Something tells me that the OP is using a purchased account. As it has been mentioned before the TX fee is based on how "big" the TX is measured in KBs or how much data is required to store it on the blockchain.
BTC is generally not very efficient for use in extremely small transactions however is still more efficient then most other payment methods even at this level.
Topic: It costs $0.09 cents to send $0.24 cents of Bitcoin? Really? - page 6. (Read 7840 times)
you can try electrum and set a 0 fee
but it may take some time to get received
but it may take some time to get received
If you were to use electrum, it would come instantly. It would not be spendable until it is confirmed, and most probably would jam up all your BTC, which is a pain in the ass.
Stick to fees, little fee is better than no fee.
Is this what they mean when they say Bitcoin can never be used for micro transactions?
No. This is what they mean when they say that Bitcoin is not designed to handle microtransactions on the blockchain.
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?
No. This is something that entrepreneurs will provide a service for when there is enough of a market for it.
Meanwhile the entire financial industry sees Bitcoin as having major flaws and never incorporates it.
The financial industry is welcome to see whatever flaws they like. They are welcome to hire programmers to fix whatever they like as well. It's open source and decentralized. If you don't like it, fix 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" ?
Bitcoin isn't a "get rich quick scheme". Get over it.
Or is this something else?
-B-
-B-
Definitely something else.
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.
And how long until that Chase transfer becomes 100% irreversible? I suspect Bitcoin wins on that point.
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.
Tell me this...
Can you open a brand new Chase bank account with a $0.01 deposit, with no monthly fees, regardless of minimum balance and regardless of the number of months with no activity on the account?
While 9 pennies is a hell of a lot better than 30 pennies +2.9% found with many traditional merchants your concern is somewhat valid and we should encourage lower fees for micro transactions.
Is this the formula for a credit card? That would mean that spending $0.25 would cost the merchant $0.31? Or is there another credit card formula for micro transactions?
30 pennies +2.9% is what Paypal charges and is normal for many credit cards. Because of Interchange fees credit cards are at least 2% for Profit driven companies even if the Business is so large they own their own credit division or bank. With credit cards there is a perverse penalty where small businesses pay 3-8% per transactions and the large multi-national corporations drive the costs down to a little above 2% per transaction.
Bitcoin is already much better than credit cards, but has room for improvement. Payment channels will solve the 10min avg confirmation problem, blockchain bloat problem, and the micro-transaction problem.
There are already multiple payment channels for bitcoin for micro transactions ... but they tend to focus on tips now.
This is one of the annoying things about Bitcoin and miners...greedy miners they are not required to charge a fee. the system is like capitalism and is prioritizing due to incentive something which is a flaw in our brains and basic philosophy.
legendary
Activity: 1862
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Reverse engineer from time to time
Is it something else?
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.
Micro payments are all relative. 25cents are way too small and unrealistic.
Its not a problem for blockchain to fix but its a service for a 3rd party.
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.
Micro payments are all relative. 25cents are way too small and unrealistic.
Its not a problem for blockchain to fix but its a service for a 3rd party.
if mining pools would simply accept the fact that they are rewarded with 25btc right now for their work and that extra fee's are something only needed in atleast 2 decades time and not now. then YOU will realise that the fee is not needed right now. and are given/ required, purely for greedy purposes
then in the uptopian dream of zero greed, bitcoin can be used for microtransactions without a large cut.
if mining pools would simply just accept transactions into blocks instead of ignoring them all the time, there would be no issues.
i personally have a client thats in the advertising business and would love to be able to send amounts of under 20c to people as often as he liked, rather then having to set monthly payouts or minimal account balance before payout.. he thought bitcoin was the solution.. yet the tx fee due to mining pool greed is the cause of why he wont get involved in bitcoin
Or you could equate it to buying something on NewEgg that cost something like $2.50 and having to pay S&H like $6 to get it delivered 3rd day mail.
Like the Post office, they have different rates for overnight, first class/etc.
