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Questions tagged [fee-market]

The tag has no usage guidance.

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1answer
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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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3answers
352 views

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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2answers
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Why does Bitcoin need transaction fees prior to hitting its maximum coin limit?

I have a question regarding the theory of Bitcoin . 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 ...
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3answers
264 views

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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3answers
1k views

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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2answers
436 views

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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1answer
6k views

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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3answers
538 views

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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1answer
62 views

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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1answer
5k views

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 ...
2
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1answer
71 views

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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2answers
377 views

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 ...
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2answers
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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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2answers
388 views

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 ...
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2answers
582 views

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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1answer
268 views

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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1answer
1k views

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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1answer
148 views

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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1answer
108 views

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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1answer
79 views

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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1answer
376 views

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 ...
1
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1answer
80 views

Can zero-fee txs get into a block?

What happens if a transaction is set to have zero fees? Can it get into a block? Also, if you updated a coin's code to accept zero-fee transactions, would this cause a hardfork? (e.g. made tx's in ...
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4answers
43k views

What happens if your transaction is never confirmed?

If I have a low amount and don't include a fee, the transaction takes forever to get confirmed. What happens if it never gets confirmed? Can the wallet that I sent it to still spend the money?
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1answer
292 views

Who will verify any transaction when the upper bound to total number of bitcoins is reached? [duplicate]

I've read that there will be around 21 million BTCs. (How many bitcoins will there eventually be?) Also, to my beginner understanding, it seems that miners verify the active transactions. (What are ...
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3answers
3k views

What will happen when all bitcoins are issued? [duplicate]

In 50 years or more from now, what will happen with bitcoins when all of them are issued? Will mining stop and will there only be a limited amount of bitcoins in circulation?
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1answer
2k views

If I offer a higher transaction fee, will my order get processed faster?

I was reading the wiki and it seemed to sugest that the transaction fees didn't play to much of a role in determining the priority of an order but rather the actual size in bytes and the previous ...
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2answers
3k views

Will the proof-of-work system end when all bitcoins have been mined?

This article from ArsTechnica is claiming that Bitcoin is not such an environmental disaster, and one of the reasons they mention is that mining will come to an end. Ok, fair enough, there is an end ...
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2answers
272 views

Could miners create a cartel to raise transaction fees?

Could miners with enough mining powers (say >95% of all blocks) form a cartel where they demand absurdly high transaction fees? Of course, I still could could hope for a miner not in that cartel to ...
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3answers
1k views

How can market-based transaction fees scale?

Can someone please explain to me what I am missing? I don't see how variable, market-based transaction fees can scale. I go to a merchant's website to buy, how do I select a mining peer to pay ...
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2answers
1k views

Does encoding Namecoin/messages into the blockchain bloat it?

I read today twice concerns about inflating the blockchain: NameCoin Bitcoin Message Service So, does using these services "over inflate" the blockchain? The way I see it, if another protocl rides ...