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Lower default relay fees #13922

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Lower default relay fees #13922

wants to merge 2 commits into from

Commits on Sep 18, 2018

  1. Set minrelaytxfee=0.00001 in tests

    Some tests assume a minrelaytxfee of 1000 satoshi/kB, so explicitly set
    that in preparation for lowering the default.
    ajtowns committed Sep 18, 2018
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  2. Lower default fees

    This changes the fee defaults to:
    
      BLOCK_MIN_TX_FEE = 200
      DEFAULT_MIN_RELAY_TX_FEE = 200
    
      DEFAULT_INCREMENTAL_RELAY_FEE = 100
    
      DEFAULT_TRANSACTION_MINFEE = 1000
      WALLET_INCREMENTAL_RELAY_FEE = 5000
    
    These reduce default minimum network fees by a factor of 5 (from 1000s/kB
    to 200s/kB), which matches previous decreases in lowering the price of
    block data in USD to about 1c/kB:
    
      2013-05: 50,000 to 10,000 at $100 USD/BTC: 5c/kB to 1c/kB
      2014-11: 10,000 to 1,000 at $700 USD/BTC: 7c/kB to 0.7c/kB
      2015-10: 1,000 to 5,000 and back to 1,000 at $250 USD/BTC:
               0.25c/kB to 1.25c/kB to 0.25c/kB
      2018-08: 1,000 to 200 at $6000 USD/BTC: 6c/kB to 1.2c/kB
    
    (Note that on a per-transaction basis, the witness discount generally
    decreases fees by about a further 50%, so for individual's a better
    comparison might be 3c/kB to 0.6c/kB)
    
    The incremental relay fee is lowered further, to allow cheaper updates
    of transactions, which makes better use of blockspace.
    
    Because it will take time for the network to broadly support these lower
    mining and relay fees, the wallet defaults are left unchanged at 1000s/kB
    and 5000s/kB.
    ajtowns committed Sep 18, 2018
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