Next Bitcoin Core Version to Include 'Smarter' Transaction Fees
Bitcoin Foundation Chief Scientist Gavin Andresen has outlined the details of new floating transaction fees to be included in the code of the next Bitcoin Core release. In a new post on the official Bitcoin Foundation blog, Andresen stated that the updated code will enable "smarter" fees that account for the length of time it takes to confirm transactions on the bitcoin network. Ultimately, the new code will determine transaction priority, making sure that transactions confirm more efficiently. Andresen cited needless complexities within bitcoin's transaction fee code as the reason for the....
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Chief Scientist at the Bitcoin Foundation Gavin Andresen has taken to the Foundation's official blog this Monday to discuss the topic of floating fees for the release of Bitcoin Core 0.10. In short, floating fees add flexibility to the amount of fees paid depending on the amount transacted and acts as a smart tool to help determine which fee amount is most appropriate in order to ensure that transactions confirm quickly. These floating fees also determine whether or not the transaction is of high enough priority to be sent free of charge and still receive confirmations in a short amount of....
The recently released Bitcoin Core version will soon be implemented by the bitcoin mining pools as they take necessary steps to ensure smooth transition. The Bitcoin Core has received an upgrade. The new update- Bitcoin Core 0.12.1 will soon be incorporated by all the mining pools. Unlike other updates, the Bitcoin Core 0.12.1 is more focused towards improving the scalability of the Bitcoin network. Some of the main features of this new update include support for four different Bitcoin Improvement Proposals – BIP 9, BBIP 68, BIP 112 and BIP 113. The inclusion of these new BIPs makes....
Lately, the community has been keeping a warm discussion around what should be the updates implemented to the bitcoin core. Many developer teams have been presenting and working on their own versions of the new release. Now a new Bitcoin Core Candidate Release has been announced and Binaries for the Bitcoin Core version 0.11.2rc1 are now available. Release candidates are test versions for releases that are launched in beta versions to be tested. This is a release candidate for a new version release to update the bitcoin core software. It aims to implement security and bug fixes, the BIP65....
Transaction fees have come to the fore again after core developer Gavin Andresen indicated that the next bitcoin core update would feature a new way to determine fees. The issue of setting transaction fees has occupied core developers for some time. Andresen, for example, wrote about the issue last February, raising the possibility of a higher, fixed, fee for transactions. Rising bitcoin transaction fees are the focus of a new paper that was published as part of the International Conference on Digital Security and Forensics held in the Czech Republic in June. The paper's author, Kerem....
Instead of being paying the same miner fee every time, the new Bitcoin wallet promises smart fees by examining how long transactions take to confirm, even sending them for free if it belives it will transact and confirm freely. Below is a graph of how it works, taken from the Bitcoin Foundation’sblog post regarding this. The new feature is described as a target. Set it to one, and the fee is adjusted to where the transaction will most likely be included in the next block to confirm. Set it to 6, and it’ll be included in the next 6 blocks. According to the post, the red-yellow-green lines....