Transactions — Bitcoin

ELI5 How and what is being done to lower transaction fees? Are we limited to the original code? (x-post from /r/Bitcoin)

submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

Bull Bitcoin relief: lower fees and higher transaction limits

Bull Bitcoin relief: lower fees and higher transaction limits submitted by Fiach_Dubh to BitcoinCA [link] [comments]

PayFast Ending support for BTC: "there are a number of limitations and design flaws unique to Bitcoin [BTC] that make it an impractical substitute for cash, including high transaction fees and long confirmation times for buyers"

PayFast Ending support for BTC: submitted by unstoppable-cash to btc [link] [comments]

"We do not believe that decentralization means a 1MB block size limit or a responsibility to constrain the block size so that a Raspberry Pi can run a full node while the fee per Bitcoin transaction is higher than the daily income in most developing countries."

Well said. https://blog.bitmain.com/en/uahf-contingency-plan-uasf-bip148/
submitted by poorbrokebastard to btc [link] [comments]

“A Transaction Fee Market Exists Without a Block Size Limit”—new research paper ascertains. [Plus earn $10 in bitcoin per typo found in manuscript]

submitted by Peter__R to Bitcoin [link] [comments]

"To those arguing that Bitcoin Core fees are no longer "through the roof". It only reached this point because you destroyed your user base with an artificial 1MB block size limit. The data speaks for itself - transactions/block down to 2 year lows with dominance at all time lows."

submitted by MemoryDealers to btc [link] [comments]

Binance DEX (decentralized exchange) could kill the dominance of Bitcoin BTC, since all transactions are done on-chain. This will expose the flaw in BTC's small block size limit, and cause BTC transaction fees to skyrocket.

Demo for Binance DEX (decentralized exchange):
Currently, everyone holds Bitcoin BTC as their reserve trading currency.
That's because:
  1. BTC has legacy status as the default trading pair.
  2. Trading costs at traditional crypto exchanges are the same, regardless of cryptocurrency. Ex: Binance trading fee is 0.1%, regardless of coin. That's because transactions are done off-chain.
But we've all known the flaw in traditional crypto exchanges: if the exchange collapses or disappears, you lose all your coins, since you don't have any seed words or private keys.
With a DEX, you hold your seed words & private keys. If the exchange collapses or disappears, you should still be able to access your coins on the respective blockchains.
If DEX exchanges take off, that could be a fatal blow to Bitcoin BTC's legacy status as a reserve trading currency.
That's because:
  1. Bitcoin BTC's on-chain transaction costs are 20-200 times more expensive than for other cryptocurrencies (like BCH, LTC, DASH).
  2. Bitcoin BTC has a small block size limit, and can't scale on-chain, so as DEX trading volume increases, Bitcoin BTC's mempool & transaction costs will skyrocket, making it unusable.
RESULT: If decentralized exchanges - like Binance DEX - become popular, Bitcoin BTC on-chain transaction fees will become ridiculously expensive, and people will start looking for a new default cryptocurrency to hold / trade / spend. It will be the end of Bitcoin BTC dominance.
submitted by normal_rc to CryptoCurrency [link] [comments]

"To those arguing that Bitcoin (BTC) fees are "through the roof". The 1MB block size limit has not destroyed the user base. The data speaks for itself - transactions/block recently hit ATH and dominance hasn't been higher since December, 2017.

The last year has been good for BTC.
Average number of transactions per block set a new ATH a little over a month ago.
BTC dominance by market cap has reached a level not seen since December of 2017.
Estimated hash rate just hit an all time high, surging above 70 EH/s. Difficulty just underwent one of the largest % increases in the modern era.
Fees remain a bit high but haven't yet reached the same rates as the 2014 bull run.
submitted by NotGonnaGetBanned to btc [link] [comments]

What will the be the impact of decreasing the Bitcoin block reward from 12.5 to 6.25? Analysts expect that the halving will trigger a Bitcoin price boom. Get your BTC on https://www.cgcx.io with a zero transaction fee offer for a limited period only! #BTC #Bitcoin #Halving #CGCXio #Crypto

What will the be the impact of decreasing the Bitcoin block reward from 12.5 to 6.25? Analysts expect that the halving will trigger a Bitcoin price boom. Get your BTC on https://www.cgcx.io with a zero transaction fee offer for a limited period only! #BTC #Bitcoin #Halving #CGCXio #Crypto submitted by cgcxofficial to CGCXofficial [link] [comments]

"A Transaction Fee Market Exists Without a Block Size Limit", Peter R at Scaling Bitcoin Montreal 2015

submitted by Dworfix to Bitcoin [link] [comments]

Security of the bitcoin network is funded by the reward miners get: Transaction fees + subsidy. Over time the subsidy drops to 0 and we are left with just fees. If you limit the block size to 1mb you limit miner reward to what fees can fit in 1MB of space. You limit the security of the network.

