It costs $0.09 cents to send $0.24 cents of Bitcoin? Really? - page 3.

mjc

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Quote from: Minecache on August 20, 2014, 03:01:33 PM

Sorry but I think the OP has a point. I think the fees should be proportionate to the money being transferred maybe multiplied by the time to confirm. I'm not a mathematician but there must be someone to workout a formulae.

Partially agreed. How ever it doesn't take less processing power to move 10000 BTC versus .01 BTC, its roughly the same. So I would expect that if you have to move $0.24 either don't because $0.09 to get it confirmed in a timely manner is too much, or put less into the tx fee and see what happens.

snappa4ever

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Quote from: Minecache on August 20, 2014, 03:01:33 PM

Sorry but I think the OP has a point. I think the fees should be proportionate to the money being transferred maybe multiplied by the time to confirm. I'm not a mathematician but there must be someone to workout a formulae.

The fees should be proportionate to the amount of work that it takes to confirm a transaction. Generally speaking it does not take any more work to confirm a 10,000 BTC transaction then it takes to confirm a .005 BTC transaction (assuming the same number of inputs and outputs), so why should the user pay more if the miners are doing the same amount of work?

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Quote from: Minecache on August 20, 2014, 03:01:33 PM

Sorry but I think the OP has a point. I think the fees should be proportionate to the money being transferred maybe multiplied by the time to confirm. I'm not a mathematician but there must be someone to workout a formulae.

yeah, it's true.
But, for what you send $ 0.24? This really does not make sense. You want to buy a lemon with $ 0.24?
if you compare the bank with bitcoin. whether the bank can send $ 0.24? how much will it cost?

Cryptopher

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Keep it dense, yeah?

That's how it works. It is one of the reasons why collecting dust is so painful for those that do.

If your coins haven't travelled much then this isn't usually an issue.

evanito

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Lets all be thankful that coinbase covers the fees over 1mBTC, which is less than a dollar and has no fee. In fact, maybe it would make sense for a flat .1% fee on all transactions?

Minecache

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Sorry but I think the OP has a point. I think the fees should be proportionate to the money being transferred maybe multiplied by the time to confirm. I'm not a mathematician but there must be someone to workout a formulae.

DannyHamilton

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Quote from: Nagle on August 20, 2014, 01:44:55 PM

Quote from: mjc on August 19, 2014, 08:55:14 PM

Coinbase to coinbase there is no fee.

Bank of America to Bank of America there is no fee, either.

Bitcoin has no advantage here.

Minimum balance to open an account?
Minimum balance to avoid account service fees?

OP was complaining about transferring from Coinbase to somewhere not Coinbase and complaining that Chase is better because he can transfer from Chase to Chase without a fee. His comparison is flawed and I suspect he did that just to troll and create this thread. It was just being pointed out that if you make an equivalent comparison (Coinbase to Coinbase) then, just like with his Chase account, there is no fee.

Nagle

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Quote from: mjc on August 19, 2014, 08:55:14 PM

Coinbase to coinbase there is no fee.

Bank of America to Bank of America there is no fee, either.

Bitcoin has no advantage here.

Salmon1989

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Quote from: bitllionaire on August 19, 2014, 07:09:02 PM

try electrum with 0 fee and you will be able to send your bitcoins free

True that you can create such 0 fee transaction, but it is likely to never get confirmed.

mjc

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Quote from: zedicus on August 19, 2014, 06:01:50 PM

Quote from: mjc on August 19, 2014, 02:27:36 PM

Quote from: BittBurger on August 17, 2014, 05:43:50 PM

Quote from: seriouscoin on August 17, 2014, 05:38:19 PM

Yes its the dumb ass like you dont understand the economic of bitcoin infrastructure. You can send btc with any amount as a fee. But that tx will not be confirmed for a very long time.

I know how Bitcoin works. Im making a point. I am able to send up to $5,000 completely free of charge from one Chase bank account to another persons Chase bank account, instantly. With no miner fees or waiting time either.

