3 ms·
The costs are neglible now, but based on how Bitcoin works (shared transaction list) it seems likely that the costs will rise in the future: 1) Currently there
by gst 14y ago
The costs are neglible now, but based on how Bitcoin works (shared transaction list) it seems likely that the costs will rise in the future:
1) Currently there's a transaction size limit of 1 MB in the protocol, with typical "large" transaction sizes being about one third of this. Once average transaction sizes will hit the limit, miners will probably include transactions paying higher fees, thus auctioning the available space.
2) Even if Bitcoin users agree on a protocol change to increase this limit costs will rise, as every transaction needs to be forwarded to all other nodes (or at least to the miners). So increasing transaction sizes will create higher hardware requirements for miners, without necessarily increasing their income. And there's the further complication that a fork will only work if a majority of the network actually supports it.
- MacsHeadroom 14y ago1) No, Gavin (Bitcoin lead developer) says he wants to make the transaction and block size unlimited (or rather, let the miners limit it). This should keep fees down. https://bitcointalk.org/index.php?topic=140233.40 https://bitcointalk.org/index.php?topic=140233.40 2) No, costs for the majority of transactions will not go up- in fact, they may go down. Most miners already charge different fees based on any given transaction's size. The fees range from about a half-cent USD to about two cents USD. If someone wants to send a 2MB transaction, the miners will be able to charge whatever transaction fee they choose for expedient processing.
- MacsHeadroom 14y ago1) No, Gavin (Bitcoin lead developer) says he wants to make the transaction and block size unlimited (or rather, let the miners limit it). This should keep fees down. https://bitcointalk.org/index.php?topic=140233.40 https://bitcointalk.org/index.php?topic=140233.40 2) No, costs for the majority of transactions will not go up- in fact, they may go down. Most miners already charge different fees based on any given transaction's size. The fees range from about a half-cent USD to about two cents USD. If someone wants to send a 2MB transaction, the miners will be able to charge whatever transaction fee they choose for expedient processing.