Better way to reduce transaction fee

[jimmyscratchlab]

reduce transaction fee and miner receive oldest bitcoin Age fee

[1714752094]

1714752094

[roslinpl]

reduce transaction fee and miner receive oldest bitcoin Age fee

you mean higher one, right ?

 for miners this would be good

[Lyomon86]

How will the network operate after all Bitcoins are mined?  I have no idea!

[M4v3R]

Not sure if you are aware that fees will be 1/10th of what they are now as of version 0.9.

Is there an ETA for version 0.9 or will it release 'when it's done'?

Bitcoin 0.9.0rc2 is available for testing so I guess it won't take long anymore.
Perhaps a final version in 2 weeks?

Yes yes I am already testing it! Works fine @ win7 64bit

there are some problems for Debian 7 user (1 bug was reported)

Actually, only the minimum tx RELAY fee will be reduced to 0.00001. Which means that network nodes will accept transactions with such low fee and relay them further. There is a separate setting for fee for adding tx to the block by a miner. That second fee will be unchanged, so effectively the fee remains unchanged.

[roslinpl]

How will the network operate after all Bitcoins are mined?  I have no idea!

we have 20 more years to figure it out - and perhaps only transaction fees will make this possible..

[piotr_n]

of course the fee shall be measured/paid per byte.
doing it per kilobyte is just stupid.

[Rokund]

How will the network operate after all Bitcoins are mined?  I have no idea!

we have 20 more years to figure it out - and perhaps only transaction fees will make this possible..

I do start to worry about the time when mining reward become to zero.
I remembered that each block size has limitation of 1 MB .
So the average transaction number per second is about 7.
Total max transaction number of a block is about 7(transaction)x60(sec)x10(min)=4200
We used to decided transaction fee in terms of fiat so no matter what price of a btc is, the fee is always low.
So if the price of each transaction is 0.1 usd, the average total transaction fee of a block is just 4200x0.1=420 usd which is far from current earning.
Where am I wrong?

[flower1024]

How will the network operate after all Bitcoins are mined?  I have no idea!

we have 20 more years to figure it out - and perhaps only transaction fees will make this possible..

I do start to worry about the time when mining reward become to zero.
I remembered that each block size has limitation of 1 MB .
So the average transaction number per second is about 7.
Total max transaction number of a block is about 7(transaction)x60(sec)x10(min)=4200
We used to decided transaction fee in terms of fiat so no matter what price of a btc is, the fee is always low.
So if the price of each transaction is 0.1 usd, the average total transaction fee of a block is just 4200x0.1=420 usd which is far from current earning.
Where am I wrong?

you are wrong, because there will be more transactions then 7/sec.
so all transactions will fight for their place in a block and everybody will obviously prefer high fee over low fee

pools can even decide for themselve what min fee they require a transaction to have before they will include it

EDIT: i forgot: as there will be less coins created its likely the price will be higher

[DeathAndTaxes]

How will the network operate after all Bitcoins are mined?  I have no idea!

we have 120 more years to figure it out - and perhaps only transaction fees will make this possible..

FYPFY.

[jimmyscratchlab]

reduce transaction fee and miner receive oldest bitcoin Age fee

https://lh5.googleusercontent.com/-7fEXsT7vK50/UxYayPDRayI/AAAAAAAADsQ/VxgM47RJCEM/w399-h407-no/Bitcoin_ouroboros.png

[donsanto]

If you do not want to pay a transaction fee why dont you -addnode=192.3.11.20 and relay to Eligius.

[minerva]

How will the network operate after all Bitcoins are mined?  I have no idea!

we have 20 more years to figure it out - and perhaps only transaction fees will make this possible..

I do start to worry about the time when mining reward become to zero.
I remembered that each block size has limitation of 1 MB .
So the average transaction number per second is about 7.
Total max transaction number of a block is about 7(transaction)x60(sec)x10(min)=4200
We used to decided transaction fee in terms of fiat so no matter what price of a btc is, the fee is always low.
So if the price of each transaction is 0.1 usd, the average total transaction fee of a block is just 4200x0.1=420 usd which is far from current earning.
Where am I wrong?

given the amount of dust transactions, the average transactions per second might be less then one.