Author: Greg Sanders 2020-08-21 16:57:32
Published on: 2020-08-21T16:57:32+00:00
The bitcoin-dev mailing list recently discussed the possibility of reducing the minimum relay transaction fee (minrelaytxfee) on the Bitcoin network. The current fee, which was set five years ago when Bitcoin was trading at $255, is 1000 sat/vkB. However, some argue that this fee is too high and a reduction to as low as 22 sat/vKB would be more appropriate. The proposed reduction is driven by the need for ultra-low-fee on-chain transactions due to growing adoption of the Lightning Network. While it is acknowledged that reducing the minrelaytxfee could make denial of service attacks cheaper, proponents argue that thoroughly testing any changes can prevent bugs that could cause issues on the peer-to-peer network. The discussion also referenced previous pull requests (#13922 and #13990) related to reducing the minrelaytxfee. Despite the potential risks, some believe that changing the default fee could be beneficial given that it is already configurable in bitcoin.conf.
Updated on: 2023-06-14T15:14:54.272916+00:00