... and to avoid taxes.
Will you please give an example? (I mean one with names changed, of course.) 
Topic: Bitcoin is not viable for small transactions, and this needs to change. (Read 2273 times)
August 26, 2014, 02:30:48 PM
August 26, 2014, 01:56:32 PM
Bitcoin is mainly used for doing transactions of large sums of money and to avoid taxes. Even if you transact 50$ its a clear profit..as you are not loosing much fee.
I suggest to do transactions of $10 atleast, or it would be child's game.
I suggest to do transactions of $10 atleast, or it would be child's game.
August 26, 2014, 01:03:12 PM
I wish these micro-transactions were more friendly, what happens to the .09 cent fee when bitcoin is worth 1 thousand dollars? 20 cents, and if bitcoin ever hits 1 million? 200 dollar fees. Now, I doubt it will hit the big mil, but IF. If it does, we will be paying 200 dollar transaction fees.
When a BTC becomes worth more, the fee will be adjusted. The Bitcoin protocol does not say the fee has to to be .0001, that's just what it is today.But doublespending is harder, you need a lot of hashing power for decent chance of success
That's true in order to double-spend a transaction that is confirmed in the blockchain, but you don't need hashing power to double-spend the $4 transaction that is being discussed. You could do it by having a copy of your wallet on a second mobile device, then have 2 accomplices each take a device and pay at 2 different coffee houses at approximately the same time.Even that would fail if the receiving wallets are connected to closely-connected nodes in the Bitcoin network. In that case, the first transaction would propagate through the network and the 2nd one would be rejected as a duplicate.
Unless I don't understand the protocol. Did I get it right?
August 26, 2014, 12:48:10 PM
I don't know what you mean? I paid $0.50 for something yesterday.
Bitcoin CAN do transactions for less than a penny, but that would spam the network. So true micro transactions are problematic at the moment, but there is little call for them anyway.
Bitcoin CAN do transactions for less than a penny, but that would spam the network. So true micro transactions are problematic at the moment, but there is little call for them anyway.
August 26, 2014, 12:42:36 PM
There is no simple way to pay with bitcoins for a $4 purchase at a convenience store.
$4...
wat the F is this thread.
BTC's problem is micro transactions.. $4 is not a micro transaction.. Newbie account eh.. u must be la trolling.
BTC will NOT be used as people think it will be, peercoin or dogecoin will end up bein the "spending" crypto. BTC and LTC will be held and horded, this will be good for them. They will be the better gold and silver, no paper gold shit, you cant pretend you have gold you don't... it will be the PERFECT store of value.
The fact I can send $.01 with Doge for 1 doge is amazing.
August 26, 2014, 11:55:22 AM
If you are doing transactions less than a dollar or less than 50 cents then virtual/digital currencies are not for you. Better use physical cash.
BTC has decent fees imo.
BTC has decent fees imo.
August 26, 2014, 11:33:29 AM
I suggest a percentage fee for small transactions[lesser than 1000$] and limited fee, like 2$ for transactions greater than that.
It will work just like liberty reserve did.
It will work just like liberty reserve did.
Why don't you guys read a bit before making like bitcoin can't do microtransactions?
https://bitcointalksearch.org/topic/announce-micro-payment-channels-implementation-now-in-bitcoinj-244656
Mike Hearn implemented a protocol too.
I'm sure there are a dozen others...
August 26, 2014, 11:24:38 AM
I'm admitting I was a thief, dipshit. Don't go around calling people names.
That is funny. "Don't go around calling people names you dipshit."
I worried no one would. August 26, 2014, 11:23:42 AM
Micro-transactions are a legit problem. I wish it could work, because it would solve a lot of problems, and the use would be monumental. I see so many places where instant payments of microscopic value would come in handy. But these bloating problems need to be solved.
August 26, 2014, 11:17:24 AM
I suggest a percentage fee for small transactions[lesser than 1000$] and limited fee, like 2$ for transactions greater than that.
It will work just like liberty reserve did.
It will work just like liberty reserve did.
August 26, 2014, 11:06:24 AM
I'm admitting I was a thief, dipshit. Don't go around calling people names.