I've posted this before and was criticized because it was claimed this was a future problem. Actually, the block reward goes pretty low pretty fast. Already 80% of coins are already mined. This is a future problem, but guess what? So are cores hypothetical centralization problems that are supremely trumped by this problem.
Cores hypothetical in the future problem is that miners will geographically centralize because the latency of relaying large blocks will result in close miners having an advantage. The relay network which allows blocks to transmit without latency issues shouldn't count according to core because it is not "decentralized".
The other part of their "decentralization" argument is that we need to all run full nodes to make transactions, but then fail to give an example of anyone being defrauded by an SPV wallet. They then give statistics for how full nodes are dropping (without factoring in that the original bitcoin wallets were all full nodes which skews the statistics)
submitted by specialenmity to btc [link] [comments]

Comparison of Transaction Speed, Limit, and Fee- Bitcoinreal VS Bitcoin

Businessmen are diverting towards digital currency from normal currency. So, in this scenario, Transaction speed, limit, and fee are very essential for a merchant. Before choosing any one of the platform from digital currency, a merchant doesn’t only keep in mind about its circulation/inflation rate/liquidity, but he also keeps in mind about its truncation cost, limit, and speed. These things matter a lot for a merchant to spread his business. In today’s post, I’m going to discus some of the differences among Bitcoinreal and Bitcoin.
Bitcoinreal can do 50 million transactions per day by charging 0.2 percent fee in every transaction. While Bitcoin can do 1.2 million transactions per day by charging 0.2 percent fee. But, the average cost of transaction for a merchant will be high in bitcoin as it has low limit of transactions per day. Further, Bitcoin takes up to minutes in a transaction, but Bitcoinreal can do a transaction within the seconds because it is using the latest technology. In terms of verifying the transactions, Bitcoinreal is using Proof of stake that is a cost-effective technology and will also help it in attaining mass adoption while Bitcoin is using Proof of work.
So, these are the differences among the Bitcoinreal and Bitcoin due to which every merchant will choose Bitcoinreal as it is facilitating more than Bitcoin. For new merchants or users who are willing to join our platform, we are providing a unique method of exchanging the coins due to which you can exchange your bitcoins by the coins of Bitcoinreal. This method is named Fork distribution method; read my previous post for getting to know this method of distribution in detail. Keep updated with us!
submitted by Real-Satoshi to u/Real-Satoshi [link] [comments]

Bitcoins flood control is not the 1MB limit it is transaction fees.

I see this time and time again and now there is a post/podcast on bitcoin where Nick Szabo talks about the 1MB limit being the thing that stops people from flooding the network.
Nick: We could get into the whole block size issue because there is a parameter we shouldn’t but I probably will talk about it a little bit. There’s a there’s a technical security parameter called the block size how the general public glommed onto this I do not know. But there’s there’s an obsessive group of people who think of this as some kind of artificial barrier to more transactions per second on Bitcoin. Really it’s it’s job is it’s [sic] it’s a fence preventing people from overwhelming flooding the network with lots of transactions that the full nodes I talked about can’t handle that that transaction history keeps building and building.
This was only true when bitcoin was virtually worthless. When a single bitcoin was a couple of USD cents and fees were 5 sat/byte you could create a block filled with regular transactions that was 100MB for a dollar or so. If miners did not self impose a limit such a block the the network could be fragmented, so developers decided to take it upon themselves to introduce a protection.
In my opinion this attack doesn't really matter, people would just jump onto the longest chain when they figured out what happened.
This attack vector was only possible because bitcoin was virtually worthless. This is no longer the case.
Bitcoin is now valuable and losing the block reward because the block is too large for the rest of the network to process is now a significant risk to take. Further to that, building on a block that is taking too long to process is also a significant risk, this is due to wasted hashes and losing any block reward for a block that might be found while it is being validated. Transaction fees are now bitcoins flood control, this is the only thing that has changed since the block limit was introduced. Miners are now incentivised enough to impose these limits themselves. Embrace the economics of the system, don't ignore it.
Bitcoin is an socio-economic breakthrough that uses cryptographic tools. It is not a cryptographic breakthrough with an economy attached.
Edit: Talkings is not a word.
submitted by 2ndEntropy to btc [link] [comments]

PayFast Ending support for BTC: "there are a number of limitations and design flaws unique to Bitcoin [BTC] that make it an impractical substitute for cash, including high transaction fees and long confirmation times for buyers"

PayFast Ending support for BTC: submitted by vegasbooty to Cryptoandme [link] [comments]

High transaction fees limit the minimum possible investment into Bitcoin.

A lot of people hearing about Bitcoin for the first time, even now, don't realize that Bitcoins are divisible and think that they must buy a whole Bitcoin to have any sort of investment. I used to get a lot of people to dip their toes in the water by offering to sell them $5, $10, or $20 worth of Bitcoin. With average tx fees now above $5, it doesn't make sense for me to pay a 25% fee to sell someone $20 worth of Bitcoin, and it doesn't make much sense for someone to buy $20 worth of Bitcoin when it will cost them at least 25% in fees to do anything with it.
The more demand for cryptocurrency can be padded by allowing virtually anyone in the world to purchase any amount of it, the more resilient the currency will be to groupthink market behavior and to manipulation by large players. As most of the world is now priced out of using Bitcoin, it's essentially being turned into a rich man's speculative toy, rather than something that can appeal to almost anyone. This will result in an inherently unstable system built on shaky foundations. The clock is ticking.
submitted by BeijingBitcoins to btc [link] [comments]

High fees (--> the blocksize-limit / fee-market) have been the most centralizing force EVER to happen to Bitcoin. Let's call out the hypocrisy by Bitcoin Core supporters since their only argument against Bitcoin Cash is "decentralization". Full nodes do not matter if you cannot transact on-chain!

