Post
Topic
Board Bitcoin Discussion
Merits 1 from 1 user
Re: Call for reconfiguration of nodes to relay transactions with fee-rates <1 sat/vb
by
d5000
on 31/01/2025, 10:31:18 UTC
⭐ Merited by JayJuanGee (1)
I would probably support this move (not totally sure still, have to think more), although in my opinion ABCbits' suggestion of 0.1 sat/vbyte is better. This is not something set in stone but simply a default configuration so it can be played around a bit with it.

I am an advocate of a free fee market and miners should be able to live from transaction fees in 2140 (and already several decades before, tx fees should become their main income). And I'm also pro incentives to move off chain (to LN, Ark or sidechains/rollups).

However, in the current configuration there is an artificial barrier for the market value to form, and there should also be incentives to use the network in low-congestion phases (like for consolidations). If the low fee phase with 1 sat/vByte "as new normal" continues, users will set lower fees "just to try", and eventually single nodes and mining pools will probably move to a lower value to maximize their income if enough users set a lower fee.

This would look like "free market is working", but it also would it make it more difficult for users without that much technical knowledge to know what is the lowest possible fee. Okay, with 1 sat/vByte they will always be at the safe side, but I think with a new default value of 0.1 the whole process would look cleaner and more transparent.