{"id":190,"date":"2014-07-08T09:48:00","date_gmt":"2014-07-08T09:48:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/next-bitcoin-core-version-smarter\/"},"modified":"2014-07-08T09:48:00","modified_gmt":"2014-07-08T09:48:00","slug":"next-bitcoin-core-version-smarter","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2014\/07\/next-bitcoin-core-version-smarter.html","title":{"rendered":"Next Bitcoin Core Version to Include \u2018Smarter\u2019 Transaction Fees"},"content":{"rendered":"
\n(CoinDesk<\/a>) Bitcoin Foundation Chief Scientist Gavin Andresen has outlined the
\ndetails of new floating transaction fees to be included in the code of
\nthe next Bitcoin<\/a> Core release.<\/div>\n
\n<\/div>\n
\nIn a new post on the official Bitcoin Foundation<\/a> blog, Andresen<\/a>
\n stated that the updated code will enable \u201csmarter\u201d fees that account
\nfor the length of time it takes to confirm transactions on the bitcoin
\nnetwork. Ultimately, the new code will determine transaction priority,
\nmaking sure that transactions confirm more efficiently.<\/div>\n
\n<\/div>\n
\nAndresen cited needless complexities within bitcoin\u2019s transaction fee
\n code as the reason for the update. These complications result in
\ninconsistent and time-consuming confirmation periods. He wrote:\n<\/div>\n
\n<\/p>\n

\n\u201cInstead of using hard-coded rules for what fees to pay,
\nthe [new] code observes how long transactions are taking to confirm and
\nthen uses that data to estimate the right fee to pay so the transaction
\nconfirms quickly \u2013 or decides that the transaction has a high enough
\npriority to be sent for free but still confirm quickly.\u201d<\/p><\/blockquote>\n<\/div>\n

\nFurthermore, the new code enables transaction senders to configure
\nhow much priority they want their transaction to receive. In some cases,
\n users may opt to have as many as six blocks pass before the first
\nconfirmation is received.<\/div>\n
\n<\/div>\n

\nSystemic fee problems addressed<\/h2>\n
\n<\/div>\n
\nCurrently, the Bitcoin Core code can lead to headaches for those who
\nsend large bitcoin transactions. As Andresen explained, the new code
\neliminates some of the hurdles that slowed down transactions in excess
\nof 1,000 bytes in size.<\/div>\n
\n<\/div>\n
\nTransactions sent for free also run into problems under the existing
\nframework. The code that determines priority for free transactions
\nautomatically places them at a disadvantage in the network. This results
\n in a significant increase in confirmation times.<\/div>\n
\n<\/div>\n
\nAndresen wrote:<\/div>\n
\n

<\/p>\n

\n\u201cThe current situation is even worse for free,
\nhigh-priority transactions: the hard-coded \u2018high-priority\u2019 constant is
\nmuch too low, so transactions sent for free can take a very long time to
\n confirm.\u201d<\/p><\/blockquote>\n<\/div>\n

\nBy making changes to Bitcoin Core, Andresen said, users can rely on
\nmore effective transaction fee determinations within the bitcoin
\nnetwork.<\/div>\n
\n<\/div>\n

\nFuture updates possible<\/h2>\n
\n<\/div>\n
\nAndresen went on to dismiss the idea of small, fixed transaction
\nfees, citing the behavior of miners \u2013 and their preference for high-fee
\ntransactions \u2013 as reasons to avoid such an approach. Notably, he said
\nthere was no desire within the bitcoin development community to
\ninstitute fixed fees.<\/div>\n
\n<\/div>\n
\nFees should rise in the future as miners sign and confirm larger transaction volumes in the months and years ahead, he wrote:<\/div>\n
\n

<\/p>\n

\n\u201cI expect to see transaction fees rise until a good
\nsolution for optimizing the propagation of blocks across the network is
\ndeployed, because I expect transaction volume to increase and I don\u2019t
\nthink miners will include more transactions in their blocks until
\nsomebody fixes the \u2018bigger blocks take longer to broadcast\u2019 problem.\u201d<\/p><\/blockquote>\n<\/div>\n

\nUltimately, he concluded, developers need to tackle this problem and
\ndevelop new code that enables a more efficient and healthy transaction
\nprocess.<\/div>\n

Open your free digital wallet here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n","protected":false},"excerpt":{"rendered":"

(CoinDesk) Bitcoin Foundation Chief Scientist Gavin Andresen has outlined the details of new floating transaction fees to be included in the code of the next Bitcoin Core release. In a new post on the official Bitcoin Foundation blog, Andresen stated that the updated code will enable \u201csmarter\u201d fees that account for the length of time […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,81,82,674],"tags":[770,771,1327],"yoast_head":"\nNext Bitcoin Core Version to Include \u2018Smarter\u2019 Transaction Fees -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/holytransaction.com\/blog\/2014\/07\/next-bitcoin-core-version-smarter.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Next Bitcoin Core Version to Include \u2018Smarter\u2019 Transaction Fees\" \/>\n<meta property=\"og:description\" content=\"(CoinDesk) Bitcoin Foundation Chief Scientist Gavin Andresen has outlined the details of new floating transaction fees to be included in the code of the next Bitcoin Core release. 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