Bitcoin transaction fees
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Bitcoin transaction fees becoming crazy nowadays. ATM recommended fee to be included in next or over next block is 240 satoshis, or around 55000 per standart simple 226 bytes transaction. This is closing to 1 USD. And what if transaction of many inputs and not big…?
I always was on the side of these who said that Bitcoin is commodity, not currency and situation shows that. And I am sure that despite which way would be chosen - Core, Classic or whatever this will not change, segwit help only temporarily. Any other altcoin should stand in the currency place. Maybe FTC?
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I agree, fees need to be on a list of FTC custom parameters, so we can set them appropriately and transparently. This was envisaged as part of the 0.9.6 to 0.11 / 0.13 update.
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@wrapper said in Bitcoin transaction fees:
I agree, fees need to be on a list of FTC custom parameters, so we can set them appropriately and transparently. This was envisaged as part of the 0.9.6 to 0.11 / 0.13 update.
This is a good idea. I feel like each crypto has a number of parameters that make it unique in comparison to others but a lot of these are hard to discover. Maybe we should have a list of things like reward per block, block times, block size, retarget time, fees, TXs per block (average/max), TXs per second (average/MAX), etc. These stats should be listed on the website and/or here to be easily found.
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I have made BTC transaction today with 0.00001 fee, 4 satoshis per byte. Just to test if it will be included in blockchain nowadays with huge transaction fees. How do you think? :)
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@Lordas so, hows d result…? how long d time take…? :thermometer_face:
:bow_tone1: soori if interrupt. bruderr…
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Latest news on ‘Bitcoin-Scalling’ issuesame-o…same-o…? or else… :3(
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@FlatBlack said in Bitcoin transaction fees:
@Lordas so, hows d result…? how long d time take…? :thermometer_face:
:bow_tone1: soori if interrupt. bruderr…
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Latest news on ‘Bitcoin-Scalling’ issuesame-o…same-o…? or else… :3(
I made it just today, only several hours ago. So will need to wait :)
Thanks a lot for the latest news. When I have a Bitcoin node I ran Unlimited, as saw this better solution realizing that 2 MB soon will be not enough, but supported that side. Now seems “won” both, but Core not agree again… All this is very profitable to miners as they earn huge sums from transactions. Also seems Litecoin, Dash and Ethereum gaining…
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24 hours - no confirmation :)
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48h - no :sleeping:
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@Lordas 72 hours…still no…?
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Still no :)
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5th day - still not confirmed :)
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7th day… :sleepy:
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@Lordas You should get back that bitcoin after 48-72 hours depend on your wallet. What wallet do You use?
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@SimonTower I think this option that bitcoin should be get back to wallet is not true and from old times. Nowadays with such big network almost impossible that transaction disappear from mempool. I think it will stay forever, or at least very long time. I do not know on what reasons wallet should stop propagate it. And this is the test, how network act now.
On 2nd of May there are almost no waiting transactions so it would be confirmed, but now with 100K+ waiting…
I have used Blockchain wallet. With ordinary wallet I can reindex blocks and get my BTC back, a bit harder now. But I do not want get back - I will wait for confirmation :)Get your Bitcoin based VISA - https://spectrocoin.com/en/signup.html?referralId=3396082057
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Not confirmed for 12th day :older_man:
Get your Bitcoin based VISA - https://spectrocoin.com/en/signup.html?referralId=3396082057
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@Lordas :angry: gggrrrrrrrrr…
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I have used Blockchain wallet. With ordinary wallet I can re-index blocks and get my BTC back, a bit harder now. But I do not want get back - I will wait for confirmation :)
I wasn’t aware re-indexing will do this, i.e. return any un-spenable sends. If I get a chance I’ll have another look at the code.
But, if any one knows a test that has been already been done, or someone writeup / post analyzed what should happen. @Ghostlander might know.It’s an interesting experiment, thanks (for documenting it)
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@wrapper Yes, it is true. If you reindex your blocks (at least part of them - latest), and coins are not confirmed - they get back to your wallet. I am not sure how this work - wallet stop translating transfer and it was removed from mempool, or another way, but it works. I have tested :)
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BTW, most of BTC transactions are ~998 kB in size, so my 226 bytes transaction can be freely included… but no :(
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@Lordas Re: unconfirmed transfers :
Might be worth having a look at p2pool (source code) to see if it would process it. It should process these transfers and take into account age, where’as private pools can be adjusted for maximum profit.
FTC has a higher proportion of p2pool than Bitcoin, and I suspect that is why FTC confirm such transfers, at least somewhat (see dust coin experiment [Ref A:]).
The Bitcoin p2pool sites should include information about the last global mined p2pool blocks. e.g. to look and see if any other similar are being processed
I haven’t time at the moment, but it would be possible to identify p2pool payments in FTC explorer / ABE (during the dust coin payments). They can be distinguished by the fact that the mining fee is distributed instead of to one address.
