[IDEA] Project Zero Fees

[Najska]

Hi all,

One of the greatest discomforts and complexities about bitcoins is transaction fees. The fact that it is negligible when compared to the fees charged by prevailing financial institutions is not an excuse. So, I think a group of charitable persons might get to work to reduce the bitcoin transaction fees to zero.

If one has enough CPU power to handle all the transactions and choose not to take any fee, is it possible, then, to achieve zero transaction fees? Can a miner choose not to generate new bitcoins but dedicate all their power to transactions for this purpose? If so, I can donate for and manage a project to help discard the fees.

I need to know if such a project is doable.

Thanks

[1714778495]

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[1714778495]

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[1714778495]

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[rarkenin]

Yes, it is doable--hypothetically.

Can a miner choose not to generate new bitcoins but dedicate all their power to transactions for this purpose?

In order to allow transactions with zero fees, you need to actually mine coins.

For each block you mine, you get to choose which transactions you want to include. You'll get slightly less profit as you won't actually get fees, as you won't be charging any.

That being said, you'll need to generate a good percentage of blocks in the chain (that is, have a good portion of the world's hashing power) to actually make a dent in the number of fee-less transactions people want to send.

[Najska]

But I don't want any coins. I just want to make the transaction fees zero. Maybe there's a way sending the newly generated coins to the network to make other miners who cry for transaction fees happy.

Or maybe when the last bitcoin is mined, such a project may be started.

[rarkenin]

Well, the only way to kill txn fees is to mine blocks. If you want to do that before the reward hits 0, you can always send them to unspendable addresses, or better yet, to invest in more miners to mine more blocks and thus allow more fee-less txns. Or, as a last resort, you could send them to me

[Najska]

Well, yeah, you may be the last resort : )

Is it possible to set the transaction fee to zero in any mining pool such as Cex.io?

[erono]

I hope and think will happen in the long run about Zero Fees Project an open, standardized, off-blockchain settlement protocol that everyone can benefits from it.