That is funny. "Don't go around calling people names you dipshit." August 26, 2014, 09:22:27 AM
9kv
if your admitting your a thief then shouldnt you be loving bitcoin, which in your words means that when you pay and walk out with 0 confirms you have 10 minutes to try scamming the system..??
shouldnt you be loving it?
oh wait your on a rant because you cant mess with the system and your just stating as issues which are not issues because you're mad that you cant game the system, thus you want to hate it.
so how about you go back to credit cards and go chargeback scam them, you crazy thieving idiot.
the other possibility is that your trying to cause negative vibes in the hope people pnic sell for you to buy in cheap.. which i find as investment savvy, but just as immoral
if your admitting your a thief then shouldnt you be loving bitcoin, which in your words means that when you pay and walk out with 0 confirms you have 10 minutes to try scamming the system..??
shouldnt you be loving it?
oh wait your on a rant because you cant mess with the system and your just stating as issues which are not issues because you're mad that you cant game the system, thus you want to hate it.
so how about you go back to credit cards and go chargeback scam them, you crazy thieving idiot.
the other possibility is that your trying to cause negative vibes in the hope people pnic sell for you to buy in cheap.. which i find as investment savvy, but just as immoral
I'm admitting I was a thief, dipshit. Don't go around calling people names.
August 26, 2014, 08:44:44 AM
9kv
if your admitting your a thief then shouldnt you be loving bitcoin, which in your words means that when you pay and walk out with 0 confirms you have 10 minutes to try scamming the system..??
shouldnt you be loving it?
oh wait your on a rant because you cant mess with the system and your just stating as issues which are not issues because you're mad that you cant game the system, thus you want to hate it.
so how about you go back to credit cards and go chargeback scam them, you crazy thieving idiot.
the other possibility is that your trying to cause negative vibes in the hope people pnic sell for you to buy in cheap.. which i find as investment savvy, but just as immoral
if your admitting your a thief then shouldnt you be loving bitcoin, which in your words means that when you pay and walk out with 0 confirms you have 10 minutes to try scamming the system..??
shouldnt you be loving it?
oh wait your on a rant because you cant mess with the system and your just stating as issues which are not issues because you're mad that you cant game the system, thus you want to hate it.
so how about you go back to credit cards and go chargeback scam them, you crazy thieving idiot.
the other possibility is that your trying to cause negative vibes in the hope people pnic sell for you to buy in cheap.. which i find as investment savvy, but just as immoral
I'm admitting I was a thief, dipshit. Don't go around calling people names.
August 26, 2014, 05:04:00 AM
Indeed I agree there should be a % fee not a fixed fee, but this would affect large transactions..even 5% of 1million is too much.
August 26, 2014, 04:30:37 AM
You could still walk out of the store after double spending with 0 confirms, and they could not "charge back" or persecute you at all.
Who's going to double spend a small transaction?
I guess the same people who use fake cash bills or stolen credit cards. But doublespending is harder, you need a lot of hashing power for decent chance of success
August 26, 2014, 04:21:12 AM
For Bitcoin to be accepted as a reliable and convenient currency by the average consumer, it needs to become much more open to smaller transactions (such as paying for groceries, bar bills, or school supplies).
Right now I wouldn't even dream of paying with Bitcoin for anything but large transactions online.
Bitcoin will never grow into a usable currency unless this changes. It will continually be a place for speculators and investors to place money and play with the market.
Thoughts?
You are completely onto a point,to make it a currency accepted in wide base small payments even at a candy store or ice cream truck should start accepting bitcoin.And i see it coming as well with time things doesn't turn out immediately it takes some time Right now I wouldn't even dream of paying with Bitcoin for anything but large transactions online.
Bitcoin will never grow into a usable currency unless this changes. It will continually be a place for speculators and investors to place money and play with the market.
Thoughts?
August 26, 2014, 03:04:47 AM
Probably some alt coins will coexist with Bitcoin, play the role of small amount of transaction. Its transaction fee is small enough to be ignored, especially when the BTC's value increases dramatically. Even small amount of transaction fee 0.0001BTC costs a lot of fiat.
August 26, 2014, 12:30:03 AM
That would be a 21 trillion Market cap possible.
August 26, 2014, 12:29:18 AM
I wish these micro-transactions were more friendly, what happens to the .09 cent fee when bitcoin is worth 1 thousand dollars? 20 cents, and if bitcoin ever hits 1 million? 200 dollar fees. Now, I doubt it will hit the big mil, but IF. If it does, we will be paying 200 dollar transaction fees.
August 26, 2014, 12:28:14 AM
If customer and vendor are on same gateway then process could be expedited. For example sake: retrieving btc-e code on btc-e is instantaneous. Right now, it seems like Bitpay is focused on merchants only. May be if they integrate customers then that may expedite transaction process.
I think the Bitcoin processing companies can make more profit from merchants than from customers. As the customers' base is increasing to as big as enough which will make them pay attention on customers. Jump to: