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Author Topic: who gets the transaction fees?  (Read 2177 times)
Ains_sama
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December 30, 2015, 01:37:09 AM
 #1

if I send 1 bitcoin to my friend and I paid 20,000 satosi for the transaction
who gets the transaction fees?  Undecided

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December 30, 2015, 01:46:13 AM
 #2

if I send 1 bitcoin to my friend and I paid 20,000 satosi for the transaction
who gets the transaction fees?  Undecided


The miners. They get the block reward + all the transaction fees I think.
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December 30, 2015, 02:06:01 AM
 #3

if I send 1 bitcoin to my friend and I paid 20,000 satosi for the transaction
who gets the transaction fees?  Undecided

You voluntarily provide a transaction fee on your transactions in order to create an incentive for a solo miner (or mining pool operator) to include your transaction in the block they are working on instead of a transaction from someone else that pays a smaller fee.

In exchange for confirming your transaction in their block, the miner receives a block reward.  The block reward is the sum of the current block subsidy (25 brand new bitcoins that come into existence) and all the transaction fees paid by all the transactions that the miner chose to include.

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December 30, 2015, 02:54:41 AM
 #4

if I send 1 bitcoin to my friend and I paid 20,000 satosi for the transaction
who gets the transaction fees?  Undecided

You voluntarily provide a transaction fee on your transactions in order to create an incentive for a solo miner (or mining pool operator) to include your transaction in the block they are working on instead of a transaction from someone else that pays a smaller fee.

In exchange for confirming your transaction in their block, the miner receives a block reward.  The block reward is the sum of the current block subsidy (25 brand new bitcoins that come into existence) and all the transaction fees paid by all the transactions that the miner chose to include.

Some pool's are nice and share it with miners.  There are pools like Antpool where the dev's/company keep it currently and they give just the block reward to miners.  but they do have a PPS 2.5 fee only is how they justify.

But some pools are better and share it where you mine.  Also there is merged mining where some get some alt's very slowly.  I highly recommend reading the individual pools sometime if you have time.  It is a good learning experience even if you are not a miner.
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December 30, 2015, 05:35:46 AM
 #5

if I send 1 bitcoin to my friend and I paid 20,000 satosi for the transaction
who gets the transaction fees?  Undecided


Not only 20000 Satoshis. If you send 1 BTC also there is ransaction fees for that. Whenever You are transfer bitcoins from one wallet to another wallet Its done through miners only. So for that they will get bitcoins as mining reward.
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December 30, 2015, 08:35:29 AM
 #6

this is done especially because in the future there will be no more reward for the miners, so their only reward would be the fee
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January 07, 2016, 10:37:12 PM
 #7

If I send one bitcoin with no transaction fee, because the receiving address needs exactly that amount.

Will the transaction get confirmed, or any amount over the one bitcoin?
Just asking.

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January 07, 2016, 10:46:38 PM
 #8

If I send one bitcoin with no transaction fee, because the receiving address needs exactly that amount.

Will the transaction get confirmed, or any amount over the one bitcoin?
Just asking.
well the transaction may get confirmed but it will take a really loooooooooooooooooooooong time. I think it would take 2-3 days at least to get confirmed (if the amount of inputs are quite low, it maybe just a little bit faster)
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January 07, 2016, 11:07:19 PM
 #9

If I send one bitcoin with no transaction fee, because the receiving address needs exactly that amount.

Will the transaction get confirmed, or any amount over the one bitcoin?
Just asking.
well the transaction may get confirmed but it will take a really loooooooooooooooooooooong time. I think it would take 2-3 days at least to get confirmed (if the amount of inputs are quite low, it maybe just a little bit faster)

Thanks, I guess it makes more sense to include the fee.

I was thinking that it may never get confirmed then removed from the blockchain, I have had some inputs sent to me that had done just that.

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January 08, 2016, 12:57:35 AM
 #10

If I send one bitcoin with no transaction fee, because the receiving address needs exactly that amount.

