Bitcoin Forum
May 05, 2024, 01:54:05 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Reduced default TX fee in next Bitcoin - how will it affect you?  (Read 2661 times)
deepceleron (OP)
Legendary
*
Offline Offline

Activity: 1512
Merit: 1028



View Profile WWW
April 08, 2013, 11:33:55 PM
 #1

The default minimum per-kB fee has been reduced in Bitcoin from 0.0005 to 0.0001, with a pull called "Make MIN_TX_FEE match MIN_RELAY_TX_FEE" being committed to the master branch, on track for the next release. You didn't hear about it? Probably because of the obfuscated name. Testing binaries are available here (do not run these unless you truly want to test bleeding edge software).

This can be used now, the only technical impediment is that some pools may disallow minimum fees smaller than the current default and will skip your transaction due to this.

This means that Bitcoin will create fees 1/5 the size of previous versions by default. Users of the newest version will be in competition for blockchain space with those paying the current fees, with no warning that including a higher optional/additional fee will be required for fast processing they've been used to. This will also make blockchain spam cheaper (and those services who's business model involves blockchain spam more profitable) if this becomes the new standard fee everyone is paying.

How long will it take for your transactions to confirm? Have fun.


1714917245
Hero Member
*
Offline Offline

Posts: 1714917245

View Profile Personal Message (Offline)

Ignore
1714917245
Reply with quote  #2

1714917245
Report to moderator
Remember that Bitcoin is still beta software. Don't put all of your money into BTC!
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1714917245
Hero Member
*
Offline Offline

Posts: 1714917245

View Profile Personal Message (Offline)

Ignore
1714917245
Reply with quote  #2

1714917245
Report to moderator
interfect
Full Member
***
Offline Offline

Activity: 141
Merit: 100


View Profile
April 09, 2013, 05:11:38 AM
 #2

Perhaps this will help lower the value of BTC.
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!