Topic: It costs $0.09 cents to send $0.24 cents of Bitcoin? Really? - page 5. (Read 7844 times)

A temporary problem...

It has the 10kb of space set aside for free transactions and another 17k for priority transactions, though... with how many DOGE blocks there are, you really don't have to pay a fee at all (unless perhaps it's an extremely large txn). I'm not sure if this is still the case or not.  I was looking through the source and it seems like the latest code has 26KB reserved for free transactions, priority or otherwise?

I have my dogecoin only set to relay transactions that pay 1 dogecoin every 1kb....  my p2pool rarely has any fees other than my own.

ed: i should preview my stuff more often. sigh.

why not use dogecoin?  doesn't it only cost 1 doge to make a transaction, with each doge worth like 0.002?

yeah, but are those billions of people running servers propagating transfers?

This is a very difficult topic and has been the reason for discussion for a long time already. Accepting a transaction in a block actually bloats the time to transact the block over the network quite a bit. Therefore the chances of that block being accepted in the longest chain subsequently go down with every new transaction that's being accepted! Accepting a transaction in a block therefore 'costs' a certain amount - since the miner is risking the whole block reward. There's a proposal to cut down that risk and development is ongoing: http://www.reddit.com/r/Bitcoin/comments/2d7ofh/technical_discussion_of_gavins_o1_block/

Anyway, how many inputs did that transaction have? They also bloat the needed transaction fee quite a bit

There are already a ton of them being used right now as I listed, and many of them free.

So now lets see you send that same $5k USD from your Chase bank account to someone overseas. I bet it will cost you a lot more than $0.09  (actually roughly $300 for wire fee and currency exchange)

"No incentive" to use bitcoin is a bit dramatic of a statement. If that's the case, then why are you still here?

I was wondering about this.
The CC system gets a authorization number, and doesn't batch the transactions out until day's end.

Is there anyone working on an off-chain system?

Tell that to the billions of people living in the third world.

Huh, the default fee is 0.0001 BTC ($0.048)
You might use 0.00005 for fee, but the confirmation time will very slow.

But that fee is small compared to bank/paypal
Paypal fee is about 2.x% + $0.3, it's very big compared to $0.09 only 

So, bitcoin is still good for  micro transactions 

Hopefully off chain transactions can counter this problem, anything over a few dollars is fine with the small tx fee though. BTC is very powerful for larger transactions.

If you have some time on your hands you could probably get that confirmed as a zero txt
It would take a while but it should be possible to send that amount for free.
But as others have said its still a significant amount cheaper than bank fees or transfer fees.

That said if you want it done promptly for that amount send the txt fee.
https://en.bitcoin.it/wiki/Transaction_fees

Or Eligius Block
https://en.bitcoin.it/wiki/Free_transaction_relay_policy

OP, make a pull request and propose a solution

Weren't they going to change transaction fees from 10k satoshis to 1k? What happened to that?

Also, that site you posted your screenshot of is requiring you to pay 20k satoshis which is double than the normal amount.

I thought it wasn't mandatory to pay a transaction fee? I send coins to some of my cold wallets without a transaction fee every now and then cause I'm not in a hurry of when it shall get there.

I didn't say they were 100% full.

Lets say we time how long it takes a 1KB block vs a 500MB block to propagate the network. Lets say it takes 1 minute longer. That means that there is a 10% increased chance of an orphaned block if it is 500MB in size vs 1KB, because until it fully propagates another miner could publish a block causing theirs to orphan (this happens a lot more often than you think). An orphaned block will cost the miner 25BTC, so the miner is risking on average 2.5BTC for a full block vs an empty one. Why would they risk that for free? They are a business, they don't do things that cost them money for free.


Not really. A lot of the blocks Satoshi mined are empty. They still add security to blocks below it. Transactions that are already in the blockchain will gain an extra confirm.

I don't think miners should get paid the extra miners fee until there is no reward, but then it would be a shock if we didn't have tx's and all of a sudden started them.. but I say they should get rid of them. when I used to mine, .01bts was considered a big transaction fee (all of them) but I have seen much larger ones, when we went from 50 coins to 25 coins, I think the tx's fees were as much as the 25btc reward, if not more, people wanted to be a part of "history"...

seriously.. your going to roll with that sheeple excuse passed down from a miner trying to hide their greed.
blocks are NOT 100% full, there is plenty of space in all blocks to accept all transactions that appear in the period between each block. no one should be waiting more than 30 minutes to have a tx accepted. and on the very smallest of occasions, a few people may have to wait 20 minutes. (very few occasions)

secondly the reward is the reward. end of. they should not be compensated for ignoring transactions. the reward should be for allowing transactions(the whole point of making blocks(infact the whole point of what a blockchain/bitcoin is)). saying that miners should get a bonus for preventing the loss of a reward.... that is the weak and pathetic excuse miners give.

no one should get a bonus for only doing half their job.

again bitcoin is a ledger system, the point of the ledger is to have details of transactions in them. if miners want to have a blockchain of no transactions per block because they are in the belief that blocks should be empty to get paid.  and that entering a transaction should be a 'premium' then they need to seriously realise that they are not part of the community and simply greedy selfish people that dont care about bitcoins usefulness, and only care about their own wealth.

It's not exactly a flaw, resources, including space in Bitcoin blocks, are limited and the capitalistic system allows the people who need/want something, including space in a block, to pay more than people who want/need it it less in order to ensure they receive it. Greed is a flaw, but there is a difference between greed and participating in a market.

Examples of Bitcoin Microtransaction payment channels and their costs :

1)   Bitcoin Microcharity
www.bitcoinmicrocharity.org
https://coinbase.com/apps/533cf8ef7947a4153900001d
90% of the money raised will go to a designated charity
 0.24 Cent micro transaction costs 2.4 cents

2)   Tip Pal
https://coinbase.com/apps/53a3f40c547d5870ce000022
https://play.google.com/store/apps/details?id=com.tippal.app

fee = 0

3)   Coinbase
http://blog.coinbase.com/post/64708670240/how-to-send-bitcoin-on-reddit

http://blog.coinbase.com/post/57483182558/you-can-now-send-micro-transactions-with-zero-fees

Fee = 0

4)   Changetip
https://www.changetip.com/

Fees = none for transactions

5)   QuickCoin
http://www.quickcoin.co
Fees = 100 bits
24 cents  micro transaction costs 5 cents

The cost of Micro transactions with Bitcoin is therefore nothing.

Coinbase, it's like MtGox but newer.