee? :-) Come on man ... its cheaper than a box of matches ... :-) Why to reduce it? Anyway you can pay no fee if you like ... qt settings? :-) If you set the fee to 0, the payment will still reach the other party, it might only take days instead of minutes. correct? Title: Re: Better way to reduce transaction fee Post by: roslinpl on February 26, 2014, 12:07:25 AM If you set the fee to 0, the payment will still reach the other party, it might only take days instead of minutes. correct? Correct - but not 100% if you will put fee 0 and transaction will be bigger than for example 0.001 it will take few hours, not days... Anyway transaction will be confirmed then :) so you don't need to pay - it is just optional :) and make transaction muuuuch faster :) and miners more happy! :) Title: Re: Better way to reduce transaction fee Post by: shaobao88 on February 26, 2014, 06:07:16 AM Agree with roslinpl as it's faster and the fee is so small that making it 0 and at the same time making the transactions long lasting is worthless
Title: Re: Better way to reduce transaction fee Post by: roslinpl on February 27, 2014, 12:40:14 AM Agree with roslinpl as it's faster and the fee is so small that making it 0 and at the same time making the transactions long lasting is worthless sure it is like this. 0.0001 is very cheap. and we need to remember that those money are needed to support miners. I know many people who add higher fee to their transactions. Just find any cheaper way to send money on planet earth? :) (and I am not talking about other cryptocurrencies) Title: Re: Better way to reduce transaction fee Post by: minerva on February 27, 2014, 01:39:33 AM Agree with roslinpl as it's faster and the fee is so small that making it 0 and at the same time making the transactions long lasting is worthless sure it is like this. 0.0001 is very cheap. and we need to remember that those money are needed to support miners. I know many people who add higher fee to their transactions. Just find any cheaper way to send money on planet earth? :) (and I am not talking about other cryptocurrencies) https://blockchain.info/charts/transaction-fees https://blockchain.info/ https://blockchain.info/block-index/471229/0000000000000000d162a9c8fcd62c5c90517ca177f44752d9fc74b49912e1b1 Block Subsidy: 25 btc Transaction fees: .17 btc .17/25.17 = .68% of miner's revenue is from transaction fees https://blockchain.info/block-index/471233/0000000000000000b2d9570fa137befb3d6bafbeef7b5e47171f0fc553d8c8d5 Block Subsidy: 25 btc Transaction fees: 0.07 btc .07/25.07 = .28% of a miner's revenue is from transaction fees https://blockchain.info/stats % earned from transaction fees: 0.32% transaction fees are too small for anyone to pay attention to besides the developers are reducing the transaction fee I don't know why they don't simply increase precision Title: Re: Better way to reduce transaction fee Post by: clubminer on February 28, 2014, 05:46:51 AM Right now the typical transaction is half a kilobyte or less, correct? And cost is rounded up usually? Best way to reduce transaction fees is to price it on a per byte basis. There, transactions just got quartered. how much fees when transfer of bitcoin? :) Title: Re: Better way to reduce transaction fee Post by: minerva on February 28, 2014, 07:59:38 AM Right now the typical transaction is half a kilobyte or less, correct? And cost is rounded up usually? Best way to reduce transaction fees is to price it on a per byte basis. There, transactions just got quartered. how much fees when transfer of bitcoin? :) what I'm proposing is 10k/1024= 10 satoshis per byte the typical transaction is a quarter of a kilobyte, so for the typical transaction, it would be reduced by 3/4. and it would give incentive for more efficient ways of transactions to be made each byte is very significant since it's going to be stored forever. and even if people would pay for data to be stored in the block chain, they would have to pay for every byte Title: Re: Better way to reduce transaction fee Post by: flatfly on February 28, 2014, 08:35:23 AM Not sure if you are aware that fees will be 1/10th of what they are now as of version 0.9.
Title: Re: Better way to reduce transaction fee Post by: minerva on February 28, 2014, 08:58:08 AM Not sure if you are aware that fees will be 1/10th of what they are now as of version 0.9. I am aware.I just think 1/4 is better then 1/10. It may even encourage bitcoin developers to find ways to reduce the number of bytes checksums and script take up. Title: Re: Better way to reduce transaction fee Post by: rmines on February 28, 2014, 12:37:59 PM Not sure if you are aware that fees will be 1/10th of what they are now as of version 0.9. Is there an ETA for version 0.9 or will it release 'when it's done'? Title: Re: Better way to reduce transaction fee Post by: RoboDawg on February 28, 2014, 06:50:11 PM I accidental sent a transaction of 1btc without a fee (blockchain.info don't automatically apply a fee and i didn't know) and it took a few days :P
Title: Re: Better way to reduce transaction fee Post by: roslinpl on March 01, 2014, 03:13:16 AM I accidental sent a transaction of 1btc without a fee (blockchain.info don't automatically apply a fee and i didn't know) and it took a few days :P for real? Few days? Seems interesting :) Title: Re: Better way to reduce transaction fee Post by: rmines on March 02, 2014, 11:13:06 PM Not sure if you are aware that fees will be 1/10th of what they are now as of version 0.9. Is there an ETA for version 0.9 or will it release 'when it's done'? Bitcoin 0.9.0rc2 is available for testing (https://bitcointalk.org/index.php?topic=495683.0) so I guess it won't take long anymore. Perhaps a final version in 2 weeks? Title: Re: Better way to reduce transaction fee Post by: roslinpl on March 02, 2014, 11:44:32 PM Not sure if you are aware that fees will be 1/10th of what they are now as of version 0.9. Is there an ETA for version 0.9 or will it release 'when it's done'? Bitcoin 0.9.0rc2 is available for testing (https://bitcointalk.org/index.php?topic=495683.0) so I guess it won't take long anymore. Perhaps a final version in 2 weeks? Yes yes :) I am already testing it! Works fine @ win7 64bit there are some problems for Debian 7 user (1 bug was reported) Title: Re: Better way to reduce transaction fee Post by: jimmyscratchlab on March 03, 2014, 09:26:00 PM reduce transaction fee and miner receive oldest bitcoin Age fee
Title: Re: Better way to reduce transaction fee Post by: roslinpl on March 03, 2014, 10:43:41 PM reduce transaction fee and miner receive oldest bitcoin Age fee you mean higher one, right ?:) for miners this would be good Title: Re: Better way to reduce transaction fee Post by: Lyomon86 on March 04, 2014, 08:01:16 AM How will the network operate after all Bitcoins are mined? I have no idea!
