Topic: Is it bad form to be stingy on tansaction fees? (Read 1216 times)
Yes it is bad to be stingy on transaction fees. You have to pay a tribute to the god miners. After all they have to feed their mining family
i have payed transaction fees as low as 4000satoshi it does not matter how low you pay the fees the lower you the the more time it will take for the confirmations and if you didnt payed any fees then it can either take upto 3-4days to confirmed or else it will be rejected by the network after some days
To answer OP's question, no it is not "bad form". The real concern is having your transaction confirmed at the shortest possible time. It would be a pain to wait for your transaction to be confirmed sometimes.
I have another question. Have anyone here have had unconfirmed transactions by using the standard BTC.0001 fee amount? I have never had any problems before when I am sending $50 to $100 worth of Bitcoins. But I have started paying higher fees after reading that there were some users here who had encountered problems with their transactions.
As of now never experience any problem in my transactions i am using 10k sat too just for experiment the speed few weeks ago.. sometimes there is a different speed or there is no assurance that you can get the exact speed if you are paying in default fee. I have another question. Have anyone here have had unconfirmed transactions by using the standard BTC.0001 fee amount? I have never had any problems before when I am sending $50 to $100 worth of Bitcoins. But I have started paying higher fees after reading that there were some users here who had encountered problems with their transactions.
Right now it is just a small amount of fee even you are paying the maximum fee in recommended fee in electrum.. the speed for me is fine and it takes few minutes and you will get confirm.. unlike you are paying small fee it needs to mine a block before it confirms..
I don't think it is "bad form" at all. It's a matter of which option you want - faster or slower confirmation. I doubt miners take it personally or get offended if you choose the slow option.
To answer OP's question, no it is not "bad form". The real concern is having your transaction confirmed at the shortest possible time. It would be a pain to wait for your transaction to be confirmed sometimes.
I have another question. Have anyone here have had unconfirmed transactions by using the standard BTC.0001 fee amount? I have never had any problems before when I am sending $50 to $100 worth of Bitcoins. But I have started paying higher fees after reading that there were some users here who had encountered problems with their transactions.
I have another question. Have anyone here have had unconfirmed transactions by using the standard BTC.0001 fee amount? I have never had any problems before when I am sending $50 to $100 worth of Bitcoins. But I have started paying higher fees after reading that there were some users here who had encountered problems with their transactions.
No one can complain if does put low fees into their transactions, while we all know the fees should grow over the time to give the same service as now, my fee is usually around 20-50k but some services i do use make transactions with 10k as well, lower them makes no sense.
Most of the time i use atleast 10000 satoshi or 0.0001BTC in every transaction which i found enough to make my transaction get confirmed within hour but better to go with suggested fee by web wallets, blockchain for me.
You have only paid 0.00001BTC which is very low than required so be happy that you get confirmation within so less time than expected.
You have only paid 0.00001BTC which is very low than required so be happy that you get confirmation within so less time than expected.
Not at all. However, you have to accept and understand that mining pools will ignore your transaction for quite a number of hours if you really try to save on fees.
I have done this as well, but stopped including low transaction fees because I got annoyed of having to wait hours before my transaction gets even 1 confirmation.
Right now I add 0.00025-0.0007BTC in fees per transaction, depending on how soon I need my transaction to confirm.
I have done this as well, but stopped including low transaction fees because I got annoyed of having to wait hours before my transaction gets even 1 confirmation.
Right now I add 0.00025-0.0007BTC in fees per transaction, depending on how soon I need my transaction to confirm.
I chose "Yes", because I strongly dislike the kind of people that is constantly complaining about alleged high transaction fees. Bitcoin's transaction fees are perfectly adequate for the service provided, especially if you consider that you can transact worldwide without interference of third parties.
Of course it's up to the user, if he/she wants to be stingy regarding transaction fees. After all, the sender of a transaction bears the risk of delay / non-confirmation. However I consider it totally unacceptable to be stingy and complain about slow confirmation times. As Bitcoin matures, block rewards are dropping and miners' income will increasingly depend on transaction fees. Therefore it's immature to be stingy and expect the same level of service.
ya.ya.yo!
Of course it's up to the user, if he/she wants to be stingy regarding transaction fees. After all, the sender of a transaction bears the risk of delay / non-confirmation. However I consider it totally unacceptable to be stingy and complain about slow confirmation times. As Bitcoin matures, block rewards are dropping and miners' income will increasingly depend on transaction fees. Therefore it's immature to be stingy and expect the same level of service.
ya.ya.yo!
With the small block size, you are very lucky to have your transaction included with only 10 bits of transaction fee... I myself is stingy on transaction fee but I will at least include a 100 bits fee to be safe.
I hope we won't have to pay more and more just to get our transactions confirmed in the future. Because we are definitely heading that way.
We have an option to send bitcoins without a fee right now but it is only possible as long as the system isn't overloaded. That's ok, i can understand this but if this stays like that, the fees will increase over time, and considering bitcoin's own price is rising over time, not good.
We have an option to send bitcoins without a fee right now but it is only possible as long as the system isn't overloaded. That's ok, i can understand this but if this stays like that, the fees will increase over time, and considering bitcoin's own price is rising over time, not good.
