Author: Jim 2013-12-16 10:46:48
Published on: 2013-12-16T10:46:48+00:00
The Bitcoin community has been discussing the issue of accidentally paying excessive fees when sending transactions. If a user pays an extremely large fee, the transaction can go through and the miner who processes the transaction can keep the extra fee as profit. MultiBit's developer, Jim Burton, explains that one of the reasons people lose their Bitcoins is because they don't understand change and how it works. To help prevent this from happening, MultiBit hides the ability to delete wallets and always sends change to the second address if available; these changes will be implemented in the HD version of MultiBit. However, if users are determined to use a brain wallet and secure delete every copy of the wallet after they use them, there isn't much that developers can do to prevent funds being lost.Drak suggested that wallet authors should add a confirmation box when the fee amount seems unusually high. It could ask the user if they are sure they want to pay X in fees if the fee is greater than 10 times what the default fee should be or if it's greater than x percent of the sending amount. The idea was met with approval but would need more details fleshed out.
Updated on: 2023-06-07T22:28:58.007722+00:00