17
votes
Accepted
Ability to choose your own transaction fee
You can select a higher fee if you want. This choice is intentionally limited to a 1x, 2x, and 3x multiplier to avoid leaking too much information via the fee (ie, if you're the only one using a 2.7x ...
- 34.8k
16
votes
Accepted
How does the dynamic fee calculation work?
According to the pull request from moneromooo-monero on behalf of ArticMine:
The dynamic fee is based on the block size in a past window, and the current block reward. It is expressed by kB. This ...
- 280
15
votes
Accepted
Why are the fees hard coded?
The fees are not exactly hard-coded, the amount per kB is hardcoded. This was enacted after the block overflow attack where the attacker had to expand the blocksize by flooding it with transactions ...
- 4,393
12
votes
Accepted
Does Monero use replace-by-fee?
There is no such system in Monero.
Now, miners will mine transactions that have the highest fee/byte ratio first. But once a miner accepted a transaction in its txpool, it will not accept another one ...
- 34.8k
11
votes
How is the quadratic miners penalty calculated
When a block is built a block larger than the median size of the last 100, then a quadratic penalty is imposed on the miner such that:
penalty = base subsidy * ((block size / median size of last 100 ...
- 2,083
10
votes
How does Monero's transaction fees change according to price?
Monero's fees are not dependent on price. They are based on the size of the transaction (minimum 0.002 Monero per kB, rounded up).
There is some research going on about making the fees dynamic, based ...
- 34.8k
10
votes
Accepted
What's the smallest transaction you can send?
You can send as little as 1 "piconero" (1 atomic unit). This makes no economic sense of course, as the fee will be at least 2 billion times larger (depending on number of inputs).
- 2,452
10
votes
Accepted
Transaction fees are very high for small transactions
Transaction fee are currently fixed (around 0.002 XMR/kB) which is penalising for small transaction (0.026 XMR/TX). Buying an item for 0.2 XMR incurs a transaction fee of 13% which I would call ...
- 19.9k
9
votes
Accepted
How does Monero's transaction fees change according to price?
Like hyc already said, dynamic fees currently do not exist yet and currently the minimum fee is hardcoded at 0.002 XMR per kB. There is a lot of discussion on how to address this subject and core-team ...
- 15.1k
9
votes
Accepted
Can miners choose to accept lower fees?
The block will not be rejected if it's included in a block mined by another miner who accepted it. See src/cryptonote_core/tx_pool.cpp, line 137 (or just after FEE_PER_KB).
This implies a miner is ...
- 34.8k
9
votes
Accepted
Usage of a zero mixin (ring size =1)
It is known that Poloniex switched to non zero mixin for a short time for withdrawals. However, they reverted to zero not long after, and I believe this to be due to the increased fees. Unfortunately, ...
- 34.8k
9
votes
Accepted
Calculate fee before sending while using RPC calls
Knowing the transaction fee in advance is not possible [1], due to two reasons:
the output selection is randomized, so sending, eg, 100 monero several times will potentially need different fees, for ...
- 34.8k
9
votes
Accepted
Why can I not choose my own custom transaction fee? Does this affect privacy in anyway?
You can choose a multiplier. Choosing a custom fee could give away certain pattern and enable clustering of transactions matching the pattern.
When choosing a multiplier, you can still give priority ...
- 19.9k
9
votes
Accepted
Why does monero have higher transaction fees than bitcoin?
This information is based on the last 100 transactions. That particular screenshot is an anomaly and unrepresentative of the norm.
If you refresh right now, for example, you'll see the median Bitcoin ...
- 8,448
9
votes
Accepted
How does the dynamic blocksize and the dynamic fees work together in Monero?
In addition to the excellent summary by ArticMine already given, here below is shortened & updated version of my research on the topic.
Dynamic Blocksize Penalty
This is the penalty which will be ...
- 19.9k
8
votes
Ability to choose your own transaction fee
Fees are rounded to 0.01 XMR per KB. Because of the way outputs are selected, calculating the size of a transaction in advance (and choosing your own fee) would be very difficult and time consuming.
...
- 885
8
votes
How will transaction fees be calculated after RingCT?
I can't imagine a scenario where we base-price transactions at anything more than per-kb pricing. It's the most logical way to price it, given that you're literally paying for indelible space on the ...
- 5,089
8
votes
Accepted
After major coin issuance, what must the minimum XMR price be to incentivize network security?
This is kind of a subjective question. Currently the block reward is ~ 10.4 XMR per block or 5.2 XMR per minute. When the tail emission kicks in, the block reward will be 0.6 XMR per block (assuming 2 ...
- 15.1k
8
votes
Accepted
What effect has the increase of minimal ring size from 5 to 7?
Privacy: Outputs are where amounts of Monero are stored on the blockchain. When you spend one of your outputs in a transaction, it cannot be known which of 7 different source outputs you're really ...
- 8,448
7
votes
What is the fee structure introduced in 0.10?
Two weeks after the v3 fork, nominal fees will decrease from 0.01 monero/kB to 0.002 monero/kB. At the same time, the fee multipliers used for priority determination will change from x1, x2, x3 to x1, ...
- 34.8k
7
votes
How will transaction fees be calculated after RingCT?
According to user36303, we do not know for certain yet what the exact transaction size of Ring CT transactions will be. Therefore, this post will be updated once we know that. However, it is highly ...
- 15.1k
7
votes
Accepted
Is there a way to tell how many coins are currently generated?
While running monerod, type in the following command:
print_coinbase_tx_sum <start height> <block count>
This will sum all the coinbase transaction outputs for the blocks defined by the ...
- 19.9k
7
votes
Are 0-output transactions possible?
Yes, it is possible, and while I can't point at it right now, I know there's at least one in the chain.
- 34.8k
6
votes
How do you calculate the size of a Monero transaction before it is sent?
I have this, which may be wrong as I've not tested it a whole lot. The constants at start are "close enough", I did not try to be 100% precise:
47 + inputs * (39+(mixin+1)*2) + outputs*38 + 64 * ...
- 34.8k
6
votes
Will the dynamic fee algorithm under development be a wallet side calculation or it will be a consensus rule?
Since the 2014 attack the fee where forced by miners. The calculation for the dynamic fee will be made on the wallet side, and then verified by the miners and if it is on the miners default it will be ...
- 635
6
votes
Accepted
How are dust and fees related?
This is a minor bug due to the dust threshold (0.01 XMR) being higher than the current fee (0.002 XMR per kB). This is fixed in this pull request.
What does that mean, is it that the fees would ...
- 15.1k
6
votes
Accepted
With RingCT on, can I lower mixin safely to save on tx fees?
As in my comment:
The transaction size is mainly determined by the number of outputs. The number of inputs and mixin have smaller impact on the tx size. To be more precise, each output comes with a ...
- 2,475
6
votes
Accepted
Will a large and sustained increase in Monero transactions resolve the current issues of the dynamic block size penalty function?
Maybe it would.
In theory, to smoothly function as "originally intended" would mean the median block size would somehow have to grow to the point where one TX is 1.2% of the median, which translates ...
- 19.9k
6
votes
How do I send XMR to multiple different addresses?
She can do just one TX, unless she wants to specify a different payment ID for each recipient.
The CLI wallet supports this, the format is transfer <address> <amount> [<address 2> &...
- 19.9k
6
votes
Accepted
Is the high transaction fees problem addressed in the upcoming monero v7 upgrade?
Monero's (dynamic) fee structure is very depending on the dynamic block size and the other way round and all changes have to be very carefully evaluated since otherwise the penalty algo for miners ...
- 2,681
Only top scored, non community-wiki answers of a minimum length are eligible