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RE: Bitcoin Transaction Fees Should Not Exist Because Miners Are Already Getting Paid!

in #bitcoin7 years ago

That is not really the issue the fee is there so you can put your transaction ahead of others a way to organize when it will take place. Only so many transactions can fit in each block that is being mined. Also at some point here blocks will no longer hold newly minted coins.

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Bitcoins are still being provided from new blocks, so fees shouldn't be necessary now.

And the fees are not simply assigning a location in line for being mined since miners are now allowing transactions to sit indefinitely in the mempool. Because of this, the entire currency of bitcoin is made unstable because we can no longer accurately tell how long it will take for a transaction to occur.