Post
Topic
Board Bitcoin Discussion
Re: Transaction fees
by
mackenzied
on 08/07/2017, 10:44:20 UTC
I remember that back when Bitcoin was starting to get attention, one of the key arguments against eg Paypal was that you could transfer your money without paying any fee (and yes, the tx didn't get stuck). But now the network has reached the point where transaction fees are sometimes higher than Paypal or similar. Even worse, if you managed to collect a lot of Satoshis from various faucets or such, you have only accumulated so-called dust and are practically told to forget about it.

What's a solution for that? How would you explain to average John Doe that his efforts to collect Satoshis were useless? If several hundred people send one cent to your traditional bank account, you have a few dollars. The bank won't tell you to forget about that money because it came in as cents.

What about:
1. Increase blocksize so that more transactions can be included into a block to lower fees. Why isn't that done?
2. Transactions where all input addresses are the same as the output address are identical could be free to allow combining dust.
3. Transactions with low/no fees should be included if the sender is willing to wait long enough, like 2 weeks, or a month.
4. Low/no fee transactions could require extra work on the clientside so that spam attacks are not feasible (like a few mins requiring 100% CPU).


That's right, what you put out is really accurate, but it's in the past, when bitcoins are still uncommon and it carries a low value. However, when too many people use bitcoin, it becomes slow and costs more.