What a dumbass I am. And now you see another reason why consumers have zero incentive to use Bitcoin. Because dumbasses like you think this is a "dumbass" thing to take issue with. Rather than addressing it as a real issue for future consumer adoption. Which it is.

-B-

You can also send that $0.24 with no tx fee or for that matter $0.005 if you wanted. If the app that you are using doesn't allow you to change it, that is not a problem with the block chain rath with the app you are using.

The OP was using coinbase to send his TX and they "choose" how much of a fee to include for you. They will usually include a TX fee that will more or less ensure the TX will get confirmed in the next block. IIRC coinbase will usually/sometimes cover the TX fee when sending from coinbase but I am unsure what their exact policy on this is.

Coinbase to coinbase there is no fee.

Mobius

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What the OP really should have done, as others should do when they are sending this small of transactions is to try to do the transaction "off chain" to a merchant/person that has the same BTC safekeeping service as you. These types of microtransactions really are bloating up the blockchain and are not very cost efficient to send (if the OP had the ability to not include a fee, and did not include one then the TX would likely have never confirmed).

If the OP had spent his coins somewhere that also uses coinbase and sent coins to that user's coinbase account then he would have not paid any TX fee and the transaction would have confirmed 100% instantly.

bitllionaire

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try electrum with 0 fee and you will be able to send your bitcoins free

lyth0s

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Like others have stated, the transaction fee only has to be 0.0001 right now to usually be included in the following block, which is currently just under 5 cents. Sending 24 cents is what I would consider to be a very small transaction, even for microtransactions. I usually regard Microtransactions to be 50 cents to $3. However, if you actually wanted to send lets say 2 cents to someone (MICRO-Micro-transaction) you simply just don't add a fee. I've sent transactions in the past without adding any fee and the transaction usually takes 1-1.5 days to be included in a block, but at least it still makes it eventually.

spiceminer15

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wonder why almost all places have a minimum amount you can use your debit or credit card for? because of transaction fees that are a lot higher than $0.09

Ekaros

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Quote from: mjc on August 19, 2014, 02:27:36 PM

Quote from: BittBurger on August 17, 2014, 05:43:50 PM

Quote from: seriouscoin on August 17, 2014, 05:38:19 PM

Yes its the dumb ass like you dont understand the economic of bitcoin infrastructure. You can send btc with any amount as a fee. But that tx will not be confirmed for a very long time.

I know how Bitcoin works. Im making a point. I am able to send up to $5,000 completely free of charge from one Chase bank account to another persons Chase bank account, instantly. With no miner fees or waiting time either.

What a dumbass I am. And now you see another reason why consumers have zero incentive to use Bitcoin. Because dumbasses like you think this is a "dumbass" thing to take issue with. Rather than addressing it as a real issue for future consumer adoption. Which it is.

-B-

You can send 5.BTC from your coinbase account to mine with no fees. Try to send $0.05 , $5.00 or even $5,000 from your account at chase to any other bank, or convert it from USD to Chinese Yan.

You can also send that $0.24 with no tx fee or for that matter $0.005 if you wanted. If the app that you are using doesn't allow you to change it, that is not a problem with the block chain rath with the app you are using.

I'm pretty sure I can transfer my 5€ to an other account in Europe for free. The currency conversions are bad still though.

zedicus

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Quote from: mjc on August 19, 2014, 02:27:36 PM

Quote from: BittBurger on August 17, 2014, 05:43:50 PM

Quote from: seriouscoin on August 17, 2014, 05:38:19 PM

Yes its the dumb ass like you dont understand the economic of bitcoin infrastructure. You can send btc with any amount as a fee. But that tx will not be confirmed for a very long time.

I know how Bitcoin works. Im making a point. I am able to send up to $5,000 completely free of charge from one Chase bank account to another persons Chase bank account, instantly. With no miner fees or waiting time either.

What a dumbass I am. And now you see another reason why consumers have zero incentive to use Bitcoin. Because dumbasses like you think this is a "dumbass" thing to take issue with. Rather than addressing it as a real issue for future consumer adoption. Which it is.

