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Reworking Bitcoin Transaction Fees

Transaction fees as they are currently implemented in the original Bitcoin code suffer from a few problems:

  • The rules are complicated and ad-hoc
  • Fees are hard-coded and do not reflect real costs
  • Adding fees to a transaction doesn't necessarily make it more likely the transaction will be confirmed more quickly.

I'm proposing changing the rules miners use to decide what transactions to include in their blocks, and changing the way clients tell users whether or not any particular transaction "needs" a fee to be confirmed in a reasonable amount of time.