Post
Topic
Board MultiBit
Re: MultiBit HD 0.1 released
by
sickhouse
on 18/07/2015, 16:56:18 UTC
Transaction fees are definitely causing frustration to Bitcoin users at the moment.

At the moment in MBHD v0.1.1 a user can specify (in Preferences | Fees) a miners' fee of:

0.01 mBTC/ KB to 0.1 mBTC/ KB with a default value of 0.03 mBTC/KB


In the past the lower end of this fee range meant a delay in confirmation, but only a few blocks. Now, if your fee rate is lower than that of the spam transactions that are hitting the network there's a big delay.

In the upcoming release v0.1.2 we've extended the range to:

0.01 mBTC/KB to 0.5 mBTC/KB with a default for new installs of 0.1 mBTC/KB


Users are going to have to 'take a reading' for what spam is hitting the network and tweak their fees accordingly. Choosing the lower end of the fee range is going to encounter a delay. This may or may not be acceptable depending on what you are doing.

There isn't a reliable decentralised way of knowing what the fee distribution of transactions in the Bitcoin network is currently.

edit: corrected figures.
I feel really unsecure regarding this, as far as I can see I can see there's only one thing regarding fees to change. I've maxed it out now to 0.0001...

"Users are going to have to 'take a reading' for what spam is hitting the network and tweak their fees accordingly." - where do I do this?