Just be glad it costs 9 cents to send $100M of bitcoin too.
i'll pay you the 9 cents if you send me $100M in btc. 
Topic: It costs $0.09 cents to send $0.24 cents of Bitcoin? Really? (Read 7840 times)
Just be glad it costs 9 cents to send $100M of bitcoin too.
lol... earlier I used to pay the default transaction fee for sending my coins. Once I paid as much as BTC0.001 to send BTC0.0015. Then I searched around a bit and found that we can change the "default" value in Blockchain.info. After that, for smaller transactions, I usually pay BTC0.0001 or less. Never use the "default fee" option. Always use the "custom fee" button. 
If you bothered to read the thread you would see that the OP had used coinbase who forced him to pay the fee. He did not have any choice. Since coinbase controls the OP's coins and the coins will not necessarily be sent from specific inputs that the OP received he has very little control over what the cost to send his TX would be.
i dont think i've ever paid a transaction fee using coinbase. is this new?
lol... earlier I used to pay the default transaction fee for sending my coins. Once I paid as much as BTC0.001 to send BTC0.0015. Then I searched around a bit and found that we can change the "default" value in Blockchain.info. After that, for smaller transactions, I usually pay BTC0.0001 or less. Never use the "default fee" option. Always use the "custom fee" button.
Those 0.09$ are the miner fee. If miners stop working then its the deadend for btc. Respect to miners.
So if i send 5 BTC it cost 2 BTC? nuff said 
great Logic man
great Logic man
NO thats not the point the point is that you cant send small amounts because the fee will be more than you are sending.
Nope my friend .. i'm just make a Chaff about his opinion's
The minimum for per transaction is ฿0.01 on Okcoin and the fee is ฿0.0001. 
Bitcoin relies heavily on the miners, they keep BTC strong. So if miners are not being paid out, BTC will die. The fee is necessary.
The topic should be It costs 5c to send 25c.... Dont use coinbase, I dont get why you would use coinbase? You may aswell use Paypal and spend MUCH more.
0.0001 is the tx fee , Coinbase charges more as they are helping the miners and feeding the ecosystem.
0.0001 is the tx fee , Coinbase charges more as they are helping the miners and feeding the ecosystem.
I am able to send 10 BTC ($5,060 at the moment) completely free of of charge from my bitcoin wallet to another person's bitcoin address instantly with no miner fee as well.
Did I read this right, how can you send Instantly without a TX fee? I thought it takes absolutely AGES to confirm
If it doesn't confirm It means the other person at the receiving address cannot spend it?
Hi -
Tried to send $0.24 worth of bitcoin and this pops up:
Is this what they mean when they say Bitcoin can never be used for micro transactions?
Is this one of the 10 million things the Bitcoin dev team should have fixed 12 months ago, but has slated for "some time in the next 5 years" instead ?
Meanwhile the entire financial industry sees Bitcoin as having major flaws and never incorporates it.
And we never go ot the moon, because a bunch of developers have decided "we dont need that fixed right now. we'll do it later" ?
Or is this something else?
-B-
Tried to send $0.24 worth of bitcoin and this pops up:
Is this what they mean when they say Bitcoin can never be used for micro transactions?
Is this one of the 10 million things the Bitcoin dev team should have fixed 12 months ago, but has slated for "some time in the next 5 years" instead ?
Meanwhile the entire financial industry sees Bitcoin as having major flaws and never incorporates it.
And we never go ot the moon, because a bunch of developers have decided "we dont need that fixed right now. we'll do it later" ?
Or is this something else?
-B-
Dude you could do it for 0.0001 I think coinbase limit is 0.0002
Bitcoin payment isn't really viable for restaurant type establishment.
I disagree. A while ago, we took my brother to Ocean Blue Sushi. I forgot what the dollar amount was, but with tip it came to 136.2 mBTC. The Mycelium mobile wallet used the default fee of 0.1 mBTC, which is less than 0.1%. My payment was confirmed in a few seconds by the network, which was reported to the app (Coinbase?) on the restaurant's tablet.So instead of the restaurant paying about 10c to process your credit card (and you getting about 1c in Credit Card points), you paid about 5c on top of the bill. Via coinbase, they pay 0% fees to sell the BitCoin to them instantly for $$ (first $1M)
No wonder businesses are interested, 0% chance of chargeback, and the customer pays the fees. Unless the businesses gives you a discount for BitCoin purchases, it's not to your benefit though.
