Dust is Dead – Bitcoin 0.8.2 officially released

It’s done. Yesterday (29.05.2013) the latest update to the core bitcoin software has been released and with it, the changed transaction policies will make their way onto the network.

We have covered the issue of dust transactions in our post “Killing The Dust” not too long ago. In case you have no idea what this dust-talk is all about, you might want to read that first.

Dust transactions will have an increasingly hard time getting confirmed in the blockchain from here on.

Read the passage from the release notes yourself:

Payments (transaction outputs) of 0.543 times the minimum relay fee
(0.00005430 BTC) are now considered ‘non-standard’, because storing them
costs the network more than they are worth and spending them will usually
cost their owner more in transaction fees than they are worth.

Non-standard transactions are not relayed across the network, are not included
in blocks by most miners, and will not show up in your wallet until they are
included in a block.

Source: http://sourceforge.net/projects/bitcoin/files/Bitcoin/bitcoin-0.8.2/

Let’s stay tuned and see how many unconfirmed satoshi transactions we’ll be experiencing. Most Faucets have already switched their payout mechanism to compensate for the new rules, but as of now there are still countless transactions on the network that will be treated as dust by the new policies very soon.

 

So, what do YOU think? Is it a change for good? Or do you think this is going to hurt the community? Let us know in the comments below.


7 thoughts on “Dust is Dead – Bitcoin 0.8.2 officially released

  1. Pingback: Killing the Dust – The End of All Faucets! | LIFT Institute

  2. J.D.

    This was inevitable. It’s a simple matter of economics. If the transaction is worth less than any transaction fees being charged, it is worthless to the processor, in fact it bleeds value out of the network.

  3. JLH

    I agree that with the transaction fee system set up the way it is, ‘dust’ is doing more harm than good. However, as Bitcoin continues to grow, and grow almost inevitably in value, those tiny transactions may no longer actually be nearly worthless. I think it’s an issue the community needs to address sooner rather than later. Also, I have known some folks to get turned off by BTC transaction fees when they were just starting out, and therefore stopped using it altogether. One of them told me, “What good are these crypto-currencies if only people ‘rich’ in them can use them?” I don’t necessarily agree with that sentiment, but I see where he was coming from. Just some food for thought!

  4. JLH

    By the way, how would you feel if I put a link to this site on my blog? I think it’s a great project and would like to support it (not that I get a lot of traffic, been in the middle of a move and haven’t been posting). And no, I would NOT expect a link back, as my site is not exclusively about BTC. Thanks!

    1. adminadmin Post author

      We certainly appreciate anyone who is spreading the word! Link us! That’s what the internet was made for :P and thanks for the flowers!

  5. Pingback: FREE Bitcoins – a list of the best sources for free BTC | LIFT Institute

Comments are closed.