Topic: Bitcoint Transaction Fees become prohibative (Read 1501 times)
The transaction fee is to prevent abuse at the moment. Right now the threats to the Bitcoin network are large in proportion to the legitimate transactions. The transaction fee places a cost on spamming the network with fake transactions that it can't handle yet. It's not much of an incentive to miners and won't be for a long time.
Hi,
I am relativly new to this, but when I first learned about bitcoins one of the most interesting things about it was that micropayments can be made. I use the standard bitcoin client (Mac OS X) and as a test I send 0.12 BTC to my wallet. When I tried to send them to another bitcion address an error message told me that the amount cannot be send unless I pay a fee of 0.01 BTC (which today means a transaction fee of 0,31 USD for the amount of 3,72 USD or 8.33 % respectivly).
Especially with regard to the expoloding exchange rates I think this is much to high for a transaction!
How will people be able to donate small amounts or pay for digital content let's say an amount of 0.000005 BTC if they are forced to pay a transaction fee of 0.01 BTC? That doesn't make an sense at all. If there has to be a fee to give miners an incentive, then why is it not a small percentage of the amount in question. This way it is clear to everyone how much the transaction costs and miners still get paid.
UNLESS I don't understand the client, which might also be possible
In that case I am happy to be enlightend
Cheers,
- elements
I am relativly new to this, but when I first learned about bitcoins one of the most interesting things about it was that micropayments can be made. I use the standard bitcoin client (Mac OS X) and as a test I send 0.12 BTC to my wallet. When I tried to send them to another bitcion address an error message told me that the amount cannot be send unless I pay a fee of 0.01 BTC (which today means a transaction fee of 0,31 USD for the amount of 3,72 USD or 8.33 % respectivly).
Especially with regard to the expoloding exchange rates I think this is much to high for a transaction!
How will people be able to donate small amounts or pay for digital content let's say an amount of 0.000005 BTC if they are forced to pay a transaction fee of 0.01 BTC? That doesn't make an sense at all. If there has to be a fee to give miners an incentive, then why is it not a small percentage of the amount in question. This way it is clear to everyone how much the transaction costs and miners still get paid.
UNLESS I don't understand the client, which might also be possible
In that case I am happy to be enlightend
Cheers,
- elements
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