/biz/ - Business & Finance

[Anonymous No.4946567]

WHERE DOES THE TRANSACTION FEES MONEYS GO??

[Anonymous No.4946734]

>>4946567
To whoever mines the block

[Anonymous No.4946748]

>>4946567
To me

[Anonymous No.4946756]

>>4946567
satoshi nagamogo

[Anonymous No.4946760]

Roger Ver gets them

[Anonymous No.4946766]

>>4946567

[Anonymous No.4946779]

$10M a day vortex straight into our pockets, thank you American gambler !
Buy bitcorn

[Anonymous No.4946781]

>>4946567
Miners to reward them for expending their resources (time money electricity) to facilitate your transaction

[Anonymous No.4946786]

>>4946734
How do the miners picking blocks? Apparently the lowest the fee the more chance miners won't mine it. How do they know which block is more profitable to mine?

[Anonymous No.4946804]

>WHER DUZ TRANSACTCHUN FEE BUTTCOIN GO

[Anonymous No.4946836]

They give it to the little mining gnomes in your cpu that process the transaction for you
Don't be greedy OP they have kids to feed too

[Anonymous No.4946897]

>>4946567
chaina

[Anonymous No.4946912]

>>4946786
There is a fee attached to each transaction as X satoshis per byte of data the transaction is, so for example, right now the average is fee ~100 sat per byte.
Miners get a reward of 12.5 bitcoin for mining the block plus tx fees for the transactions they processed. You can get the block reward without processing every tx in the block, which makes them race to the finish for that 12.5 btc reward.
Every 210,000 blocks the reward is cut in half (i.e. in a few years it will be 6.25 btc).

The higher your fee the more profitable it is to process your transaction. Miners won't process a zero-fee transaction as it doesn't offer them a reward for using their resources.

[Anonymous No.4946978]

>>4946912
Wow, someone actually helping other /biz/ bro and you didn't call me a fagg - thanks buddy :)