Questions tagged [blockspace-market]
As blockspace is limited, senders bid with their fees for block inclusion. This tag collects questions about the dynamics of this market. [fee-market] forwards to this tag.
60 questions
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Why do some transactions wildly overpay fees?
It's very common to see transactions that pay extremely high fee rates, easily 10, 100, or more times the any reasonable high-priority fee rate.
Who makes these transactions, and why do they overbid ...
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How to tell congestion info on the Bitcoin network?
I just tried mining again, using 2Miners and mining Clore.ai, and it can be distributed as BTC. So finally I had the 50 Clore minimum payout amount at around 2am, and distribution is at 4am everyday.
...
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How can I cheaply consolidate P2PKH outputs?
I have thousands of UTXOs that were created for experimental purposes back in 2016, programmatically, using P2PKH transactions, each generating hundreds of 10K-ish sat outputs.
Since these are now ...
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Is Bitcoin fee attack preventable?
A block on Bitcoin blockchain contains about 4000 transactions.
Since a block is added approximately every 10 minutes, in 3 months, about 51 million transactions can be added (4000 x 6 x 24 x 90 = ~51 ...
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Why is Bitcoin inefficient? Would other cryptocurrencies do better if they were as popular?
I'm new to blockchain stuff. I have few questions.
Why are Bitcoin fees are so high compared to Litecoin or other currencies?
Why does Bitcoin use so much computing power (more than Ireland)? I heard ...
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Why would users want to submit a transaction directly to a specific miner?
I am wondering why some users are interested to send their Bitcoin transactions to a specific miner? This should increase the delay because of waiting for the specific miner to win.
Are there any ...
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There are a lot of 100 input transactions in some blocks, what's the reason?
In block 736302, we can see a lot of 100 input transactions. And this can be seen also in 736567, 736299 and so on. Is this only a coincidence?
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What does "Waste Metric" mean in the context of Coin Selection?
I was attending a Bitcoin Core PR review club, and in the context of the wallet behavior changes that were discussed, participants were mentioning something called "waste metric". Can ...
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Fee adjusted block size
I imagine this has been thought through and dismissed at some point, but what about a difficulty-adjustment-like thing for block size.
It would aim to maintain a constant-ish fee size by raising and ...
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Fee rate and market cycle
Why nobody wants to use Bitcoin most of the time? Why is the fee rate spike only in few periods?
user103136
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With constant TX throughput and increased TX requests will the mempool and/or fees grow indefinitely?
The Bitcoin network processes around 10-30 transactions per second with segwit.
With an increasing amount of TX requests as more and more users join the network, how will the network eventually ...
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Can I transfer some BTC with 0 tx fee now, when the mempool is empty?
I wanna send a tiny amount of BTC (0.001BTC). I am not in a hurry and I noticed the mempool is sometimes empty these days because the market is cold. So can I set the network fee to 1sat/byte or even ...
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Why can the block production rate be as low as two per hour?
Why is it taking so long to mine a single block. Like last hour only 2 blocks have been mined. Currently been 45 min since the last block was mined.
According to blockchair
Hour Blocks
5 *****
...
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Is the transaction size relevant if fee per byte is the same?
Is the size of the transaction some factor when the miner chooses one transaction over the other, provided that they both have the same fee per byte?
In other words, will the miner prefer larger or ...
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What is the estimated USD fee price in BTC when Bitcoin is worth 1 million dollars in the future?
Currently, fees in Bitcoin are quite high ($1-$30) to move anything under $50 USD. If Bitcoin is worth 1 million dollars one day, how much would an on-chain fee be? Assuming blocks are going to be ...
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Miners forego revenue in order to 51% attack the Bitcoin protocol by rejecting blocks
I was recently listening to Mike Green and Anthony Pompliano debate the future of Bitcoin on RealVision. And Mike raised an interesting point regarding Bitcoin (I'm paraphrasing). "Scenario: Let'...
