Author: Mike Hearn 2013-12-03 10:45:33
Published on: 2013-12-03T10:45:33+00:00
In an email conversation, a user expressed concern about the idea of allowing the receiver to determine the minimum fee for Bitcoin transactions. The response pointed out that senders typically have no interest in attaching any kind of fee, which is why child-pays-for-parent was explored as an option. Instead, receivers want a fee attached and ideally without redundant transactions. One suggestion was for receivers to ask senders to attach a fee and fold it into the price paid, similar to how sales taxes are included in the price in Europe. There's no need to trust the vendor, as buyers will simply go elsewhere if the fee is too high.The user also suggested a different method of calculating the minimum fee using difficulty retargeting. The response noted that this is essentially what fee estimation does, minus the encoding into blocks. If miners were to tell people directly what fees are accepted, there could be issues with miners lying or influencing the average. Querying all nodes avoids this problem.
Updated on: 2023-06-07T21:39:27.234396+00:00