Quote
Free transactions will always be possible. The mandatory fee is only imposed on low priority transactions.
Topic: Changing the miners transfer fee and amount of coins? - page 2. (Read 2812 times)
Since you seem to have difficulty reading ....
One cent per transaction is still a "very low transfer fee".
Not in Africa or South America it's not. They still charge deposits on glasses and glass bottles. If they can't afford to pay the >$0.05 fee they take there drink in a plastic bag. It's OK for all you early western adopters with BTC1000's balances who want to see $1,000 a coin but above $0.001 transaction fee is expensive. Bitcoin needs lots of small very cheap transactions not just a few expensive ones.
I know a lot of you want to make bitcoin in to the new virtual eGold thats is very expensive and makes you rich but the bitcoin economy would be a lot better if it could include the transactions of developing counties.
lower transaction fees = more transactions = bigger economy or you leaving that to lightcoin/altcoins to take bitcoins role
Okay, then let's reduce the default transaction fees. Done. There's no need to completely revamp the Bitcoin protocol, hard fork every client in existence, and change the very definition of the word "bitcoin".
Just that I reckon while devaluing the the transaction fee that devaluing the bitcoin unit of account not value may help long term with day to day accounting and general adoption.
Are you talking to yourself?
Can you leave the hyperbole & strawmen out of the discussion.
The reality is Stephen is right the mandatory fee is likely going to be irrelivent. Market forces will determine what the fee is. Users who want fast access are likely going to pay MORE than the minimum fee. Free transactions will always be possible. The mandatory fee is only imposed on low priority transactions. If you are willing to wait for sufficient coin age AND willing to wait for space in a block you can continue to use bitcoin without a fee.
Also I would like to put into perspective we are talking about a sub cent fee. A fractional cent. There is no other transaction system on the planet which is that cheap. None. Not even cash. Most banks impose a fee of 0.1% to 0.3% on cash deposits over some threshold on business accounts. If you have enough cash that you need armored car service the fee is even higher.
Even at $0.01 per tx (which requires BTC to be $200 not $20 BTW) Bitcoin is the cheapest payment system on the entire planet. The idea that it must be even cheaper to compete is laughable.
Can you leave the hyperbole & strawmen out of the discussion.
The reality is Stephen is right the mandatory fee is likely going to be irrelivent. Market forces will determine what the fee is. Users who want fast access are likely going to pay MORE than the minimum fee. Free transactions will always be possible. The mandatory fee is only imposed on low priority transactions. If you are willing to wait for sufficient coin age AND willing to wait for space in a block you can continue to use bitcoin without a fee.
Also I would like to put into perspective we are talking about a sub cent fee. A fractional cent. There is no other transaction system on the planet which is that cheap. None. Not even cash. Most banks impose a fee of 0.1% to 0.3% on cash deposits over some threshold on business accounts. If you have enough cash that you need armored car service the fee is even higher.
Even at $0.01 per tx (which requires BTC to be $200 not $20 BTW) Bitcoin is the cheapest payment system on the entire planet. The idea that it must be even cheaper to compete is laughable.
One cent per transaction is still a "very low transfer fee".
Not outside the wealthy western world it's not.
lower transaction fees = more transactions = bigger economy or you leaving that to lightcoin/altcoins to take bitcoins role
One cent per transaction is still a "very low transfer fee".
Not in Africa or South America it's not. They still charge deposits on glasses and glass bottles. If they can't afford to pay the >$0.05 fee they take there drink in a plastic bag. It's OK for all you early western adopters with BTC1000's balances who want to see $1,000 a coin but above $0.001 transaction fee is expensive. Bitcoin needs lots of small very cheap transactions not just a few expensive ones.
I know a lot of you want to make bitcoin in to the new virtual eGold thats is very expensive and makes you rich but the bitcoin economy would be a lot better if it could include the transactions of developing counties.
lower transaction fees = more transactions = bigger economy or you leaving that to lightcoin/altcoins to take bitcoins role
Okay, then let's reduce the default transaction fees. Done. There's no need to completely revamp the Bitcoin protocol, hard fork every client in existence, and change the very definition of the word "bitcoin".
Are you talking to yourself?
Can you leave the hyperbole & strawmen out of the discussion?
The reality is Stephen is right, over time the mandatory fee is likely going to be LESS relvent. Market forces will determine what fees are required and they will vary depending on what the user needs (i.e. to have a guaranteed placement in the next block might cost 0.01 BTC, to have a high confidence of being in the next 20 blocks might require 0.0005 BTC). Users who want fast access are likely going to pay MORE than the minimum fee. Free transactions will always be possible. The mandatory fee is only imposed on low priority transactions. If you are willing to wait for sufficient coin age AND willing to wait for space in a block you can continue to use bitcoin without a fee.
Also I would like to put into perspective we are talking about a sub cent fee. A fractional cent. There is no other transaction system on the planet which is that cheap. None. Not even cash. Most banks impose a fee of 0.1% to 0.3% on cash deposits over some threshold on business accounts. If you have enough cash to warrant armored car service the fee is even higher. Even at $0.01 per tx Bitcoin is the cheapest payment system on the entire planet. Period. The idea that it must be even cheaper to compete is laughable.
Can you leave the hyperbole & strawmen out of the discussion?
