Author: alicexbt 2022-07-30 17:24:35
Published on: 2022-07-30T17:24:35+00:00
Aaradhya Chauhan raised concerns about the default minimum relay tx fee of 1000 sat/vB, suggesting that it could become a problem in the future if Bitcoin's value reaches $200k to $500k. Some suggestions were made on the Bitcoin subreddit to change the default minimum relay tx fee to 500 sat/vB. However, developers have already tried to decrease the default minimum relay tx fee rate in several open and closed pull requests, but Aaradhya believes that if there are incentives for users and miners to change it, they should use non-default values. Miners could experiment with lower fee rates on odd dates for a month, and everyone could analyze how this worked for different mining pools. David A. Harding responded to the discussion by clarifying the difference between the minimum output amount policy ("dust limit") and the minimum transaction relay feerate policy ("min tx relay fee"). Lowering the dust limit was discussed extensively a year ago, but lowering the minimum relay feerate was seriously proposed in a patch to Bitcoin Core four years ago. However, challenges such as preventing denial/degradation-of-service attacks, dealing with a fragmented userbase, and the economic benefit of reducing the feerates for the bottom of the mempool seem small compared to the complexity of lowering the minimum feerate. If the min relay fee was lowered to 1/10th its current value, the total savings for users would be around $1,800 per day, and miners would earn an extra $200 per day.
Updated on: 2023-06-15T23:23:45.469517+00:00