In an update posted to the Bitcoin Foundation blog yesterday, Chief Scientist Gavin Andresen explained the implementation of the long-rumored “floating” transaction fee system. While previous versions of Bitcoin Core had hard-coded (yet optional) fees to miners for including transactions in blocks, version 0.10 will alter the wallet code to allow high-priority transactions to happen […]

Chief Scientist of the Bitcoin Foundation and former lead developer on Bitcoin Core Gavin Andresen warned that transaction fees are likely to rise dramatically in coming months unless incentives are provided to miners. Speaking at Bitcoin2014 today in Amsterdam, Andresen said that steps must be taken to either ramp up the speed of block creation […]

All Bitcoin transactions require that each transfer be confirmed by a Bitcoin miner. In order to make it worth the miner’s while to include the transaction in a mining block, miners are rewarded with small amount of Bitcoin called “transaction fees.” These fees are set by the core developers, and as the price of Bitcoin […]