The reality is Stephen is right, over time the mandatory fee is likely going to be LESS relvent. Market forces will determine what fees are required and they will vary depending on what the user needs (i.e. to have a guaranteed placement in the next block might cost 0.01 BTC, to have a high confidence of being in the next 20 blocks might require 0.0005 BTC). Users who want fast access are likely going to pay MORE than the minimum fee. Free transactions will always be possible. The mandatory fee is only imposed on low priority transactions. If you are willing to wait for sufficient coin age AND willing to wait for space in a block you can continue to use bitcoin without a fee.
Also I would like to put into perspective we are talking about a sub cent fee. A fractional cent. There is no other transaction system on the planet which is that cheap. None. Not even cash. Most banks impose a fee of 0.1% to 0.3% on cash deposits over some threshold on business accounts. If you have enough cash to warrant armored car service the fee is even higher. Even at $0.01 per tx Bitcoin is the cheapest payment system on the entire planet. Period. The idea that it must be even cheaper to compete is laughable.
One cent per transaction is still a "very low transfer fee".
Not outside the wealthy western world it's not. In lot's of places they still charge deposits on glasses and glass bottles. If they can't afford to pay the >$0.05 fee they take there drink in a plastic bag. It's OK for all you early western adopters with BTC1000's balances who want to see $1,000 a coin but above $0.0001 transaction fee is expensive. Bitcoin needs lots of small very cheap transactions not just a few expensive ones.
I know a lot of you want to make bitcoin in to the new virtual eGold thats is very expensive and makes you rich but the bitcoin economy would be a lot better if it could include the transactions of developing counties.
lower transaction fees = more transactions = bigger economy or you leaving that to lightcoin/altcoins to take bitcoins role
One cent per transaction is still a "very low transfer fee".
Not outside the wealthy western world it's not. In lot's of places they still charge deposits on glasses and glass bottles. If they can't afford to pay the >$0.05 fee they take there drink in a plastic bag. It's OK for all you early western adopters with BTC1000's balances who want to see $1,000 a coin but above $0.0001 transaction fee is expensive. Bitcoin needs lots of small very cheap transactions not just a few expensive ones.
BTC0.0005 transfer fee would equal $0.01 and above. Talking about bitcoin having free or very low transfer fees wouldn't it be best
One cent per transaction is still a "very low transfer fee". With SatoshiDICE and its competitors gaining popularity, there will be more transactions than space per-block, so the days of bitcoin having "very low transaction fees" is likely about to become "relatively low transaction fees".
The 0.0005 BTC minimum fee will become irrelevant and market forces will determine how much the fee will be in order to get included in a block within an acceptable period of time.
As far as units, we are already seeing millibits (mBTCs) used more and more. e.g., http://Bitzino.com and http://www.Ogrr.com both use mBTC exclusively. Others will follow. One millibit today (0.001 BTC) is nearly the equivalent of a U.S. penny.
At some point, the client can start dislaying mBTCs as well.
Technically, there is no such thing as a BTC. At the protocol level, there are only Satoshis, worth 0.00000001 BTC each.
- http://en.bitcoin.it/wiki/MilliBit
- http://en.bitcoin.it/wiki/Units
If the bitcoin value keeps rising over the coming months to up to and over $20.00 a coin then each BTC0.0005 transfer fee would equal $0.01 and above. Talking about bitcoin having free or very low transfer fees wouldn't it be best to move the decimal place and make a bitcoin instead of worth $20.00 a coin but to $2.00 a coin keep the transfer fee BTC0.0005 and have 210,000,000 coins in total instead of 21,000,000 coins.
how about just change the default tx fee (as has been done in the past)?
Maybe devaluing the bitcoin base rate by moving the decimal place to increase total coins to 210,000,000 instead of 21,000,000 is better. Making the value of a bitcoin seem cheaper and closer to the $/€/£ rate will help accounting and encourage investment. Either we lower the bitcoin default value or starting calling them milli-bitcoins or micro-bitcoins as unit of account. Inflating the amount of bitcoins is a good way to follow fiat money only we arn't devaluing. Lowering the bitcoin value once it plateaus above $20.00 a coin will help day to day accounting and adoption.
If the bitcoin value keeps rising over the coming months to up to and over $20.00 a coin then each BTC0.0005 transfer fee would equal $0.01 and above. Talking about bitcoin having free or very low transfer fees wouldn't it be best to move the decimal place and make a bitcoin instead of worth $20.00 a coin but to $2.00 a coin keep the transfer fee BTC0.0005 and have 210,000,000 coins in total instead of 21,000,000 coins.
that would confuse ppl alot and it's useless.I think the bitcoin client needs an option to set the fee rules for miners and for users manually and there needs to be a way to resend a transaction with more fee if it doesn't get included in a block. Then the market could form it's own fee. But talking about fees right now is pretty useless because they are not even 1% of the block reward which means we could divide the fees by 10 right now and noone would get hurt.
If the bitcoin value keeps rising over the coming months to up to and over $20.00 a coin then each BTC0.0005 transfer fee would equal $0.01 and above. Talking about bitcoin having free or very low transfer fees wouldn't it be best to move the decimal place and make a bitcoin instead of worth $20.00 a coin but to $2.00 a coin keep the transfer fee BTC0.0005 and have 210,000,000 coins in total instead of 21,000,000 coins.
how about just change the default tx fee (as has been done in the past)?
If the bitcoin value keeps rising over the coming months to up to and over $20.00 a coin then each BTC0.0005 transfer fee would equal $0.01 and above. Talking about bitcoin having free or very low transfer fees wouldn't it be best to move the decimal place and make a bitcoin instead of worth $20.00 a coin but to $2.00 a coin keep the transfer fee BTC0.0005 and have 210,000,000 coins in total instead of 21,000,000 coins.
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