Fees when bitcoin "skyrocket" - page 2.

Ingatqhvq

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Quote from: errornone on July 21, 2015, 09:11:54 PM

A fee at this moment is a very low value in USD (0,0001 BTC / 2cents).

But - lets hope and pray - when bitcoin skyrocket to prices like 1 btc = 100000$, the fees will be huge in fiat value!! People, for a transaction of 10USD (0,0001BTC) would pay 10USD in fees too!!!

Or am i missing something here?

Don't afraid such peoblem, it will be reduce the fee when the price is too high.

--Encrypted--

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hee-ho.

Quote from: Deuceisgood on July 21, 2015, 10:11:55 PM

Could it conceivably take FOREVER for a zero fee transaction to process?!? I have a couple of small transaction from 8 July that have STILL failed to post to the blockchain. I'm not sure what gives with those ... but suspect they were sent during the SPAM attack and got linked with the spam transmissions?

Btw, I didn't send these transaction, I am the recipient.

zero confirmation just means that no miner has included that transaction in a block yet. miners includes transactions in blocks because the fees goes to them. so when you don't pay the fees, you gotta wait for some rare miners that will eventually include your transaction on their block.

that's just the simple explanation. check this and this for the more technical explanations.

Deuceisgood

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Quote from: Dire on July 21, 2015, 09:52:09 PM

Quote from: errornone on July 21, 2015, 09:11:54 PM

A fee at this moment is a very low value in USD (0,0001 BTC / 2cents).

But - lets hope and pray - when bitcoin skyrocket to prices like 1 btc = 100000$, the fees will be huge in fiat value!! People, for a transaction of 10USD (0,0001BTC) would pay 10USD in fees too!!!

Or am i missing something here?

You're missing the fact that the fee amount is changeable as the market dictates it. If everyone starts paying to the tune of the USD amount $10, then yes, more people would do so to get their transaction confirmed quicker as the miners would give it priority.

So, for example, you can pay 0.03 BTC today for a transaction if you want, but that doesn't mean everyone will.

Just to be clear, you can change the fee to zero if you want, it just means it'll take longer for a confirmation, and miners should be given something for their hashing power.

Could it conceivably take FOREVER for a zero fee transaction to process?!? I have a couple of small transaction from 8 July that have STILL failed to post to the blockchain. I'm not sure what gives with those ... but suspect they were sent during the SPAM attack and got linked with the spam transmissions?

Btw, I didn't send these transaction, I am the recipient.

Dire

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Crypto-Games.net: DICE and SLOT

Quote from: errornone on July 21, 2015, 09:11:54 PM

A fee at this moment is a very low value in USD (0,0001 BTC / 2cents).

But - lets hope and pray - when bitcoin skyrocket to prices like 1 btc = 100000$, the fees will be huge in fiat value!! People, for a transaction of 10USD (0,0001BTC) would pay 10USD in fees too!!!

Or am i missing something here?

You're missing the fact that the fee amount is changeable as the market dictates it. If everyone starts paying to the tune of the USD amount $10, then yes, more people would do so to get their transaction confirmed quicker as the miners would give it priority.

So, for example, you can pay 0.03 BTC today for a transaction if you want, but that doesn't mean everyone will.

Just to be clear, you can change the fee to zero if you want, it just means it'll take longer for a confirmation, and miners should be given something for their hashing power.

errornone

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error

A fee at this moment is a very low value in USD (0,0001 BTC / 2cents).

But - lets hope and pray - when bitcoin skyrocket to prices like 1 btc = 100000$, the fees will be huge in fiat value!! People, for a transaction of 10USD (0,0001BTC) would pay 10USD in fees too!!!

Or am i missing something here?

Topic: Fees when bitcoin "skyrocket" - page 2. (Read 1025 times)