24

Miners don't charge anyone. Users put aside some amount of satoshis to incentivize a miner to include a transaction in a block, as the miner takes those satoshis if they are successful in mining that block. A miner has the incentive to maximize their own profitability by including the highest paying transactions into their block, and to squeeze as many in ...


11

The biggest counter question is identifying which are high value transactions. Bitcoin works on an Unspent Transaction Outputs (UTXO) based model rather than an account based model. The input of Bitcoin transaction needs to include outpoint (txid and vout) of the transaction from which you control bitcoins with your keys. This input is then consumed in its ...


9

Since the activation of Segwit, transaction size is expressed in Weight Units (WU). Weight Units can be converted to a "virtual size" or virtual bytes (vB) by dividing by 4 and rounding up. The virtual size dictates how large your transaction is when paying fees. Non-Segwit Transactions For now, let's focus on Non-Segwit transactions. Each Non-Segwit byte ...


6

That depends on what those inputs and outputs look like. The formula, as specified in BIP141, is: Call base_size the number of bytes needed to serialize the transaction in legacy format (which does not include the witnesses). Call total_size the number of bytes needed to serialize the transaction including witnesses. The weight of the transaction equals 3*...


6

The hourly average fee when this question was posted was between 9 and 10 Satoshi per Byte (sat/B). The latest TX's that I just randomly checked all had 10.03 sat/B fee which is higher than the 4.5 sat/B that you sent. Transactions are at a hourly peak right now. Wait it out and it'll probably go through in the next couple of hours as the mempool empties. ...


5

Your transaction paid a fee of 1674 satoshis for 372 bytes, or a fee rate of 4.5 satoshis per byte, which was a reasonable estimate in the past hour (via https://mempool.space/tv): There was just a slow block with #600,283 taking 37 minutes to be found (via https://blockchair.com) and it looks like your transaction would have been exactly in that little ...


5

The first transaction in every block is called the coinbase transaction, it is a special transaction that pays the miner their reward. This transaction adheres to different rules than the rest: it has no inputs, but has output(s). The coinbase transaction outputs are allowed to be equal to or less than the block subsidy (newly minted coins) + all ...


5

If you want the total amount of BTC created, you simply need to iterate through the coinbase transactions (first tx in every block) and add up the output. You will then need to subtract the transaction fees for that block to avoid double counting those. If you want a somewhat accurate money supply, you will need to do the above, and then also subtract any ...


4

The situation you describe cannot happen / would lead to a routing failure. I have created an 11 minute video explaining how htlcs are used in onion routing. Parts of the video (rather at the end) explain how fees are encoded within the sent onion. I think watching that video is the quickest way to understand the fee model of the lightning network. A tl;dw ...


4

Currently it cost $0.000116736 USD (1 satoshi) fee to make a transaction on lightning. This is incorrect; there is no set price for sending a LN transaction. Each node can define its own policy for forwarding a payment through the network (base fee rate, plus a small percentage of the amount forwarded), so the fee paid will depend on the payment route ...


4

Is it possible to make a transaction with no transaction fee? As Raghav Sood noted in a comment, transactions with no transaction fee are not transmitted by standard Bitcoin nodes - so your zero-fee transaction normally won't reach a miner. In theory you could make some special arrangement with a miner but it's hard to see why they would want to do that. ...


3

Replacing an unconfirmed transaction with another one isn't really double spending, as Chytrik mentioned. Several of the older wallets do support dropping unconfirmed txs, freeing up the inputs another transaction. In my experience, Bitcoin Core and Electrum tend to be the best candidates for such actions. Newer, more consumer facing wallets, such as ...


3

They don't have any money sitting in your wallet waiting for your withdrawal. They're just scamming you. Stop sending them money immediately.


3

In general, Segwit v1 is cheaper than segwit v0 to spend but slightly more expensive to create. Segwit v1 output scripts as defined by the proposed taproot BIP will always be 35 bytes in length. However Segwit v0 output scripts are either 22 bytes (for the single key case) or 34 bytes (script hash case). This means that the person sending to segwit v1 will ...


3

Nodes advertise the fees for forwarding over a channel as part of a channel_update message. The update should be sent as soon as a channel_announcement is sent. Each party can decide its own fees for the channel. For private channels, nodes advertise the fees inside the r tagged field of the BOLT#11 invoice. When forwarding a payment, your node must ...


