Author: Alex Morcos 2018-05-10 13:05:27
Published on: 2018-05-10T13:05:27+00:00
The fee rates in Bitcoin Core are measured in satoshis/kB. There is a minimum of 1000 satoshis/kB assumed in a couple of places. To allow the node to accept and relay transactions with smaller fee rates, the "incrementalrelayfee" can be set to a smaller than default value, and either leaving "minrelaytxfee" unset or setting it smaller. However, without the rest of the network making these changes and/or the miners being willing to mine those transactions, it won't be of much benefit. The fee estimation doesn't differentiate fee rates less than 1000 sats/kB, which would be more substantial to change. On May 10, 2018, st-bind--- via bitcoin-dev proposed that the time has come to introduce more decimal places and make the minimum fee 1 of the new smallest unit. The current minimum fee of 1 satoshi per byte corresponds to about 0.09 USD per kB, which is no longer insignificant. If the proposal were to be implemented, everyday payments would again be possible with virtually no fee without flooding the mempool with free spam transactions.
Updated on: 2023-06-13T02:16:32.596786+00:00