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Finally an analogy-based explanation of cryptocurrencies/blockchains that I read all the way through! Two questions: Currently, bitcoin transactions don't have
by neil_s 12y ago
Finally an analogy-based explanation of cryptocurrencies/blockchains that I read all the way through!
Two questions: Currently, bitcoin transactions don't have any transaction fees. In this case, where are these 'mined' coins coming from? Is it by adding a transaction from 'the ether' to the miner?
Also, if there are transaction fees but the person who verifies the block adds their own fee to the block, what's stopping them from verifying that Alice and Bob have offered the miner a transaction fee of 100 BTC instead of 1 BTC?
- wmf 12y agoMany Bitcoin transactions do pay fees today because miners are deprioritizing no-fee transactions. But yes, each block contains a coinbase[1] transaction that creates 25 BTC out of nowhere. [1] No relation to the company of the same name.
- benmanns 12y agoAlice or Bob have to sign the fee (in addition to the rest of their transaction) with their private key in order for the miner to spend it later.
- maaku 12y agoYes, the first transaction of a block is allowed to "overspend" by up to the subsidy amount, currently 25btc. Obviously the miners pay these newly minted coins to themselves.
- maaku 12y agoWhy the downvotes? What I wrote is correct: https://github.com/bitcoin/bitcoin/blob/master/src/main.cpp#L1838 https://github.com/bitcoin/bitcoin/blob/master/src/main.cpp#...