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Author Topic: Transaction fees  (Read 1050 times)
BioMike
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August 09, 2010, 07:06:14 PM
 #1

Minting bitcoins is becoming more and more difficult, so calculating transactions might become more profitable. My question is how this works. Do you still need to have "Generate Coins" active, or is it better to have it off and give priority to calculating transactions (with the hope that one has some extra coins in there)?

What is the best strategy?
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Insti
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August 09, 2010, 07:44:49 PM
 #2

It's the same process.

If you can find a 'winning' block, you get 50 BTC + whatever transaction fees apply to the transactions in that block.

Turning on "Generate Coins" in the GUI enables block hashing.
MoonShadow
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August 09, 2010, 07:50:40 PM
 #3

Transaction fees are currently very rare, and cannot be collected by anyone except the computer that solves the block anyway.  The only way to get bitcoins from the system is to 'generate', but the best stragedy, IMHO, is to offer goods or services in exchange for bitcoins already in circulation.


"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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