Author: Dan Bryant 2020-08-21 05:55:59
Published on: 2020-08-21T05:55:59+00:00
Five years ago, the fee of 5000 sat/vkB was deemed too high for Bitcoin trading at $255 and thus was reduced to 1000 sat/vkB. This reduction provided anti-DoS protection equal to $0.00255/vkB in USD terms. To have parity with the last reduction, a further reduction to 22 sat/vkB is required, but a conservative reduction to 100 or 50 sat/vkB would be welcome. The growing adoption of LN demands ultra-low-fee on-chain transactions, which could be queued and confirmed overnight, or even waiting till Sunday lull, as miners have not reached their mining floor yet. Two years ago, PR (#13922) was proposed to reduce the transaction fees from 1000 to 200 sat/vkB, which was widely accepted but eventually closed by the submitter in favor of PR #13990. Despite being parameterized and configurable in bitcoin.conf, it is still unclear how changing the default minrelaytxfee could be detrimental to node operation. The reference links include the commit for lowering the minrealytxfee, the PRs for reducing the fee further, and the need for ultra-low fee transactions to accommodate the growth of LN.
Updated on: 2023-05-20T23:47:03.900807+00:00