Author: Gavin Andresen 2014-10-28 13:59:11
Published on: 2014-10-28T13:59:11+00:00
In this context, Gavin Andresen is discussing the functionality of a fee market in relation to Bitcoin transactions. He states that he believes Alex's approach is better but notes that its effectiveness cannot be fully determined until a functioning fee market is implemented. Currently, fees are hard-coded and require a certain amount to be paid for confirmation within one to three blocks depending on factors such as which miners mine the next three blocks and what time of day it is. The git HEAD code indicates that a fee of 10,0000 satoshis/kb is necessary for confirmation in the next block with a 90% chance. This aligns with Alex's real-world data, which shows an average of 1.09 blocks to confirm at this fee rate. However, Gavin raises concerns about the length of time it takes to gather enough data for a reasonable estimate of the least amount that can be paid to attain 90% confirmation in 20 blocks. He wonders if it would take hours, days or weeks to gather enough data.
Updated on: 2023-06-09T03:37:51.971836+00:00