3

You can’t estimate a fee without a mempool, so blocksonly mode will cause this failure. Explicitly you don’t download transactions with this turned on.


3

The two modes don't just unconditionally return the same thing. They do different calculations and can return different results under certain conditions, particularly when fees are very variable for low confirmation targets. The current fee situation just makes it so that the estimator ends up using the same values for both modes.


3

'Under the hood' of a lightning network channel open/close, a user will be sending a bitcoin transaction. In order to send a bitcoin transaction, a fee is paid to miners. One advantage of having a lightning channel is that you can amortize the cost of the miners fee across a potentially enormous number of payments. All else equal, having the ability to ...


3

For the purpose of mining transaction selection Bitcoin Core converts sigops into an effective weight value based on the ratio of the limits. If the weighed implied by the sigops count is higher than the true weight, the higher value is used for fee handling calculations. On any kind of remotely sane transaction this has essentially no effect, but eliminates ...


3

‘Batching’ generally refers to making payments to multiple addresses, all within a single bitcoin transaction. Put differently, this means you would craft a transaction with many outputs, each one paying out a different customer, for example. In your case, you are trying to consolidate funds (UTXOs). The outcome is similar: a more efficient use of block ...


2

I could broadcast a second transaction that has the same inputs but a higher fee, without marking the original transaction as replaceable. Default node behaviour is to accept the first-seen transaction into the node's mempool. So your second transaction that spends the same inputs would likely be dropped by most nodes, and thus it would be less reliably ...


2

Let's distinguish a couple cases: Cooperative close In the case of a cooperative close, the two channel partner can agree on any transaction they want. Thus, they can pick the fee rate on the spot. As the two outputs would likely not have any timelocks, either party could use child-pays-for-parent (CPFP) to bump the initial closing transaction. They could ...


2

Your transaction size calculation is incorrect. The inputs are 1 byte input count + 36 byte output + 1 byte scriptSig + 4 byte sequence + 1 byte witness stack count + 1 byte signature length + 71 byte signature + 1 byte pubkey length + 33 byte pubkey = 149 bytes for all of the input data. That along with 32 bytes for output, and 10 bytes for the rest of the ...


2

What exactly is the transaction fee? The fee of finding a block? The fee of transferring the btc reward to another account? Transaction fee is a method by which anyone who creates a transaction incentivizes the miners to include that transaction in the block that the miner will mine. Bitcoin blocks can have a maximum 4MB of block weight, which means there ...


2

https://www.blockchain.com/en/charts it's for you. In addition to being graphs of any kind, if you scroll to the bottom of the page you will find the Total Transaction Fees chart. The total as of 2019-08-15 was 66967,60 BTC or 0.37% of the total coins in circulation on that day.


2

I assume that James is using "sat/kw", to refer to "satoshi per kiloweightunit" as a means to express the fee rate of a transaction. "Weight" here refers to what replaced "blocksize" as a blockspace limit in the protocol rules with the segwit softfork. I'm seeing "sat/kw" for the first time in this context. I've seen wu used before to refer to weightunits ...


2

Bitcoin Core and a number of libraries that facilitate building transactions will allow you to create a zero fee transaction. The problem is that most nodes on the network will not relay transactions with a fee rate below the minRelayTxFee (1 satoshi/virtualbyte). Additionally, most miners don't include transactions below the minRelayTxFee in their blocks.


2

From what I can gather, it doesn't seem like there is a way to know your "inputs" upfront. The inputs are the various addresses the different chunks of bitcoin are coming from... I think? So the inputs, as I understand, will depend on the source. Your wallet's balance is comprised of the various 'unspent transaction outputs' (UTXOs) it controls. These UTXOs ...


2

Only if the state changes fees are negotiated (and for mutual closing the channel) so in case the onchain fees change and the channel is not used for a long time just send a fake payment hash to adapt to onchain fees. Regarding 2 and 3. Nothing Alice can do. She just has to wait until the traffic on chain decreases. There are some ideas to include a dust ...


2

The sum of a transaction's inputs must be greater than or equal to the sum of outputs as part of the validation rules. This difference is the transaction fee. So to answer your question directly, when a UTXO is spent, it is referenced as part of a transaction input. A UTXO is always completely consumed (analogous to how if you spend a dollar bill, you ...


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