Topic: Fee - page 2. (Read 1944 times)
If you are trying to make micropayments as small as a few cent, you shouldn't use bitcoin, at least not on-chain tx.
What is "not on-chain tx"?
A TX is considered "not on chain" or "off chain" when its just internal. If you have an account with company X and they hold 3 BTC for you. I have one there as well and want to send you 2 BTC they can just change the BTC in my account by -2 and yours by +2. Just by changing an internal spreadsheet or database. If you now want to transfer 5 BTC from.company X to your private wallet there must be an "on chain" (as in stored on the blockchain) TX.
If you are trying to make micropayments as small as a few cent, you shouldn't use bitcoin, at least not on-chain tx.
What is "not on-chain tx"?
The easiest way is to use coinbase (and ask the receivers to use coinbase as well).
For the details, you can take a look at the page.
http://blog.coinbase.com/post/57483182558/you-can-now-send-micro-transactions-with-zero-fees
If you are trying to make micropayments as small as a few cent, you shouldn't use bitcoin, at least not on-chain tx.
What is "not on-chain tx"?
So Bitcoin is not suitable for micropayments?
Bitcoin IS suitable for micropayments. But if you mean micropayments as in a tenth of a cent, then no, since no one needs that.
If you pay 1 US Dollar to someone in Australia, he/she would receive like $0.60. If you use Bitcoin, he/she receives $0.96. Electronic Fiat is even worse for micropayments.
If you are trying to make micropayments as small as a few cent, you shouldn't use bitcoin, at least not on-chain tx.
1 - use web wallets, like coinbase, ask the receiver to use too. Think be too paranoid for few cents is not worth.
2 - send many transactions at once
3 - use altcoins. Litecoin fee is 0.001(about one cent). Others altcoins have lesser fees(ex: Doge, typically 1 doge(about 100 satoshis) for transaction).
You are right, BTC is not good for small transactions, and for me is where ALTS have their space. At this point FIAT be worse is no excuse, if we have have even better options around there for such king of transactions
2 - send many transactions at once
3 - use altcoins. Litecoin fee is 0.001(about one cent). Others altcoins have lesser fees(ex: Doge, typically 1 doge(about 100 satoshis) for transaction).
You are right, BTC is not good for small transactions, and for me is where ALTS have their space. At this point FIAT be worse is no excuse, if we have have even better options around there for such king of transactions
If you bundle up transactions, fees will be higher.
The fees only go up because the transaction size does. I think it's around 1 input and like 7-8 outputs per KB or so (don't quote me on that though). So you could:
1) Send 8 people each 0.001 BTC separately and pay 0.0008 BTC in fees (8x0.0001)
2) Send 8 people each 0.001 BTC in one bundle and pay 0.0001 BTC in fees (1x0.0001)
The reason why the pools and such pay bigger fees is because they have tons of outputs, each increasing the size of the transaction. In the above scenario, for the same 0.0008 BTC you spent sending 8 people their own, you could have done 8*8 or 64 people in bundles of 8.
What Android app allows no fee transactions?
Is it risky?
Is it risky?
Pay the miner 5 cents or wait days for your transaction to process.
Ive seen some transactions without a miner fee take several months to process. Trust me it is worth the $0.05 to get a conformation quickly.
1 - use web wallets, like coinbase, ask the receiver to use too. Think be too paranoid for few cents is not worth.
2 - send many transactions at once
3 - use altcoins. Litecoin fee is 0.001(about one cent). Others altcoins have lesser fees(ex: Doge, typically 1 doge(about 100 satoshis) for transaction).
You are right, BTC is not good for small transactions, and for me is where ALTS have their space. At this point FIAT be worse is no excuse, if we have have even better options around there for such king of transactions
2 - send many transactions at once
3 - use altcoins. Litecoin fee is 0.001(about one cent). Others altcoins have lesser fees(ex: Doge, typically 1 doge(about 100 satoshis) for transaction).