Will the transaction get confirmed, or any amount over the one bitcoin?
Just asking.
well the transaction may get confirmed but it will take a really loooooooooooooooooooooong time. I think it would take 2-3 days at least to get confirmed (if the amount of inputs are quite low, it maybe just a little bit faster)

in addition to that, AFAIK the older the coins, the faster it will confirm even there is no transaction fee paid.


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January 08, 2016, 02:36:53 AM
 #11

if I send 1 bitcoin to my friend and I paid 20,000 satosi for the transaction
who gets the transaction fees?  Undecided


I think the owner of blockchain.info if you transfer with blockchain. maybe the fee for maintenance the blockchain. and maintenance the facility of blockchain. cmiiw.
pinoycash
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January 08, 2016, 02:59:53 AM
 #12

The fee goes to the miner who mines the block that includes your transaction. The fee is based on the size (in bytes) of the transaction and the age of its inputs (how long ago the coins spent were received).

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January 08, 2016, 03:17:09 AM
 #13

if I send 1 bitcoin to my friend and I paid 20,000 satosi for the transaction
who gets the transaction fees?  Undecided


I think the owner of blockchain.info if you transfer with blockchain. maybe the fee for maintenance the blockchain. and maintenance the facility of blockchain. cmiiw.

if you don't know what you are saying it is best not to post your opinion, it could give fake beliefs to some users. read the posts above and you will know how and where it is going


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shorena
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January 08, 2016, 08:01:04 AM
 #14

If I send one bitcoin with no transaction fee, because the receiving address needs exactly that amount.

Will the transaction get confirmed, or any amount over the one bitcoin?
Just asking.
well the transaction may get confirmed but it will take a really loooooooooooooooooooooong time. I think it would take 2-3 days at least to get confirmed (if the amount of inputs are quite low, it maybe just a little bit faster)

in addition to that, AFAIK the older the coins, the faster it will confirm even there is no transaction fee paid.

Yes, if the coins have sufficient priority (age and size in bitcoin) they can get confirmed without fee. With the high number of transactions currently waiting its usually better to pay a fee though.

if I send 1 bitcoin to my friend and I paid 20,000 satosi for the transaction
who gets the transaction fees?  Undecided


I think the owner of blockchain.info if you transfer with blockchain. maybe the fee for maintenance the blockchain. and maintenance the facility of blockchain. cmiiw.

#1 read the thread, the answer was already given
#2 repeat with me: blockchain.info is a service is a service is a service and NOT the blockchain.


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January 09, 2016, 02:30:25 PM
 #15

At the moment the miner gets the fee. I think that the guy who verifies and confirms the transaction should get the fee. In some cases this is the miner, but some miners are not confirmining transactions to try to grab a block quickly. They are essentially cheating the system, and shouldn't get the fee. If full nodes were able to confirm the transaction, then they should get the fee. This would help to keep bitcoin decentralised.

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DannyHamilton
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January 09, 2016, 03:49:46 PM
 #16

At the moment the miner gets the fee. I think that the guy who verifies and confirms the transaction should get the fee.

If a solo miner confirms a transaction, they get the fee.  If a mining pool confirms a transaction, then the pool gets to decide what to do with the fee.  They can keep it, or they can share it with the participants in the pool (or whatever else they want to do with it).

In some cases this is the miner,

In all cases it is the solo miner or the mining pool.

but some miners are not confirmining transactions to try to grab a block quickly.

It isn't significantly faster to confirm blocks with transactions than it is to confirm blocks without transactions. When solving blocks you are just solving the 80 byte header regardless of whether you have 1 transaction or 1000 transactions in the block.

They are essentially cheating the system, and shouldn't get the fee.

They are not cheating the system.  They are providing security for the system, and in exchange they receive the 25 BTC block subsidy if they successfully solve the block.  The do not get any fees.  Miners only get the fees of the transactions that they confirm in their block. If they don't confirm any transactions, then they don't get any fees.  Therefore, the fee is an incentive to the miner to include transactions.  Miners that don't include transactions are only cheating themselves since they are missing out on all the fees which some other miner will get instead.

