Question about the fees on dash

N

noam

New member
I saw in my ledger wallet that the fee is 0.02$ per transaction sometimes more 0.04$.

what happened with bitcoin is when the price raised up the fees raised up as well because
0.001 btc is much more in USD now (10$++)

my question about dash is
if dash will get a 100B market cap (now it's 7-8B market cap)
does the fees will be increased X10 as well? like the thing that happened with BITCOIN?
or the fees are planned to be low ? how does the fees system work?
I mean if Dash will go to 100k per 1 Dash, I will pay 4 USD per transaction? (0.04(cents)X100)
 
noam said:
I saw in my ledger wallet that the fee is 0.02$ per transaction sometimes more 0.04$.

what happened with bitcoin is when the price raised up the fees raised up as well because
0.001 btc is much more in USD now (10$++)

my question about dash is
if dash will get a 100B market cap (now it's 7-8B market cap)
does the fees will be increased X10 as well? like the thing that happened with BITCOIN?
or the fees are planned to be low ? how does the fees system work?
I mean if Dash will go to 100k per 1 Dash, I will pay 4 USD per transaction? (0.04(cents)X100)
Click to expand...
Minimum fee to send recently transferred coins is currently 0.00001 Dash/kB which is currently enough to get your transaction through very likely in the next block. You can check your transaction size in a block explorer to see if you overpaid. Typical transaction is less than 0.5 kB.

I think if you are sending coins that haven't moved recently then you can even send transaction with zero fee. I'm not sure what are the exact requirements to send with 0 fee.

There is also a proposal about commitment to lower the fees in the future if the price of Dash rises: https://www.dashcentral.org/p/should_we_lower_the_transaction_fee
 
noam said:
this fees are high, if DASH community wants to grow up the fees should stay low.
Click to expand...
The average transaction fee at the moment is around 41 cents. So, not excessive like Bitcoin or anything, but higher than we want, for sure. But I sent one today for a penny, so depending on what wallet you use, it can be far far cheaper.

https://bitinfocharts.com/comparison/dash-transactionfees.html#3m

If we look at where that number comes from, it is overwhelmingly from excessive fees tacked on by 3rd party wallets. I suspect they ended up like that as an artifact of how bad Bitcoin worked when the blockchain got clogged up, and the mempool and transaction times just got ridiculous. People hate it when their BTC transaction takes an hour, or 6, or 36. That provoked a ton of complaints to the wallet people, and they hate getting yelled at. So they adjusted the fee structure to insure that BTC transactions would go through faster and more reliably.

That kind of fee calculation got pasted on to Dash transactions too, even though we are far faster and far less congested. The fees required by the Dash protocol is around a penny or less. And that prop to make a big, public, once-and-for-all commitment to low fees is just 7 votes shy of passing.

And you may rest assured that we are thinking about ways to "encourage" wallets to make Dash fees far more reasonable.
 
Antti Kaikkonen said:
Minimum fee to send recently transferred coins is currently 0.00001 Dash/kB which is currently enough to get your transaction through very likely in the next block. You can check your transaction size in a block explorer to see if you overpaid. Typical transaction is less than 0.5 kB.

I think if you are sending coins that haven't moved recently then you can even send transaction with zero fee. I'm not sure what are the exact requirements to send with 0 fee.

There is also a proposal about commitment to lower the fees in the future if the price of Dash rises: https://www.dashcentral.org/p/should_we_lower_the_transaction_fee
Click to expand...
I see the proposal funded, it means it will be implemented on the Dash protocol? and if it is, how much time it can take?
 
noam said:
I see the proposal funded, it means it will be implemented on the Dash protocol? and if it is, how much time it can take?
Click to expand...
As far as I know that's not a Core proposal, the proposal owner created it to gauge sentiment and it speaks for its self, Dash wants low fees but the proposal has nothing to do with implementation. Lowering the fees in the code is trivial, a few seconds and it's done but (iirc) it means a protocol update and that's disruptive, features need to be turned off while the network updates and it can take a few weeks.

If fees became excessively high (ie. more than a few cents) I've no doubt it would be done but it's kind of clunky. I'd guess Core is aiming at something more elegant for managing fees than just changing a number and asking the network to update but they where lowered as part of the last protocol update and if it's necessary to lower them again my guess is it will happen.
 
The proposal to make a big public declaration of intent to maintain low fees is passing. Just as Stan suggests, the prop is not some hardwired thing that forces the Dash Core Devs to take action when some magic number for cost per transaction (at the protocol level) is reached.

It's a very public declaration before the whole world that we (the masternodes) intend to make Dash into a functional currency that would work, and continue to work in perpetuity as money for real purchases, large and small. That's just not possible without low fees.
 
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