Are there more centralization effects of high fees you can think of?
submitted by BIP-101 to btc [link] [comments]

If you would like to see mainstream adoption of Bitcoin, continued low transaction fees, and continued decentralization of Bitcoin, then we must raise the block size limit and we must do it soon.

This topic is discussed at length in the most recent "Let's Talk Bitcoin" podcast: https://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-217-the-bitcoin-block-size-discussion
submitted by scotty321 to Bitcoin [link] [comments]

These graphs show that fees for inclusion in 2nd block just shot up 10x from 50 to 500 satoshis/kB, and mempool size just shot up from <5 MB to 30 MB. Would you feel safe sending a transaction into the network now? Can Bitcoin rally if the blocksize remains artificially limited by Blockstream/Core?

http://statoshi.info/dashboard/db/fee-estimates
To select a longer time period, zoom out on the graph by clicking on the word "6 hours ago" to the right of the words "Zoom Out" - which will reveal a drop-down menu.
https://tradeblock.com/bitcoin
To see the increase in the Mempool Size (from less than 5 MB, to 30 MB), go to the graph on the graph on the lower right called "Recent Mempool", and use the two menus to select "7 Days" and "Size".
How can Bitcoin continue to rally, if the network is becoming backlogged due to unnecessary congestion?
submitted by ydtm to btc [link] [comments]

Can anybody confirm what the actual limit is before low-fee transactions drop from mempool? /r/Bitcoin

Can anybody confirm what the actual limit is before low-fee transactions drop from mempool? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

"We do not believe that decentralization means a 1MB block size limit or a responsibility to constrain the block size so that a Raspberry Pi can run a full node while the fee per Bitcoin transaction is higher than the daily income in most developing countries." /r/btc

submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Binance DEX (decentralized exchange) could kill the dominance of Bitcoin BTC, since all transactions are done on-chain. This will expose the flaw in BTC's small block size limit, and cause BTC transaction fees to skyrocket.

Binance DEX (decentralized exchange) could kill the dominance of Bitcoin BTC, since all transactions are done on-chain. This will expose the flaw in BTC's small block size limit, and cause BTC transaction fees to skyrocket. submitted by scgco to GGCrypto [link] [comments]

1) BTC mempool gets clogged thanks to 1MB block size limit 2) Transaction fees rise 3) User experience gets worse 4) Users go elsewhere. People have been warning about this exact scenario for more than 5 years. Now we are "attacking Bitcoin" when we point it out. /r/Bitcoin

1) BTC mempool gets clogged thanks to 1MB block size limit 2) Transaction fees rise 3) User experience gets worse 4) Users go elsewhere. People have been warning about this exact scenario for more than 5 years. Now we are submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

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Block size limit. 3. Transaction fee market. 4. Blockchain spam. 1. Introduction A pressing concern exists over the ramifications of changing (or not) a Bitcoin protocol rule called the block size limit. This rule sets an upper bound on the network’s transactional capacity, or—more simply—the number of transactions the network can confirm per second. Its origins date back to the late ... "This transaction is over the size limit. You can still send it for a fee of 0.0005 BTC, which goes to the nodes that process your transaction and helps to support the network. Do you want to pay the fee?" There are only two buttons for me to click: Cancel or Yes. 0.0005 BTC is worth approximately 50 cents or 100% of the amount that I want to send. This is an incredibly expensive fee and not ... Instead, a Bitcoin ATM usually charges a percentage fee. This percentage fee is calculated on the total amount of the transaction that has been carried out. The average fee charged by Bitcoin ATMs is upward of 8%, closer to 9% although the exact amount varies from one company of such an ATM to another. However, it tends to stay within 8 and 9 ... 9 Monate später, am 01.03.2016 antwortet er auf den Hinweis, dass er erst kürzlich einen Konsens mit den Minern mitgetragen hat, die Blocksize auf 2MB zu erhöhen, antwortet er „I continue to expect sensible miners to make blocks smaller than 1 MB on average, even after the limit is raised, until such a time that either Bitcoin requires more or can safely handle more.“: https://github ... Attention: Localcoin will never contact you requesting personal or transaction information through any social platform. Please email [email protected] if you have questions. Attention: Localcoin ne vous contactera jamais pour demander des informations personnelles ou de transaction via une plateforme sociale (Twitter, Instagram, WhatsApp, etc.).

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Cash Maal Pricing New Update /Deposit transaction Fee and limit 2018-2019

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