BTC Relay is an Ethereum contract that stores Bitcoin block headers. BTC Relay uses these block headers to build a mini-version of the Bitcoin blockchain: a . Jun 05, · The way BTC Relay works is simple. An external party, known as a Relayer, sends a transaction to the BTC Relay smart contract with a data payload containing the . What's This minimum transaction fee Security Audit of BTC Fees Just Got Even and will not successfully are a fee that documentation Furthermore, Bitcoin .
Btc relay feeFrequently Asked Questions — BTC Relay documentation
Warning : as specified above, incentives are only sent when transactions are verified in the block or the header is retrieved, not when the block is submitted. If a fee for any block header is too high, anyone may changeFeeRecipient to themselves. They can compare the current fee against getChangeRecipientFee to see if the fee is excessive.
Callers of changeFeeRecipient must make sure to satisfy all requirements for successful completion. Relayers who submit headers can earn Ether. When an application processes a Bitcoin payment, it uses a header to verify that the payment is legitimate.
The relayer of the particular header earns a fee, usually specified when the relayer submitted the header. And by market forces, I mean users like you and me who decide Bitcoin transaction fees freely.
But this freedom quickly turns out to be a disadvantage also because we have limited space on a Bitcoin block. Now, as a Bitcoin user anyone would want to pay as much as a low fee for their transaction while on the other hand, a miner will want as much as a high fee to maximize their profits by earning higher block mining fees. And out of these two ways, finding more blocks is an energy-intensive and tedious process. Thus it makes sense for miners to include those transactions first in a block that pays more transaction fees and this is relatively easier.
This way of free-market operation naturally forces Bitcoin users who have a high time preference to transact bitcoins with higher transaction fees attached to it thereby pushing the average fees higher in a free market. Right now, the average Bitcoin block size is 1. Also, the 1. And at the time of writing, as per BitcoinFees. Deciding the appropriate Bitcoin transaction fee is easy, provided you understand the calculation mechanics. And nowadays, because of Bitcoin fee calculators , it is even easier to find out, how much fees one should pay for successfully transacting in BTC?
I use BitcoinFees. On the left side, you will the recommended Satoshis per-byte fees, and on the right side, you will find the respective estimated time and blocks that you need to wait. Also, with these fees, your transaction will get included almost instantly in the next block. This minimum transaction fee should be more than the minimum relay fee.
Sign up to join this community. The best answers are voted up and rise to the top. Asked 1 year, 1 month ago. Active 12 months ago. Viewed times. I have an automated system that sends BTC payments via Electrum for a client. What is the total amount of the fee you get in the end? As shown above, this is an example that worked blockchain.
Also, this other example blockchain. Mempool being full can cause low fee paying transactions to be rejected, or even dropped if they were accepted previously. Most likely?