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Paying only 6 satoshis/vbyte ($0.18 cents) per input in transaction fees?
I understand transactions are given priority based on the fee per vbyte of transaction data included in the transaction.
When I look at a Fee Calculator I see different quotes based on the desired ...
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How can transaction fees be explained in a simple way?
I am reading the book Mastering Bitcoins 2nd Edition by O'Reilly, and it says:
Alice buys a coffee from Bob's Cafe for $1.50, or 0.015 Bitcoin
So Alice pays 0.015 Bitcoin, and Bob gets 0.015 Bitcoin,...
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What does the global transaction limit mean in practice?
I read somewhere that there is a global limit of about 7 transactions that can get processed per second. However I was unable to find a clear explanation of what this exactly implies.
First thought:
...
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How do you reliably estimate mining fees?
I'm asking this question because sites seem to yield widely different estimates.
For instance, if I want a transaction to be accepted within 6 blocks, this is what I currently have to pay according to ...
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Can we use fee rate less than 1 sat/vbyte?
Is it possible to create, sign and broadcast a transaction with fee rate less than 1 sat/vbyte?
user103136
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Why do miners choose low fee rate transactions sometimes?
Miners prefer high fee rate transactions to low fee rate ones, but the part which I don't understand is why miners pick a low fee rate transaction that has been waiting for hours in the mempool into ...
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What were 'high-priority' transactions in Bitcoin Core v0.9?
I came across these release notes for Bitcoin Core 0.9 and saw this quote under 'Transaction Fees'. Does this distinction between 'high-priority' and 'highest-fee' transactions still exist? What ...
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Bitcoin core's estimatesmartfee gives same estimate on ECONOMICAL and CONSERVATIVE mode
I have observed this behavior several times before now, the commands bitcoin-cli estimatesmartfee 2 ECONOMICAL and bitcoin-cli estimatesmartfee 2 CONSERVATIVE give the same estimates.
For example, ...
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Is there a solution to paying high fees when opening and closing lightning channels once we hit a fee only market?
Paying several hundred dollars to open and close a lightning channel seems uneconomical. This is a common argument against lightning by big blockers, I’m yet to read a valid argument against this.
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Does LN require an on-chain "emergency lane" to mitigate systemic risks?
According to LN social slides, a fee market (in other word: "congested mempool", to my understanding) is good. But, there's systemic risks around penalty mechanism, so some sort of on-chain scaling (...
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What is a fee market? Does it mean that blocks should be full, esp. after several halvenings?
As we all know, Bitcoin had experienced an unprecedented long-lasting congestion period in 2017. This seems quite horrible to some people generally, but it seems that such phenomenon was on the ...
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Lightning incentive for micro-cheating?
New to Lightning, and I'm having a hard time understanding something about the incentive system.
So, if block sizes remain fixed, and transaction fees become prohibitively expensive one day, owing to ...
user4581
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Why do transaction fees exist in the Bitcoin blockchain if miners get rewarded with newly created bitcoins?
My question is why transaction fees exist, even though the miners would still get rewarded with the newly created bitcoins when/if they mine a block. Miners will rather verify transactions with a ...
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Why does Bitcoin need transaction fees prior to hitting its maximum coin limit?
Why does Bitcoin build in transaction fees before it hits the maximum allowed amount of coins? That is, shouldn't the reward of coins for mining a block be enough to keep the system going? In ...
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What is the best suitable transaction fee to avoid high fees but still get confirmed?
Which is the best suitable transaction or also called as the network fee that can be set in order to avoid high fees and yet get the confirmation of the transaction.
Can we say that 0.00000100 BTC is ...
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How can I avoid paying transaction fees?
A bitcoin transaction requires paying a fee to the network, and that fee changes depending on network congestion. During busy times the fee rate may increase substantially, so how can a user avoid ...
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How do transaction fees exacerbate instability in Bitcoin in the future?