-B-

You can also send that $0.24 with no tx fee or for that matter $0.005 if you wanted. If the app that you are using doesn't allow you to change it, that is not a problem with the block chain rath with the app you are using.

The OP was using coinbase to send his TX and they "choose" how much of a fee to include for you. They will usually include a TX fee that will more or less ensure the TX will get confirmed in the next block. IIRC coinbase will usually/sometimes cover the TX fee when sending from coinbase but I am unsure what their exact policy on this is.

Loco

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with 0.0001 fee counts as instant. why 0.0002 ?
it would cost you $0.04
still for microtransactions, put something like 1 cent. it wont be "forever" che confirmation but yes a few hours i hope

counter

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Quote from: mjc on August 19, 2014, 02:27:36 PM

Quote from: BittBurger on August 17, 2014, 05:43:50 PM

Quote from: seriouscoin on August 17, 2014, 05:38:19 PM

Yes its the dumb ass like you dont understand the economic of bitcoin infrastructure. You can send btc with any amount as a fee. But that tx will not be confirmed for a very long time.

I know how Bitcoin works. Im making a point. I am able to send up to $5,000 completely free of charge from one Chase bank account to another persons Chase bank account, instantly. With no miner fees or waiting time either.

What a dumbass I am. And now you see another reason why consumers have zero incentive to use Bitcoin. Because dumbasses like you think this is a "dumbass" thing to take issue with. Rather than addressing it as a real issue for future consumer adoption. Which it is.

-B-

You can send 5.BTC from your coinbase account to mine with no fees. Try to send $0.05 , $5.00 or even $5,000 from your account at chase to any other bank, or convert it from USD to Chinese Yan.

You can also send that $0.24 with no tx fee or for that matter $0.005 if you wanted. If the app that you are using doesn't allow you to change it, that is not a problem with the block chain rath with the app you are using.

I was thinking the same exact thing. It is all good if you want to move money in their network but outside of that the fees are high and your options are limited. Today in a world driven by technology and business, makes the future of Bitcoin look very bright. The old and current banking models do not compare to Bitcoins ability to benefit it users and evolve in a future with a thriving free market. Which is where I think we're headed.

mjc

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Quote from: BittBurger on August 17, 2014, 05:43:50 PM

Quote from: seriouscoin on August 17, 2014, 05:38:19 PM

Yes its the dumb ass like you dont understand the economic of bitcoin infrastructure. You can send btc with any amount as a fee. But that tx will not be confirmed for a very long time.

I know how Bitcoin works. Im making a point. I am able to send up to $5,000 completely free of charge from one Chase bank account to another persons Chase bank account, instantly. With no miner fees or waiting time either.

What a dumbass I am. And now you see another reason why consumers have zero incentive to use Bitcoin. Because dumbasses like you think this is a "dumbass" thing to take issue with. Rather than addressing it as a real issue for future consumer adoption. Which it is.

-B-

You can send 5.BTC from your coinbase account to mine with no fees. Try to send $0.05 , $5.00 or even $5,000 from your account at chase to any other bank, or convert it from USD to Chinese Yan.

You can also send that $0.24 with no tx fee or for that matter $0.005 if you wanted. If the app that you are using doesn't allow you to change it, that is not a problem with the block chain rath with the app you are using.

Nagle

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Quote from: SomethingElse on August 18, 2014, 10:41:50 PM

Right, Coinbase can definitely solve this problem and so can Bitpay. If the major players team together and allow cross-micro-transactions than it is a solution. It won't be true decentralization, but bitcoin itself will always be decentralized even if the players on top of it aren't. Utlimately, is the Coinbase/Bitpay transactions in their own system an acceptable solution?

They could even offer that service for dollars, and eliminate the need for Bitcoin entirely.

Topic: It costs $0.09 cents to send $0.24 cents of Bitcoin? Really? - page 3. (Read 7844 times)