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Title: Transaction fees Post by: QuickBitcoins on April 30, 2012, 01:00:39 AM When these are paid "to the network" where exactly do they go?
Title: Re: Transaction fees Post by: Blazr on April 30, 2012, 01:09:34 AM To the miner that mined the block your transaction is in.
Reward for solving a block is 50BTC + transaction fees. Title: Re: Transaction fees Post by: freewil on April 30, 2012, 09:41:33 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.
Title: Re: Transaction fees Post by: Gladamas on April 30, 2012, 09:49:51 PM EDIT: See https://bitcointalk.org/index.php?topic=74175.msg820964#msg820964 and https://bitcointalk.org/index.php?topic=74175.msg875410#msg875410 for information on transaction fees. Title: Re: Transaction fees Post by: jack-o-lantern on April 30, 2012, 09:54:36 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? Title: Re: Transaction fees Post by: Red Emerald on April 30, 2012, 09:58:07 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? 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.Title: Re: Transaction fees Post by: Gladamas on April 30, 2012, 10:00:36 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). Title: Re: Transaction fees Post by: mdude77 on April 30, 2012, 10:10:33 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. Title: Re: Transaction fees Post by: Red Emerald on April 30, 2012, 10:20:23 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. Title: Re: Transaction fees Post by: freewil on April 30, 2012, 10:22:33 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. Title: Re: Transaction fees Post by: mdude77 on May 01, 2012, 09:54:31 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. THANK YOU! Never heard of p2pool before. I'm hooked now! So long BTCGuild! |