So instead of the restaurant paying about 10c to process your credit card (and you getting about 1c in Credit Card points), you paid about 5c on top of the bill. Via coinbase, they pay 0% fees to sell the BitCoin to them instantly for $$ (first $1M)
No wonder businesses are interested, 0% chance of chargeback, and the customer pays the fees. Unless the businesses gives you a discount for BitCoin purchases, it's not to your benefit though.
Point taken.No wonder businesses are interested, 0% chance of chargeback, and the customer pays the fees. Unless the businesses gives you a discount for BitCoin purchases, it's not to your benefit though.
Although these small amounts are really just noise compared to the 15% tip I left.
This (transaction fee based on storage space/transmission cost of the tx) is a flaw in the Bitcoin protocol.
We pay transaction fees to miners (at least in theory) to secure the network. But it is not the storage space or transmission cost that is what makes the network require security.
It seemed to make sense under the initial using-spare-compute-power model that the expense of securing the network was largely a bandwidth and storage expense borne in common by everybody - but that is not how it has turned out. The expense of securing the network is in hardware for hashing farms and in power bills. bandwidh and storage expense is not the major expense of providing what we're paying for, and charging people for bandwidth and storage is an inaccurate allocation of resources. The people who secure the blockchain - ie, the miners - are paying the major expenses associated with security themselves when they buy the hardware and pay their power bills.
What we are trying to secure is the value on the blockchain - and therefore IMO the transaction fees to secure it ought to be based on the value transferred.
We need to move to an accurate economic model because an inaccurate one (such as we have now) cannot endure in competition with an accurate one.
We pay transaction fees to miners (at least in theory) to secure the network. But it is not the storage space or transmission cost that is what makes the network require security.
It seemed to make sense under the initial using-spare-compute-power model that the expense of securing the network was largely a bandwidth and storage expense borne in common by everybody - but that is not how it has turned out. The expense of securing the network is in hardware for hashing farms and in power bills. bandwidh and storage expense is not the major expense of providing what we're paying for, and charging people for bandwidth and storage is an inaccurate allocation of resources. The people who secure the blockchain - ie, the miners - are paying the major expenses associated with security themselves when they buy the hardware and pay their power bills.
What we are trying to secure is the value on the blockchain - and therefore IMO the transaction fees to secure it ought to be based on the value transferred.
We need to move to an accurate economic model because an inaccurate one (such as we have now) cannot endure in competition with an accurate one.
Bitcoin payment isn't really viable for restaurant type establishment.
I disagree. A while ago, we took my brother to Ocean Blue Sushi. I forgot what the dollar amount was, but with tip it came to 136.2 mBTC. The Mycelium mobile wallet used the default fee of 0.1 mBTC, which is less than 0.1%. My payment was confirmed in a few seconds by the network, which was reported to the app (Coinbase?) on the restaurant's tablet.So instead of the restaurant paying about 10c to process your credit card (and you getting about 1c in Credit Card points), you paid about 5c on top of the bill. Via coinbase, they pay 0% fees to sell the BitCoin to them instantly for $$ (first $1M)
No wonder businesses are interested, 0% chance of chargeback, and the customer pays the fees. Unless the businesses gives you a discount for BitCoin purchases, it's not to your benefit though.
Bitcoin payment isn't really viable for restaurant type establishment.
I disagree. A while ago, we took my brother to Ocean Blue Sushi. I forgot what the dollar amount was, but with tip it came to 136.2 mBTC. The Mycelium mobile wallet used the default fee of 0.1 mBTC, which is less than 0.1%. My payment was confirmed in a few seconds by the network, which was reported to the app (Coinbase?) on the restaurant's tablet. So if i send 5 BTC it cost 2 BTC? nuff said
great Logic man
great Logic man
NO thats not the point the point is that you cant send small amounts because the fee will be more than you are sending.
So if i send 5 BTC it cost 2 BTC? nuff said
great Logic man
great Logic man
Set your fees lower. On a side note, why in the world are you sending 0.24¢ to begin with?
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