Bitcoin Forum
May 26, 2024, 02:20:00 AM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Paying fees off-chain  (Read 133 times)
Lightrunner (OP)
Newbie
*
Offline Offline

Activity: 4
Merit: 4


View Profile
April 19, 2022, 09:56:16 PM
Merited by o_e_l_e_o (4)
 #1

What if you have a low fee transaction and want to raise its fee so it is mined, but are unable to resign it?
An example is an old cosigned unpublished transaction made when fees were lower.

Solution:
You send a miner money off-chain, for them to include your transaction in the block.

Any protocols that rely on cosigning without publishing face this problem of not knowing the fees in the future.

This may be helpful with the lightning network, where fee price fluctuations make it so commitment transaction fees are really high. Right now I believe commitment transactions are set with a high fee to avoid fee volatility.

Unsure if anyone has thoughts on this service would help the lightning network or other products.
Or if this idea has been thrown around before.


o_e_l_e_o
In memoriam
Legendary
*
Offline Offline

Activity: 2268
Merit: 18565


View Profile
April 20, 2022, 08:17:40 AM
Merited by NeuroticFish (1)
 #2

If you include an output in your transaction which you send to an address you control, then you can use child-pays-for-parent in the future to boost the fee of your low fee cosigned transactions.

In the example you give of closing a Lightning channel, then there is already a solution known as anchor outputs (https://bitcoinops.org/en/topics/anchor-outputs/), which essentially does this but with a few extra safety measures on top.
mocacinno
Legendary
*
Offline Offline

Activity: 3402
Merit: 4984


https://merel.mobi => buy facemasks with BTC/LTC


View Profile WWW
April 20, 2022, 09:03:28 AM
 #3

--snip--
Solution:
You send a miner money off-chain, for them to include your transaction in the block.

--snip--

Unsure if anyone has thoughts on this service would help the lightning network or other products.
Or if this idea has been thrown around before.




There are already several mining pools that do exactly this... For example viabtc: https://www.viabtc.com/tools/txaccelerator

But yeah, cpfp is usually cheaper and faster than paying a pool operator...

█▀▀▀











█▄▄▄
▀▀▀▀▀▀▀▀▀▀▀
e
▄▄▄▄▄▄▄▄▄▄▄
█████████████
████████████▄███
██▐███████▄█████▀
█████████▄████▀
███▐████▄███▀
████▐██████▀
█████▀█████
███████████▄
████████████▄
██▄█████▀█████▄
▄█████████▀█████▀
███████████▀██▀
████▀█████████
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
c.h.
▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
▀▀▀█











▄▄▄█
▄██████▄▄▄
█████████████▄▄
███████████████
███████████████
███████████████
███████████████
███░░█████████
███▌▐█████████
█████████████
███████████▀
██████████▀
████████▀
▀██▀▀
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!