You are right, BTC is not good for small transactions, and for me is where ALTS have their space. At this point FIAT be worse is no excuse, if we have have even better options around there for such king of transactions
If you bundle up transactions, fees will be higher.
i, say, I send 100 0.001 outputs via separate transactions will be the fee higher than send all 100 outputs at once?
For my experience won't be, people with automated systems do that(ex: Ritz, Primedice, that guy that pays you for playing minecraft, etc...).
Of course that send 100 transactions still will be more expensive than send one, no matter if you group them or not.
1 - use web wallets, like coinbase, ask the receiver to use too. Think be too paranoid for few cents is not worth.
2 - send many transactions at once
3 - use altcoins. Litecoin fee is 0.001(about one cent). Others altcoins have lesser fees(ex: Doge, typically 1 doge(about 100 satoshis) for transaction).
You are right, BTC is not good for small transactions, and for me is where ALTS have their space. At this point FIAT be worse is no excuse, if we have have even better options around there for such king of transactions
2 - send many transactions at once
3 - use altcoins. Litecoin fee is 0.001(about one cent). Others altcoins have lesser fees(ex: Doge, typically 1 doge(about 100 satoshis) for transaction).
You are right, BTC is not good for small transactions, and for me is where ALTS have their space. At this point FIAT be worse is no excuse, if we have have even better options around there for such king of transactions
If you bundle up transactions, fees will be higher.
1 - use web wallets, like coinbase, ask the receiver to use too. Think be too paranoid for few cents is not worth.
2 - send many transactions at once
3 - use altcoins. Litecoin fee is 0.001(about one cent). Others altcoins have lesser fees(ex: Doge, typically 1 doge(about 100 satoshis) for transaction).
You are right, BTC is not good for small transactions, and for me is where ALTS have their space. At this point FIAT be worse is no excuse, if we have have even better options around there for such king of transactions
2 - send many transactions at once
3 - use altcoins. Litecoin fee is 0.001(about one cent). Others altcoins have lesser fees(ex: Doge, typically 1 doge(about 100 satoshis) for transaction).
You are right, BTC is not good for small transactions, and for me is where ALTS have their space. At this point FIAT be worse is no excuse, if we have have even better options around there for such king of transactions
Does it matter if I define a fee of 0.00005 or 0.00001? Would both transactions be treated as "no fee" transactions?
The fee (I forgot what the lowest is, but I know it was changed) would be present, so no, it wouldn't be a no-fee one. It would just be less of a fee.
No fee would literally be 0. For example, you are sending 1 BTC, that's all. Not 1.0000001, but 1.0.
There is a minimum, but I can't remember either.
OP, I have 2 questions for you:
Are you really that concerned about paying a few cents for a transaction? Don't you realize how high bank and credit card fees are?
A lot of people don't realize the high credit card fees because we don't "pay" them (at least not transparently). Items cost more as a result, but most people aren't aware of that.
Does it matter if I define a fee of 0.00005 or 0.00001? Would both transactions be treated as "no fee" transactions?
The fee (I forgot what the lowest is, but I know it was changed) would be present, so no, it wouldn't be a no-fee one. It would just be less of a fee.
No fee would literally be 0. For example, you are sending 1 BTC, that's all. Not 1.0000001, but 1.0.
There is a minimum, but I can't remember either.
OP, I have 2 questions for you:
Are you really that concerned about paying a few cents for a transaction? Don't you realize how high bank and credit card fees are?
Does it matter if I define a fee of 0.00005 or 0.00001? Would both transactions be treated as "no fee" transactions?
The fee (I forgot what the lowest is, but I know it was changed) would be present, so no, it wouldn't be a no-fee one. It would just be less of a fee.
No fee would literally be 0. For example, you are sending 1 BTC, that's all. Not 1.0000001, but 1.0.
So Bitcoin is not suitable for micropayments?
It's fine for payments of above something like 10c. Otherwise you'd have a fee that's quite large in proportion to what your sending - however that's to be expected, the network was never designed to handle crap loads of midget payments. In reality I can't think of a reason you'd need to send less than 10c except to gamble but that should be done off-chain to avoid blockchain spam.