Title: Re: Better way to reduce transaction fee Post by: M4v3R on March 04, 2014, 12:42:41 PM Not sure if you are aware that fees will be 1/10th of what they are now as of version 0.9. Is there an ETA for version 0.9 or will it release 'when it's done'? Bitcoin 0.9.0rc2 is available for testing (https://bitcointalk.org/index.php?topic=495683.0) so I guess it won't take long anymore. Perhaps a final version in 2 weeks? Yes yes :) I am already testing it! Works fine @ win7 64bit there are some problems for Debian 7 user (1 bug was reported) Actually, only the minimum tx RELAY fee will be reduced to 0.00001. Which means that network nodes will accept transactions with such low fee and relay them further. There is a separate setting for fee for adding tx to the block by a miner. That second fee will be unchanged, so effectively the fee remains unchanged. Title: Re: Better way to reduce transaction fee Post by: roslinpl on March 04, 2014, 01:29:49 PM How will the network operate after all Bitcoins are mined? I have no idea! we have 20 more years to figure it out - and perhaps only transaction fees will make this possible.. Title: Re: Better way to reduce transaction fee Post by: piotr_n on March 04, 2014, 01:40:07 PM of course the fee shall be measured/paid per byte.
doing it per kilobyte is just stupid. Title: Re: Better way to reduce transaction fee Post by: Rokund on March 04, 2014, 04:14:51 PM How will the network operate after all Bitcoins are mined? I have no idea! we have 20 more years to figure it out - and perhaps only transaction fees will make this possible.. I do start to worry about the time when mining reward become to zero. I remembered that each block size has limitation of 1 MB . So the average transaction number per second is about 7. Total max transaction number of a block is about 7(transaction)x60(sec)x10(min)=4200 We used to decided transaction fee in terms of fiat so no matter what price of a btc is, the fee is always low. So if the price of each transaction is 0.1 usd, the average total transaction fee of a block is just 4200x0.1=420 usd which is far from current earning. Where am I wrong? Title: Re: Better way to reduce transaction fee Post by: flower1024 on March 04, 2014, 04:25:13 PM How will the network operate after all Bitcoins are mined? I have no idea! we have 20 more years to figure it out - and perhaps only transaction fees will make this possible.. I do start to worry about the time when mining reward become to zero. I remembered that each block size has limitation of 1 MB . So the average transaction number per second is about 7. Total max transaction number of a block is about 7(transaction)x60(sec)x10(min)=4200 We used to decided transaction fee in terms of fiat so no matter what price of a btc is, the fee is always low. So if the price of each transaction is 0.1 usd, the average total transaction fee of a block is just 4200x0.1=420 usd which is far from current earning. Where am I wrong? you are wrong, because there will be more transactions then 7/sec. so all transactions will fight for their place in a block and everybody will obviously prefer high fee over low fee pools can even decide for themselve what min fee they require a transaction to have before they will include it EDIT: i forgot: as there will be less coins created its likely the price will be higher Title: Re: Better way to reduce transaction fee Post by: DeathAndTaxes on March 04, 2014, 04:27:44 PM How will the network operate after all Bitcoins are mined? I have no idea! we have 120 more years to figure it out - and perhaps only transaction fees will make this possible.. FYPFY. Title: Re: Better way to reduce transaction fee Post by: jimmyscratchlab on March 04, 2014, 07:11:52 PM reduce transaction fee and miner receive oldest bitcoin Age fee https://lh5.googleusercontent.com/-7fEXsT7vK50/UxYayPDRayI/AAAAAAAADsQ/VxgM47RJCEM/w399-h407-no/Bitcoin_ouroboros.png Title: Re: Better way to reduce transaction fee Post by: donsanto on March 05, 2014, 08:07:27 AM If you do not want to pay a transaction fee why dont you -addnode=192.3.11.20 and relay to Eligius.
Title: Re: Better way to reduce transaction fee Post by: minerva on March 05, 2014, 09:22:08 AM How will the network operate after all Bitcoins are mined? I have no idea! we have 20 more years to figure it out - and perhaps only transaction fees will make this possible.. I do start to worry about the time when mining reward become to zero. I remembered that each block size has limitation of 1 MB . So the average transaction number per second is about 7. Total max transaction number of a block is about 7(transaction)x60(sec)x10(min)=4200 We used to decided transaction fee in terms of fiat so no matter what price of a btc is, the fee is always low. So if the price of each transaction is 0.1 usd, the average total transaction fee of a block is just 4200x0.1=420 usd which is far from current earning. Where am I wrong? |
