0.0005 btc to send bitcoins too much?

nahtnam

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Quote from: painmaker on October 31, 2013, 01:16:37 AM

i'd say 0.0005 BTC is indeed too much especially for smaller payments.
have you been charged such fee recently (yes ? -> where)?
these fees were once meant as a compensation for miners but since the price per GH has dropped significantly since the start of the asic-age i'd say this should be taken into account on future fee regulations as well as a relative max. limit (e.g. 0.2%) of the amount being transferred.

i noticed that electrum (preferences -> wallet) per default also comes with the transaction fee set to 0.0005 but can individually be overridden on each send.

@nahtnam: i've also heard/read that transactions take longer with low/zero fees but could you give an average based on your experiences on how much 'longer' would typically be?
say i'd transfer 1/5 BTC with a fee of 0.0001, 0.00001, 0.000001 and 0.0 , how long should i probably expect each to take?

thanks, pm

It takes anywhere from 1 hour to 1 day. You should use coinbase because you can send any amount to another coinbase account instantly and without any fees. Also any transaction more than 0.001 have no fees to external (non coinbase accoubts).

painmaker

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Quote from: Foxpup on October 31, 2013, 01:43:28 AM

Bitcoin is not, never was, and never will be suitable for microtransactions, and was never intended to be. Transaction fees are meant to cover the cost of mining (which will become increasingly important as the block subsidy continues to drop). Since the cost of processing a transaction is totally independent on the value transferred, so is the fee. If the value of a transaction is so small that the required fee is a large percentage of it, that's just too damn bad.

thanks for clarifying. actually i've indeed gone wrong thinking that the cost of a transaction is an inverse of the total amount of hasing power available "as the block subsidy continues to drop".

still, what i'd like to question is the view on "how sth. is meant to be used". just because something was not invented with a particular use-case in mind doesn't mean that there should never be a demand for another use-aspect or simply put, some improvement to use something more broadly, so your statement what will or will not be seems superficial as long as the world keeps turning Wink

i mean lets assume the world goes crazy about BTC and its value rises to 10.000 $ per BTC, would that suddenly justify microtransactions and make BTC suitable for microtransactions? how come? well, new aspects come into play and so...

i thought there'd be a reason for such a fine granularity of BTC (stoshi) but again, since i am still rather new to cryptocurrencies... i might have misunderstood something.

anyway, please don't get me wrong, i certainly don't want to criticise here. my intention is to learn and gain experiences and my tools for doing so are questioning questionable things. Wink

cheers, pm

Mitchell

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Quote from: Foxpup on October 31, 2013, 01:43:28 AM

Quote from: painmaker on October 31, 2013, 01:16:37 AM

i'd say 0.0005 BTC is indeed too much especially for smaller payments.
have you been charged such fee recently (yes ? -> where)?
these fees were once meant as a compensation for miners but since the price per GH has dropped significantly since the start of the asic-age i'd say this should be taken into account on future fee regulations as well as a relative max. limit (e.g. 0.2%) of the amount being transferred.

Bitcoin is not, never was, and never will be suitable for microtransactions, and was never intended to be. Transaction fees are meant to cover the cost of mining (which will become increasingly important as the block subsidy continues to drop). Since the cost of processing a transaction is totally independent on the value transferred, so is the fee. If the value of a transaction is so small that the required fee is a large percentage of it, that's just too damn bad.

I totally agree with you Foxpup. Alsof, why pay 0.0005 when you do a small transaction? That's not needed, just set it to 0.0001 or 0.0002.

Foxpup

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Quote from: painmaker on October 31, 2013, 01:16:37 AM

i'd say 0.0005 BTC is indeed too much especially for smaller payments.
have you been charged such fee recently (yes ? -> where)?
these fees were once meant as a compensation for miners but since the price per GH has dropped significantly since the start of the asic-age i'd say this should be taken into account on future fee regulations as well as a relative max. limit (e.g. 0.2%) of the amount being transferred.

Bitcoin is not, never was, and never will be suitable for microtransactions, and was never intended to be. Transaction fees are meant to cover the cost of mining (which will become increasingly important as the block subsidy continues to drop). Since the cost of processing a transaction is totally independent on the value transferred, so is the fee. If the value of a transaction is so small that the required fee is a large percentage of it, that's just too damn bad.

painmaker

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Activity: 71

Merit: 10

i'd say 0.0005 BTC is indeed too much especially for smaller payments.
have you been charged such fee recently (yes ? -> where)?
these fees were once meant as a compensation for miners but since the price per GH has dropped significantly since the start of the asic-age i'd say this should be taken into account on future fee regulations as well as a relative max. limit (e.g. 0.2%) of the amount being transferred.

i noticed that electrum (preferences -> wallet) per default also comes with the transaction fee set to 0.0005 but can individually be overridden on each send.

@nahtnam: i've also heard/read that transactions take longer with low/zero fees but could you give an average based on your experiences on how much 'longer' would typically be?
say i'd transfer 1/5 BTC with a fee of 0.0001, 0.00001, 0.000001 and 0.0 , how long should i probably expect each to take?

thanks, pm

nahtnam

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*sigh* I still remember when I used pay fees. Now I use coinbase which pays the fees for you. Anyways, I think that you can set the fee that you want to send with but it will take much longer to confirm if you set it to 0

fildza

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