Real world question: I'm using as many faucets as I can, and I've accumulated .005+ btc.
Using the address in my sig, will I ever be able to spend my btc assuming I continue with these microtransactions? I'm super poor.
I haven't finished reading the thread, btw, so sorry if I missed something.
Halp?
I saw the few replies regarding this but id like to point something out, The following examples all use bullshit numbers for simplicity and ease of understanding.
Transaction fees are based on the amount of data in the transaction, the more transactions you link to the larger that data set is.
(the data includes where each transaction came from, so lots of tiny amounts sent to you really add up when you spend them.)
(these are not real fees, these are total crap numbers, its just so you get the idea)
Essentially whats happening is that someone is paying you 1 penny, but it will cost you 1$ to send it., in essense, you just threw away 99 pennies to spend that 1 penny.
The difference in value of what your receiving makes all the difference here. Any amount you receive that is the same or below the minimum fee, is going to likely cost you more then you received to send it(example above). There is some wiggle room with how its all calculated but i dont think that is the most important factor for you. For example, lets say you receive 1 penny, it costs 1 penny to send it. as a result you have a net gain of 0$ if you receive 2 pennies and it costs 1 penny to send it then you have a net gain of 1 penny, or 50% of what you received, Not a vary good percentage. Even at 10 pennies with a cost of 1 penny thats still only nets you 9 out of 10 pennies or 90% of your money. Thats like a 10% fee!
Whats my point? To put it plainly. the closer the amounts that you receive are to the fee you must pay, the less of your money you get to keep. The larger the amounts you receive, the more you get to keep.
Hopefully what im trying to say is easy to understand.
Makes me really wish bitcoinQT had some ability to select which transactions to use and the ability to view the related fees for them on the fly.