I came across the paper On the Instability of Bitcoin Without the Block Reward where it says that in the near future where the incentives are only due to the transactions, instability issues will ...
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Why does Litecoin have lower transaction fee than Bitcoin?
Is it only because LTC doesn't have as many users as BTC? Or do the faster confirmation times also help with lowering fees?
Thanks
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Why are there always some unconfirmed transactions?
As far as I know, a miner begins creating a new block as soon as it receives a valid block from another miner. It then begins to construct and hash the next block on top of the block it just received ...
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Does Bitcoin's high price make payments in stores less viable?
With bitcoins values getting so high (now is $2250/BTC) is it still viable to use bitcoins as a way of payment in stores?
It's not that common now, but I thought that people would use it more with ...
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Where can I find the current fee level for LTC?
I'm currently working on something that needs to estimate the fee for Litecoin transactions. Where can I find an overview of the Litecoin fee market?
The Litecoin wiki on Fees has been last updated ...
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On the feasibility of fees
According to https://bitcoinfees.21.co/, "For the median transaction size of 226 bytes, this results in a fee of 0.678 mBTC."
At the time of writing this equates to approximately $1.53US.
This means ...
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Are any miners still considering priority in their transaction selection?
A new answer on Who gets Bitcoin transaction fees? has spawned discussion on the paradigm shift from selection by priority (= coin age × spent value) to selection by fee rate (= fee / transaction size)...
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Do transaction fees remain stable in bitcoins, or adapt to purchasing power?
The Bitcoin price now is about $660 per BTC, and if I send some, the transaction fee will be about 0.0001 BTC or roughly $0.067. When the Bitcoin price moves to $1200 per BTC, would the transaction ...
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What causes seemingly normal transactions to not be confirmed?
I seem to be having an issue with transactions lately. Here is the most recent one. I paid 0.0004 BTC in fees, and I see there are quite a few inputs, but this seems like a normal transaction and ...
user4276
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How can I set a fixed fee sufficient for transaction success in bitcoind?
I used to use sendtoaddress with bitcoind and a fixed 0.0001 btc transaction fee in the wallet UI to do the job and every transaction was sent without any problems.
Since version v0.12.0 I can see ...
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if nobody is mining then there will not be bitcoins generating anymore and verifying bitcoins ? [duplicate]
what will happen if there will be nobody in the world to mine. then there will be no future to bitcoin??
and also if nobody is mining then there will not be bitcoins generating anymore and verifying ...
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How do you calculate a reasonable transaction fee?
These days transactions are taking a very long time to confirm. Higher transaction fees could be a possible solution. I want to know how to calculate a reasonable transaction fee, which is not so ...
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Can A Mining Farm Profit From Transactions
Background
Last night, I debated a friend of mine about the decentralized nature of bitcoin. He made an argument indicating that the Chinese Communist Party isn't concerned about bitcoin because ...
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Could increasing Block size solve the "End of mining" issue
Disclaimer: I am new to this forum and Bitcoin/cryptocurrency in general.
After all 21 million bitcoins are released into circulation, it seems that the incentive to mine is gone unless transaction ...
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bitcoin dust spamming - could the blockchain be rendered useless?
My concern isn't with individual bitcoin users but governments, what if a government spammed the network with say $1 Billion dollars worth of tiny dust transactions, including fees? The backlog of ...
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How long would a transaction without fee take to confirm?
If I want to make a transaction and send it without fee, how long will it take to get confirmed?
My friend told me it will take more than 1 day. Can anyone here explain to me why that can be happen ?
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Can a blocksize limit be a sustainable way to introduce scarcity?
Some people feel that it will be important in the future to introduce some scarcity into the mining market by having a block size limit. The idea is that this will force transactors to bid up ...
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After 21 million bitcoins [duplicate]
After 21 million bitcoins miners will be paid certain transaction fees but I need your guidance for clarifying following confusions:-
Currently solving a block gives you 25 bitcoins but what is the
...
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