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Author Topic: If i run a full node, can i save on fees?  (Read 520 times)
davinci6845
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November 19, 2017, 12:32:24 AM
 #1

assume i run a full node
can i save on miner fees?
if i just add transaction to my node
and it gets picked up by rest?

or is it same if i just do transaction from a wallet
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BillyBobZorton
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November 19, 2017, 12:43:43 AM
 #2

assume i run a full node
can i save on miner fees?
if i just add transaction to my node
and it gets picked up by rest?

or is it same if i just do transaction from a wallet

Well, I guess you could. The Bitcoin Core software has the best fee estimation of all possible software out there, that I know off, so you will always get an optimal fee calculated, and you can choose how many blocks you want to wait with a lot of precision compared to other simpler software. So in combination with looking at the mempool for a day that is not too crowded (like weekends usually) and sending it as a segwit transaction, im sure you could save in fees. I usually just send the recommended standard fee tho. If you selected a fee that's too small, you still could have "replace by fee" to try with an higher fee", or simply zap the transaction out of the mempool and back into your wallet (before it has 1 confirmation).
ranochigo
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November 19, 2017, 03:20:28 AM
 #3

assume i run a full node can i save on miner fees? if i just add transaction to my node and it gets picked up by rest?
No. Even if you run a full node, the propagation of the transaction will depend on others, not you. You might be able to accept your own transaction with a very low fee but if others have their minimum relay fee threshold set high, they wouldn't relay it. Poor propagation means that the miners would have a low chance of seeing it.

In the end, it depends on the miner. They can choose to include transactions with low fees or high fees into their block. Nodes can't have a say.
or is it same if i just do transaction from a wallet
A full node also function as a wallet.

coinpimp321
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November 19, 2017, 03:23:58 AM
 #4

assume i run a full node can i save on miner fees? if i just add transaction to my node and it gets picked up by rest?
No. Even if you run a full node, the propagation of the transaction will depend on others, not you. You might be able to accept your own transaction with a very low fee but if others have their minimum relay fee threshold set high, they wouldn't relay it. Poor propagation means that the miners would have a low chance of seeing it.

In the end, it depends on the miner. They can choose to include transactions with low fees or high fees into their block. Nodes can't have a say.
or is it same if i just do transaction from a wallet
A full node also function as a wallet.

what if i ran 6 nodes so i could get 6 confirmations?
i think there is way to configure so the peers are just
ones in your network no?

(this is just thought. more academic in nature)
ranochigo
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November 19, 2017, 03:29:06 AM
 #5

what if i ran 6 nodes so i could get 6 confirmations?
i think there is way to configure so the peers are just
ones in your network no?

(this is just thought. more academic in nature)
I think you are misunderstanding how Bitcoin works. Confirmations only happens when miners include your transaction into their block. Once you get a confirmation, the subsequent blocks will result in an additional confirmation each. The number of nodes you have doesn't matter. Nodes do verify your transaction but that isn't a "confirmation".

Of course, you can configure nodes into a circle to isolate yourself from the mainnet. But there's no use for that if you're looking for confirmation.

cpfreeplz
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November 19, 2017, 03:31:09 AM
 #6

You're definitely heading in the wrong direction. The only reason most people run more than one full node is to essentially 'vote'. Running a node would let you rebroadcast your fee free transaction I guess. That's not exactly saving you on fees though.
cupronickel
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November 19, 2017, 10:52:16 AM
 #7

I've just installed a full node and I'm very impressed with fee estimates with the latest version of core. Use this and tx at weekends + avoid transferring during forks and you'll bring fees down.

Vires in Numeris
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November 19, 2017, 10:47:13 PM
 #8

Quote
what if i ran 6 nodes so i could get 6 confirmations?
i think there is way to configure so the peers are just
ones in your network no?

(this is just thought. more academic in nature)
This is not how a transaction get confirmed otherwise everyone will run his own node and confirm his transactions without paying any charges.
Transaction get confirmed by miners. nodes are used to store transactions.
Using low fees can cause your transaction to be rejected since miners always accept transactions with the highest fees because they want to benefit from their work.

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