Pretty much this right here. 10 cents though would come with a fee that (right now) is 5 cents, or 50%. $10 would still be 5 cents. So really it's still a pretty small fee.
So Bitcoin is not suitable for micropayments?
It's fine for payments of above something like 10c. Otherwise you'd have a fee that's quite large in proportion to what your sending - however that's to be expected, the network was never designed to handle crap loads of midget payments. In reality I can't think of a reason you'd need to send less than 10c except to gamble but that should be done off-chain to avoid blockchain spam.
What Android app allows no fee transactions?
Is it risky?
Is it risky?
Pay the miner 5 cents or wait days for your transaction to process.
I've sent transactions before with 0 fee and still had them there within an hour. You just have to make sure the amount you're sending is 0.01 BTC or more and that the transaction size is under 10 KB.
He's a newbie, and he won't be able to calculate tx size before sending it.
You really don't have to though. I think it's around 75 inputs + 1 output (just to be safe). So if you're always getting inputs of 1 mBTC, you should be able to send 0.075 BTC in one transaction before hitting that cap. It's of course a bit deeper than this, but you should be safe with that.
He probably has no idea as to what inputs and outputs are anyway. Also, don't forget the change, so it won't be 1 output.
True. A better idea then: Coinbase! No worrying about fees since they pay for them, :p.
Not that safe, it's still an web-based wallet. I recommend people to not use web-based wallets.
P.S: Nice post count that we're racking up.
For absolute newbies, I think web wallets are safer than self-hosted (as many people have viruses and don't know, or don't know how to back up their stuff). Both are going to have their risks, of course, but web wallets are more easily used.
Then you should only use blockchain.info, since you are in control of your private keys.
So Bitcoin is not suitable for micropayments?
Bitcoin IS suitable for micropayments. But if you mean micropayments as in a tenth of a cent, then no, since no one needs that.
If you pay 1 US Dollar to someone in Australia, he/she would receive like $0.60. If you use Bitcoin, he/she receives $0.96. Electronic Fiat is even worse for micropayments.
What Android app allows no fee transactions?
Is it risky?
Is it risky?
Pay the miner 5 cents or wait days for your transaction to process.
I've sent transactions before with 0 fee and still had them there within an hour. You just have to make sure the amount you're sending is 0.01 BTC or more and that the transaction size is under 10 KB.
He's a newbie, and he won't be able to calculate tx size before sending it.
You really don't have to though. I think it's around 75 inputs + 1 output (just to be safe). So if you're always getting inputs of 1 mBTC, you should be able to send 0.075 BTC in one transaction before hitting that cap. It's of course a bit deeper than this, but you should be safe with that.
He probably has no idea as to what inputs and outputs are anyway. Also, don't forget the change, so it won't be 1 output.
True. A better idea then: Coinbase! No worrying about fees since they pay for them, :p.
Not that safe, it's still an web-based wallet. I recommend people to not use web-based wallets.
P.S: Nice post count that we're racking up.
For absolute newbies, I think web wallets are safer than self-hosted (as many people have viruses and don't know, or don't know how to back up their stuff). Both are going to have their risks, of course, but web wallets are more easily used.
What Android app allows no fee transactions?
Is it risky?
Is it risky?
Pay the miner 5 cents or wait days for your transaction to process.
I've sent transactions before with 0 fee and still had them there within an hour. You just have to make sure the amount you're sending is 0.01 BTC or more and that the transaction size is under 10 KB.
He's a newbie, and he won't be able to calculate tx size before sending it.
You really don't have to though. I think it's around 75 inputs + 1 output (just to be safe). So if you're always getting inputs of 1 mBTC, you should be able to send 0.075 BTC in one transaction before hitting that cap. It's of course a bit deeper than this, but you should be safe with that.
He probably has no idea as to what inputs and outputs are anyway. Also, don't forget the change, so it won't be 1 output.
True. A better idea then: Coinbase! No worrying about fees since they pay for them, :p.
Not that safe, it's still an web-based wallet. I recommend people to not use web-based wallets.
P.S: Nice post count that we're racking up.
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