Miner fee priority. Is it intentional or integrated in BTC protocol?

[Brushless4500KV 4214]

Bitcoin users choose different amount of fees when they make their transactions through blockchain network. A sender may choose 1 sat/byte and another sender may prefer 3 sat/byte. It is said that miners usually choose transactions that contain higher fees because they earn higher during confirmation. But there is one thing I want to know. Do miners choose the highest fees based on their own preferences or is this something that is integrated inside bitcoin protocol by Nakamoto? If it is intentional, there is a possibility that a miner chooses a transaction with lower fee. My second question is that is it safe to send BTC in the network with 1 sat/byte fee? I usually choose this amount when I want to adjust my transaction fees.

[johant123 1559]

No, the fee balancing is not part of the original code, I believe (though the fee processing must be), but there are a few rules for fitting transactions in blocks. Miners try to maximise their incomes, so they prefer to prioritise the transactions that give them the largest combination of fees.

 

One reason for a miner to choose a low fee transaction, is because the higher fee transactions are too large to fit in the remaining space in a block.

 

The main issue with a low fee, I think, is a long confirmation time. Whether that is an issue depends on the amount of money you want to send.

Edited April 22, 2020 by johant123

[Yunusalemu 0]

i really know nothing actually about the transaction or minnig fee, buh i personally think that this very minning and transactions fee collected are probably for block and service maintainace, i dont think this was programed wuth it dou bt withe those who render tgese service. 

[magd 5231]

Mining fees, transfer fees and withdrawal fees are separated from the full balance and the remaining balance, meaning that when you choose the entire amount on the mining platform, your transaction is subject to a specific protocol required by the platform and the type of currency you are mining.

[kadayakito 765]

the fee you cannot adjust yourself. It is provided and fixed, there are fees and you can choose the option for yourself. sometimes I also choose to charge 1 sat / byte, just a little bit of confirmation. I still feel safe

[Brushless4500KV 4214]

On 4/22/2020 at 8:38 PM, johant123 said:

No, the fee balancing is not part of the original code, I believe (though the fee processing must be), but there are a few rules for fitting transactions in blocks. Miners try to maximise their incomes, so they prefer to prioritise the transactions that give them the largest combination of fees.

One reason for a miner to choose a low fee transaction, is because the higher fee transactions are too large to fit in the remaining space in a block.

The main issue with a low fee, I think, is a long confirmation time. Whether that is an issue depends on the amount of money you want to send.

This was a comprehensive answer. At one point you mentioned that the space left in a block can be low. So, they have to fill it in any way possible to be able to start the next block and this is the reason they have to take a low fee transaction to get the network going. Am I right?

But I think there is another option. Miners can wait until another miner takes a low fee transaction to fill the small hole and then they can take higher fees. This is only true if each block is not for a particular miner. Correct me if I'm wrong.

[tienda 8776]

I m not sure that the miner fees priority is intentional, this fee is integrated in Blockchain protocol, all transaction did in Blockchain have their fixed fees to process, and I think the Blockchain added a manual fees you want to fix to speed your transaction.

[Yunusalemu 0]

4 minutes ago, tienda said:

I m not sure that the miner fees priority is intentional, this fee is integrated in Blockchain protocol, all transaction did in Blockchain have their fixed fees to process, and I think the Blockchain added a manual fees you want to fix to speed your transaction.

ueah i do believe that this very fee for transactions are applied to every crypto currencies base on thier net value on the block chain by these exchange sites and crypto wallets 

[Crypto123 0]

On 4/22/2020 at 2:45 PM, Brushless4500KV said:

Bitcoin users choose different amount of fees when they make their transactions through blockchain network. A sender may choose 1 sat/byte and another sender may prefer 3 sat/byte. It is said that miners usually choose transactions that contain higher fees because they earn higher during confirmation. But there is one thing I want to know. Do miners choose the highest fees based on their own preferences or is this something that is integrated inside bitcoin protocol by Nakamoto? If it is intentional, there is a possibility that a miner chooses a transaction with lower fee. My second question is that is it safe to send BTC in the network with 1 sat/byte fee? I usually choose this amount when I want to adjust my transaction fees.

Thanks for submitting this beautiful topic, in fact this option is to choose 1 sat / byte or 3 sat / byte. It is only available in some wallets that support these features. In exchanges and the rest of the wallets you cannot control the size of fees. There is a fixed fee for every transaction. All miners can choose the treatment they like and therefore they always choose the treatment with the highest fees but in the end they are forced to Perform all transactions even for small fees, but this is usually late.

[BitcryptoHan 2557]

All mineral are paid fees for making transactions successful, the fee is constant over a period of time and can not be altered by miners. 

[jacker 1095]

I'm not sure because I don't have a lot of mining experience. But I think fees are built-in to the bitcoin protocol. charge 1 sat / byte is obviously lower and I think it's still safe. if it's not safe people will stay away from it.

[BitcryptoHan 2557]

On 4/27/2020 at 7:44 AM, jacker said:

I'm not sure because I don't have a lot of mining experience. But I think fees are built-in to the bitcoin protocol. charge 1 sat / byte is obviously lower and I think it's still safe. if it's not safe people will stay away from it.

The mining fee is in the bitcoin protocol, its value decrease in every four years as bitcoin supply is reduced. Now, the fee is 12.5 for solving a block and also will be reduced to 6.25 in few days to come. 

[Honny143 13612]

I think every miner pays some specific fees for mine this botcoin, present this reward 12.5 every block, but in 2020 this fees reduce and fix for 6.25 every block, every 4 years this event organizes so now we are so closer this event in 2020 may.

[Upright 2688]

This of having to adjust bitcoin transactions fees, is well common on Bitcoin wallets which are those of a Singleton asset of the bitcoin, as when looking at electrum we can actually adjust the Satoshi versus the byte, per transactions.  As that if miners being on a preference of choosing transactions of higher fees, can't be answered if it's actually a thing which happens on the bitcoin network

[Saj555 2250]

Less transaction fees is not a part of the original algorithm. Because i guess the low guess are applicable when the transactions time is longer. But actually adjusting the fees is quite important for the miners so that they can earn good profits. The fees of the transaction are actually  determined based on the blockchain network. 

[1qDan 478]

I believed that this system in which the miners chose the rates they wanted to process was only found in ETH, so I  investigated that protocol originally was not integrated into the base code, but basically it was necessary to adjust the system, since the miners became  the core of it.

Edited October 4, 2020 by 1qDan