Questions about wallet fees. Where do they go?

[mullick]

Just a question about the various alt coins and their fees. So I have some bitgem I want to send. The blocks are 10 min apart and I want to send them a little faster. So I add a fee via options. Will this make my confirmations go without waiting for a block? Does that money go to the people processing it? Or is this not at all how it works? I just want to know if adding a fee will actually speed up confirmations and where the funds go. looking specifically for ppcoin/novacoin fees if they differ, which is what bitgem is based off of

[Kruncha]

The miners get the block reward + fees associated with it. When coins run out, fees will keep mining worthwhile (in theory).

K.

[Rannasha]

Just a question about the various alt coins and their fees. So I have some bitgem I want to send. The blocks are 10 min apart and I want to send them a little faster. So I add a fee via options. Will this make my confirmations go without waiting for a block? Does that money go to the people processing it? Or is this not at all how it works? I just want to know if adding a fee will actually speed up confirmations and where the funds go. looking specifically for ppcoin/novacoin fees if they differ, which is what bitgem is based off of

Fees can speed up the confirmations but only when miners decide to prioritize transactions with fee. For large networks like BTC, a little bit of fee can go a long way, but alt-coin networks seem to treat all transactions equally so far, just not enough volume to start prioritizing.

[mullick]

hmmm so the transaction fees get added directly to the next block pretty much?

[mullick]

" go without waiting for a block" is 0 confirmation of transaction - not secured

Ok thats what I thought. I just thought somehow other miners could verify against the blockchain or something i was way off ill do more research thanks!