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Author Topic: Reduced default TX fee in next Bitcoin - how will it affect you?  (Read 2585 times)
deepceleron
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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.



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April 09, 2013, 05:11:38 AM
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Perhaps this will help lower the value of BTC.
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