I think that it's not cool to be "stingy" or "wierd" with transaction fees. Since I've started to use Bitcoin more I started including fees in all transactions. I let my mobile client figure them out for me and when I'm on my computer I usually see what would be the ideal fee and pay slightly more than that. It's good etiquette to support the miners and good for you because you'll be putting your transaction on top of others that paid less. And, to top it all, even if you pay more than average, the fee you paid will most likely be less than moving the same amount of money in fiat through regular banking systems.
Thanks for all the replies!
I started this thread because I was confused by the apparent implication of low-fee transactions being considered spam, apparently it is not quite so.
I hold nothing personal against him and would prefer not to have people insult him.
Would bigger blocks make anything better? I think they would end up with the same problem.
I started this thread because I was confused by the apparent implication of low-fee transactions being considered spam, apparently it is not quite so.
I hold nothing personal against him and would prefer not to have people insult him.
the fee rules themselves are biased and failing the community.
I agree, the priority system is intended to fix that by having users "wait for their turn," or pay to cut into the line, but it is turning into a war of attrition, and the "pay more" argument is flawed since the number of slots is limited and everyone cannot win. Also, miners have no incentive to honer the priority system and it is more profitable to prioritize transactions by fee density.Would bigger blocks make anything better? I think they would end up with the same problem.
Being able to choose a fee to your liking is by design of bitcoin. Therefore it is not bad form to include a low fee.
However, as with any service, if you pay little, expect little. In this case Low fees simply take longer to be processed. Nothing bad about that.
However, as with any service, if you pay little, expect little. In this case Low fees simply take longer to be processed. Nothing bad about that.
I recently funded a paper wallet with coin I got from a faucet, here is the id:
b606ad986d7c16e0a8b13d6a5a5a58bbb938413b04c74bfcc32b711478ad43e1
I got it confirmed by 1Hash after 144min despite including a fee of only 0.01mBTC.
I think it is bad form if the recipient is waiting for it and is expecting it after an agreement between the two of you, that would be bad form but any other situation it is up to you as the other guys have said, if you want it sent quicker you'll need to pay a little bit more. b606ad986d7c16e0a8b13d6a5a5a58bbb938413b04c74bfcc32b711478ad43e1
I got it confirmed by 1Hash after 144min despite including a fee of only 0.01mBTC.
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I call it freedom, you decide how much you want to pay(and wait of course)
And far I know, miners can choose the minimum fee to process the transactions or not.
having freedom such as being really stingy on transaction fees even it's for the sake of your transaction speed and sacrificing the speed for only a cent is really not worth it for the freedom you mentioned,you're making yourself unpleased by having some freedom which is useless in this case And far I know, miners can choose the minimum fee to process the transactions or not.
My suggestion is always used default transaction fees, because actually bitcoin fees is the cheapest than other payment processor, unless you have a priority to used small fees or even no fee.
Looks like OP have a priority even used no fees, according to https://en.bitcoin.it/wiki/Transaction_fees
looking at https://blockchain.info/tx/b606ad986d7c16e0a8b13d6a5a5a58bbb938413b04c74bfcc32b711478ad43e1
your transaction size is around 500 bytes and currently recommended fee per byte is 70 satoshi/byte so you should have included 0.00035 BTC but luckily even with only 0.00001BTC as fee your transaction went through you seem lucky in this case. Never include low fee try to use https://bitcoinfees.21.co/ to calculate recommended fee or go with the fee most of the web wallet suggest this days.
your transaction size is around 500 bytes and currently recommended fee per byte is 70 satoshi/byte so you should have included 0.00035 BTC but luckily even with only 0.00001BTC as fee your transaction went through you seem lucky in this case. Never include low fee try to use https://bitcoinfees.21.co/ to calculate recommended fee or go with the fee most of the web wallet suggest this days.
Looks like OP have a priority even used no fees, according to https://en.bitcoin.it/wiki/Transaction_fees
Quote
A transaction was safe to send without fees if these conditions were met:
It is smaller than 1,000 bytes.
All outputs are 0.01 BTC or larger.
Its priority is large enough (see above)
It is smaller than 1,000 bytes.
All outputs are 0.01 BTC or larger.
Its priority is large enough (see above)
More fees = fast confirmation
less fees = slow and sometime very slow confirmation
Miners will decide which transaction to be included in the block and looking at your fee it is more than ten times lower than recommended. 144 minute is less than normal time of waiting for this size-fee pair transactions.
less fees = slow and sometime very slow confirmation
Miners will decide which transaction to be included in the block and looking at your fee it is more than ten times lower than recommended. 144 minute is less than normal time of waiting for this size-fee pair transactions.
It depends on how much you are sending and the size of your transaction. If your transaction amount is low and you pay a low fee for a large amounts of bytes in your transaction then obviously your transaction will not get confirmed as fast as if you paid more.
I'd say that 0.0001 for each transaction should work. If you are dealing with small amounts try coinbase or xapo.
I'd say that 0.0001 for each transaction should work. If you are dealing with small amounts try coinbase or xapo.
Before,when withdawing on exchanges 10,000 satoshi is enough. Now, the exchanges I use now charging 50,000 satoshi when you withraw. I know this is nfor effecient and fast transaction and its ok, still sending bitcoin is cheaper to other mode of transaction.
I call it freedom, you decide how much you want to pay(and wait of course)
And far I know, miners can choose the minimum fee to process the transactions or not.
And far I know, miners can choose the minimum fee to process the transactions or not.
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