If full nodes were able to confirm the transaction, then they should get the fee. This would help to keep bitcoin decentralised.

Full nodes will get the fee if they confirm the transaction.  That means they are a miner. That's what mining is, confirming transactions by solving blocks.

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January 09, 2016, 10:04:38 PM
 #17

My post was based on my belief that an SPV miner doesn't verify transactions, but relies on the fact that "full" miners and full nodes do the job for him. This is what I meant by "cheating" the system. Have I misunderstood the system. As blocks become harder to find, they will need to increase in size as traffic increases. I was suggesting that an alternative way to reward those checking transactions could be beneficial. Without block discovery, it may not be possible though.

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January 09, 2016, 11:00:55 PM
 #18

My post was based on my belief that an SPV miner doesn't verify transactions, but relies on the fact that "full" miners and full nodes do the job for him. This is what I meant by "cheating" the system.

You are mistaken.

The "V" in "SPV" stands for the word "Verification".  SPV is an acronym for "Simple Payment Verification" as can be seen in the original bitcoin whitepaper in section 8:
https://bitcoin.org/bitcoin.pdf

Quote
It is possible to verify payments without running a full network node. A user only needs to keep a copy of the block headers of the longest proof-of-work chain, which he can get by querying network nodes until he's convinced he has the longest chain, and obtain the Merkle branch linking the transaction to the block it's timestamped in.

There is no "cheating" involved in running an SPV wallet.  As a matter of fact, when the bitcoin protocol was created, it was assumed that the vast majority of users would eventually run SPV wallets, and that only a small number of highly specialized server farms would be running full nodes and doing any mining.  That was the intended design.  Miners confirm transactions and get the block subsidy and transaction fees.  Full nodes enforce the consensus rules and verify ALL blocks and transactions.  SPV nodes verify the payments that they send and receive.

Have I misunderstood the system.

Probably.

As blocks become harder to find, they will need to increase in size as traffic increases.

I think you have the cause and effect mixed up there.  Blocks only become harder to find if more hashing power is added to the network.  They continue to be found at an average rate of 1 every 10 minutes.

If traffic increases, blocks could remain the same size.  This could result in higher transaction fees to get a transaction added to a block quickly, or it could result in off-chain payment systems, or it could result in some other solution.

It is also possible that traffic stops increasing if the transaction fees get high enough, or that blocks become easier to find if the hash power decreases.

I was suggesting that an alternative way to reward those checking transactions could be beneficial.

It would be difficult to create a system that would make it possible to reward every full node just for verifying and relaying transactions. You'd probably run into some pretty serious problems with sybil attacks.  You might be able to prevent sybil attacks by instituting a proof-of-work requirement to earn the payment, but that's what mining already does so you'd just be re-inventing mining.

Without block discovery, it may not be possible though.

More importantly it would probably be difficulty (if not impossible) without some sort of proof-of-work.

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January 09, 2016, 11:19:41 PM
 #19

-snip-

I think Jet Cash is talking about miners that mine on unverified blocks (as in they just assume they are correct and start with an empty block on top of it) and caused serious issues a while back. The term "SPV mining" was coined for that and yes its misleading.
-> https://bitcointalk.org/index.php?topic=1274066.0

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January 10, 2016, 02:05:05 AM
 #20

if I send 1 bitcoin to my friend and I paid 20,000 satosi for the transaction
who gets the transaction fees?  Undecided

You voluntarily provide a transaction fee on your transactions in order to create an incentive for a solo miner (or mining pool operator) to include your transaction in the block they are working on instead of a transaction from someone else that pays a smaller fee.

In exchange for confirming your transaction in their block, the miner receives a block reward.  The block reward is the sum of the current block subsidy (25 brand new bitcoins that come into existence) and all the transaction fees paid by all the transactions that the miner chose to include.
I like this answer and now i learn a little bit about the fee thats why you need to pay for the fee for every transaction did you made..
Need some another research...i came back to learn more about bitcoins i found this forum since november i thought. but anyway nice answer and it help to me..


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