[bisq-network/bisq] How are Bisq's BTC mining fees for trades calculated? (#5459)
jmacxx
notifications at github.com
Mon May 3 15:51:09 CEST 2021
> Is the calculation of how Bisq mining fees documented in Github anywhere?
Mining fee rate is calculated by a 3rd party. https://mempool.space/api/v1/fees/recommended
https://github.com/bisq-network/projects/issues/27
> Is the minimum fee level of current Bisq trades 10 sats/vB documented in GitHub issue anywhere?
I think it is not documented in an issue. @wiz frequently explains the reasoning behind having 10 sats/vB minimum: "_...because of mining variance and random people suddenly broadcasting huge amounts of transactions_". https://github.com/bisq-network/bisq/issues/4575
Looking at the code, the minimum 10 sats/vB limit has been in the pricenode as far back as its history goes (since 2018). I would point you to @cbeams and @wiz if you want more history.
> On different instances of Bisq prices seem to update at different times. When two instances of Bisq are running then prices are often different. I assume this is due to the nodes they are connected to?
When idle, Bisq polls the pricenode for fee details at 5 minute intervals. When making an offer, if the fee details have not been polled within the last 2 minutes, they are refreshed.
> At what point are the fees locked-in. I have all the pop-ups on by default and am shown what the mining fees will be before confirming. I need to press confirm twice. Are the fees locked in at the point of the first confirmation or are they only an estimation?
They are locked-in at the first pop-up which displays the fees AFAIK.
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I think your suggestion of having low priority draft offers queued-up for entry is a good idea. But I don't think it is worthwhile to worry about using fees below 10 sats/vB. Back a year or two ago when the mempool would completely empty every night, maybe those days are gone now?
For ultra low fees the alternative security models of Misq / Sisq seem more promising. Maybe best to keep the high security model of on-chain Bitcoin the way it is already without introducing more support and development risk.
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