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.The concern raised is that having large portions of the network using a different minrelayfee could make it easier to double-spend unconfirmed non-rbf transactions. Node operators that accept unconfirmed payments with a minrelayfee higher than what other nodes/miners are typically accepting would be at risk. Although relying on unconfirmed transactions is discouraged, this potential issue is worth considering.Dan Bryant suggests further reducing the minrelaytxfee to allow for ultra-low-fee on-chain transactions, which are needed for the growing adoption of the Lightning Network. He proposes reducing the fee to 22 sat/vkB, but notes that a conservative reduction to 100 or 50 sat/vkB would also be welcome. Two years ago, there was a pull request to reduce the fee from 1000 to 200 sat/vkB, but it was eventually closed in favor of another pull request.Bryant questions why changing the default minrelaytxfee would be detrimental to node operation if it is already parameterized and configurable in bitcoin.conf. He provides various reference links, including the commit for lowering the minrelaytxfee, the pull requests for further fee reductions, and the need for ultra-low fee transactions to accommodate the growth of the Lightning Network.Overall, the discussion revolves around the possibility of reducing the minimum relay transaction fee on the Bitcoin network. While some argue for a significant reduction to facilitate ultra-low-fee on-chain transactions for the Lightning Network, concerns about potential risks and double-spending vulnerabilities are also raised. Despite being configurable in bitcoin.conf, the impact of changing the default minrelaytxfee on node operation is still uncertain. The reference links provided offer more information on the topic.
Updated on: 2023-08-02T02:38:28.855383+00:00