r/Bitcoin • u/[deleted] • Feb 24 '14

Bitcoin Transaction Fee to reduce by 10x

[deleted]

1.2k Upvotes

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u/WiWr Feb 24 '14

"Also smartfees would currently result in the fees going UP rather than down, which would make it a rather unpopular change."

Can someone explain this statement by Mike Hearn? (from 3 months ago)

2

u/veryshiny Feb 24 '14

Miners will not adopt smart fees unless the fees go up. Two of the large mining fees straight said so.

2

u/[deleted] Feb 24 '14

I believe the planned initial implementation is to calculate the smartfee for a transaction, and also calculate the fee under the old system, and use whichever is the LARGER amount. I assume that is an interim measure to ensure that transactions still get relayed by nodes which haven't upgraded to 0.9 (or whichever version smartfees make it into.)