Better way to reduce transaction fee - page 2.

clubminer

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Let's get rich together

Quote from: minerva on February 25, 2014, 04:58:15 PM

Right now the typical transaction is half a kilobyte or less, correct? And cost is rounded up usually?
Best way to reduce transaction fees is to price it on a per byte basis. There, transactions just got quartered.

how much fees when transfer of bitcoin?

minerva

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Quote from: roslinpl on February 26, 2014, 07:40:14 PM

Quote from: shaobao88 on February 26, 2014, 01:07:16 AM

Agree with roslinpl as it's faster and the fee is so small that making it 0 and at the same time making the transactions long lasting is worthless

sure it is like this.

0.0001 is very cheap. and we need to remember that those money are needed to support miners.
I know many people who add higher fee to their transactions.

Just find any cheaper way to send money on planet earth?

(and I am not talking about other cryptocurrencies)

transactions fees per block are 90% of the time... chump change
https://blockchain.info/charts/transaction-fees
https://blockchain.info/
https://blockchain.info/block-index/471229/0000000000000000d162a9c8fcd62c5c90517ca177f44752d9fc74b49912e1b1
Block Subsidy: 25 btc
Transaction fees: .17 btc

.17/25.17 = .68% of miner's revenue is from transaction fees
https://blockchain.info/block-index/471233/0000000000000000b2d9570fa137befb3d6bafbeef7b5e47171f0fc553d8c8d5
Block Subsidy: 25 btc
Transaction fees: 0.07 btc

.07/25.07 = .28% of a miner's revenue is from transaction fees

https://blockchain.info/stats
% earned from transaction fees: 0.32%

transaction fees are too small for anyone to pay attention to

besides

the developers are reducing the transaction fee
I don't know why they don't simply increase precision

roslinpl

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Quote from: shaobao88 on February 26, 2014, 01:07:16 AM

Agree with roslinpl as it's faster and the fee is so small that making it 0 and at the same time making the transactions long lasting is worthless

sure it is like this.

0.0001 is very cheap. and we need to remember that those money are needed to support miners.
I know many people who add higher fee to their transactions.

Just find any cheaper way to send money on planet earth?

(and I am not talking about other cryptocurrencies)

shaobao88

member

Activity: 65

Merit: 10

Agree with roslinpl as it's faster and the fee is so small that making it 0 and at the same time making the transactions long lasting is worthless

roslinpl

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Merit: 1199

Quote from: rmines on February 25, 2014, 07:04:02 PM

If you set the fee to 0, the payment will still reach the other party, it might only take days instead of minutes. correct?

Correct - but not 100%

if you will put fee 0 and transaction will be bigger than for example 0.001 it will take few hours, not days...
Anyway transaction will be confirmed then

so you don't need to pay - it is just optional

and make transaction muuuuch faster

and miners more happy!

minerva

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Quote from: rmines on February 25, 2014, 07:04:02 PM

Quote from: roslinpl on February 25, 2014, 06:06:25 PM

Quote from: minerva on February 25, 2014, 04:58:15 PM

Right now the typical transaction is half a kilobyte or less, correct? And cost is rounded up usually?
Best way to reduce transaction fees is to price it on a per byte basis. There, transactions just got quartered.

You want to reduce 0001 btc fee? :-)
Come on man ... its cheaper than a box of matches ...
:-)

Why to reduce it?

Anyway you can pay no fee if you like ... qt settings? :-)

If you set the fee to 0, the payment will still reach the other party, it might only take days instead of minutes. correct?

if you set it to zero, you are at the mercy of a generous miner.

rmines

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Activity: 140

Merit: 100

Quote from: roslinpl on February 25, 2014, 06:06:25 PM

Quote from: minerva on February 25, 2014, 04:58:15 PM

Right now the typical transaction is half a kilobyte or less, correct? And cost is rounded up usually?
Best way to reduce transaction fees is to price it on a per byte basis. There, transactions just got quartered.

You want to reduce 0001 btc fee? :-)
Come on man ... its cheaper than a box of matches ...
:-)

Why to reduce it?

Anyway you can pay no fee if you like ... qt settings? :-)

If you set the fee to 0, the payment will still reach the other party, it might only take days instead of minutes. correct?

rapsaodan84

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I think we all must get used to pay enough fees.

Otherwise, how will the network operate after all Bitcoins are mined?

roslinpl

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Merit: 1199

Quote from: minerva on February 25, 2014, 06:20:19 PM

It's true.
But given the recent hubub about developers reducing the default fee, they could easily reduce the fee through increased precision.

perhaps you are right

it's hard to say without testing your option

But idea seems not bad - just guess it will never be implemented into Bitcoin.
(or maybe

- then ask for some donations for idea:P)

minerva

full member

Activity: 120

Merit: 100

It's true.
But given the recent hubub about developers reducing the default fee, they could easily reduce the fee through increased precision.

roslinpl

legendary

Activity: 2212

Merit: 1199

Quote from: minerva on February 25, 2014, 04:58:15 PM

Right now the typical transaction is half a kilobyte or less, correct? And cost is rounded up usually?
Best way to reduce transaction fees is to price it on a per byte basis. There, transactions just got quartered.

You want to reduce 0001 btc fee? :-)
Come on man ... its cheaper than a box of matches ...
:-)

Why to reduce it?

Anyway you can pay no fee if you like ... qt settings? :-)

minerva

full member

Activity: 120

Merit: 100

Right now the typical transaction is half a kilobyte or less, correct? And cost is rounded up usually?
Best way to reduce transaction fees is to price it on a per byte basis. There, transactions just got quartered.

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