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Topic: Transaction fees (Read 743 times)
QuickBitcoins
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Transaction fees
April 30, 2012, 01:00:39 AM
#1
When these are paid "to the network" where exactly do they go?
Blazr
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Re: Transaction fees
April 30, 2012, 01:09:34 AM
#2
To the miner that mined the block your transaction is in.
Reward for solving a block is 50BTC + transaction fees.
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freewil
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Re: Transaction fees
April 30, 2012, 09:41:33 PM
#3
Also note that once the maximum number of Bitcoins are created (~21 million) fees will become more important to the network as the miner will no longer receive new Bitcoins as a reward.
Gladamas
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Bitcoin today is what the internet was in 1998.
Re: Transaction fees
April 30, 2012, 09:49:51 PM
#4
As the number of digits in the amount of Bitcoins sent in a transaction increases, the higher the transaction fee will be. For example the transaction fee for sending 103089.42, 0.42810382, or 53.1345 Bitcoins will be higher than if you are sending 2 Bitcoins in a transaction.
EDIT: See
https://bitcointalk.org/index.php?topic=74175.msg820964#msg820964
and
https://bitcointalk.org/index.php?topic=74175.msg875410#msg875410
for information on transaction fees.
1GLADMZ5tL4HkS6BAWPfJLeZJCDHAd9Fr3 - LQ6Zx8v7fHVBiDX5Lmhbp6oEDB7dUFjANu
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jack-o-lantern
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Re: Transaction fees
April 30, 2012, 09:54:36 PM
#5
Quote from: freewil on April 30, 2012, 09:41:33 PM
Also note that once the maximum number of Bitcoins are created (~21 million) fees will become more important to the network as the miner will no longer receive new Bitcoins as a reward.
Is it possible to increase the amount of bitcoins?
When it reaches the maximum number of bitcoins, could we assume that the fee will be increasingly expensive?
Red Emerald
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Re: Transaction fees
April 30, 2012, 09:58:07 PM
#6
Quote from: jack-o-lantern on April 30, 2012, 09:54:36 PM
Quote from: freewil on April 30, 2012, 09:41:33 PM
Also note that once the maximum number of Bitcoins are created (~21 million) fees will become more important to the network as the miner will no longer receive new Bitcoins as a reward.
Is it possible to increase the amount of bitcoins?
Not without a hard fork. But there is no point. Bitcoin is deflationary by design.
Quote
When it reaches the maximum number of bitcoins, could we assume that the fee will be increasingly expensive?
I don't think the per-transaction fee will really change that much, but the number of transactions will hopefully be much higher and so there will be more fees for miners to earn.
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Gladamas
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Re: Transaction fees
April 30, 2012, 10:00:36 PM
#7
Quote from: jack-o-lantern on April 30, 2012, 09:54:36 PM
Quote from: freewil on April 30, 2012, 09:41:33 PM
Also note that once the maximum number of Bitcoins are created (~21 million) fees will become more important to the network as the miner will no longer receive new Bitcoins as a reward.
Is it possible to increase the amount of bitcoins?
No, there is no way to increase the number of Bitcoins above 21 million. However as deflation occurs due to a lack of Bitcoin production we could deal in millibitcoins (1/1000 of a bitcoin) or microbitcoins (1/1,000,000 of a bitcoin).
1GLADMZ5tL4HkS6BAWPfJLeZJCDHAd9Fr3 - LQ6Zx8v7fHVBiDX5Lmhbp6oEDB7dUFjANu
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mdude77
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Re: Transaction fees
April 30, 2012, 10:10:33 PM
#8
Quote from: Blazr on April 30, 2012, 01:09:34 AM
To the miner that mined the block your transaction is in.
Reward for solving a block is 50BTC + transaction fees.
Sooo.. does that mean the mining pools get all those fees? Last I checked on BTCGuild, the payout is 47.5/share.
I mine at
Kano's Pool
because it pays the best and is completely transparent! Come join me!
Red Emerald
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Re: Transaction fees
April 30, 2012, 10:20:23 PM
#9
Quote from: mdude77 on April 30, 2012, 10:10:33 PM
Quote from: Blazr on April 30, 2012, 01:09:34 AM
To the miner that mined the block your transaction is in.
Reward for solving a block is 50BTC + transaction fees.
Sooo.. does that mean the mining pools get all those fees? Last I checked on BTCGuild, the payout is 47.5/share.
Most pools take the transaction fees and a percent of the block. Long live p2pool!
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freewil
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Re: Transaction fees
April 30, 2012, 10:22:33 PM
#10
Quote from: jack-o-lantern on April 30, 2012, 09:54:36 PM
When it reaches the maximum number of bitcoins, could we assume that the fee will be increasingly expensive?
No, that assumption would be incorrect. Naturally, because of it's deflationary nature, you would expect Bitcoins themselves to get more expensive relative to other currencies, but fees I would expect to stay low, compensating miners for their equipment and electricity costs, and a healthy profit.
mdude77
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Re: Transaction fees
May 01, 2012, 09:54:31 PM
#11
Quote from: Red Emerald on April 30, 2012, 10:20:23 PM
Quote from: mdude77 on April 30, 2012, 10:10:33 PM
Quote from: Blazr on April 30, 2012, 01:09:34 AM
To the miner that mined the block your transaction is in.
Reward for solving a block is 50BTC + transaction fees.
Sooo.. does that mean the mining pools get all those fees? Last I checked on BTCGuild, the payout is 47.5/share.
Most pools take the transaction fees and a percent of the block. Long live p2pool!
THANK YOU! Never heard of p2pool before. I'm hooked now! So long BTCGuild!
I mine at
Kano's Pool
because it pays the best and is completely transparent! Come join me!
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