The "miners" are what move btc, not paying for their storage of the entire blockchain nor the bandwidth/power bill well.. you might as well put the quarter in an envelope and place a stamp "hint cost more then .25 cents" and mail the quarter.
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Like the Post office, they have different rates for overnight, first class/etc.
The "miners" are what move btc, not paying for their storage of the entire blockchain nor the bandwidth/power bill well.. you might as well put the quarter in an envelope and place a stamp "hint cost more then .25 cents" and mail the quarter.
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While 9 pennies is a hell of a lot better than 30 pennies +2.9% found with many traditional merchants your concern is somewhat valid and we should encourage lower fees for micro transactions.
Is this the formula for a credit card? That would mean that spending $0.25 would cost the merchant $0.31? Or is there another credit card formula for micro transactions?
There is an 848 page law in the US and tucked away in it somewhere it says that merchants can set a credit card minimum purchase of up to $10, as long as they treat all cards the same. It also allows the Federal Reserve to review and increase the minimum payment amount.
I don't imagine any merchant is going to let you charge any amount that would cost them more money than they would make on the transaction.
While 9 pennies is a hell of a lot better than 30 pennies +2.9% found with many traditional merchants your concern is somewhat valid and we should encourage lower fees for micro transactions.
Is this the formula for a credit card? That would mean that spending $0.25 would cost the merchant $0.31? Or is there another credit card formula for micro transactions?
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-
I think the analogy with the Chase example would be sending from one Coinbase account to another, I agree, that should not require a fee. As others have noted the standard fee is .0001, which may preclude micropayments but is better than Paypal would be.
you can try electrum and set a 0 fee
but it may take some time to get received
but it may take some time to get received
Is this what they mean when they say Bitcoin can never be used for micro transactions?
While 9 pennies is a hell of a lot better than 30 pennies +2.9% found with many traditional merchants your concern is somewhat valid and we should encourage lower fees for micro transactions.
https://www.youtube.com/watch?v=m2q9pItnO0U&t=17m52s
Anonymous and trust less Payment channels facilitated by oracles could solve this concern.
micro payment is 1 USD or 1 Euros ... 
and for this, you pay only 0,04 euros to send 1 euros (tested on bitcoin core and bitcoin android wallet).
it's perfect for bakery stuff.
Or Bar stuff.
and for this, you pay only 0,04 euros to send 1 euros (tested on bitcoin core and bitcoin android wallet).
it's perfect for bakery stuff.
Or Bar stuff.
Is it something else?
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.
Micro payments are all relative. 25cents are way too small and unrealistic.
Its not a problem for blockchain to fix but its a service for a 3rd party.
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.
Micro payments are all relative. 25cents are way too small and unrealistic.
Its not a problem for blockchain to fix but its a service for a 3rd party.
Just because you understand the "economic of bitcoin infrastructure (sic)" doesn't mean you get to call everyone who doesn't a dumb ass.
The field may seem editable, but it really isn't. The set fee is 0.0002. Blockchain's custom send allows you to set the fee, which is a huge advantage and freedom. Coinbase disgusts me for these types of reasons.
Ah right. So thats a coinbase thing.
Best bet is to switch to blockchain as I've said.
I've had experiences in the past with Coinbase with small transactions <0.001 not going through at all and such. At least they have support haha but the whole system isn't developed to what it could be. Taking 0.001 a transaction is greedy.
The field may seem editable, but it really isn't. The set fee is 0.0002. Blockchain's custom send allows you to set the fee, which is a huge advantage and freedom. Coinbase disgusts me for these types of reasons.
Ah right. So thats a coinbase thing. I'd recommend using a "real" wallet rather than a payment processor like Coinbase for many reasons, such as this. If you use Coinbase, you don't have any bitcoins, you have an IOU for certain amount of bitcoins from coinbase. They can get goxxed just as easy as Mt Gox.
Is it something else?
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.
Micro payments are all relative. 25cents are way too small and unrealistic.
Its not a problem for blockchain to fix but its a service for a 3rd party.
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.
Micro payments are all relative. 25cents are way too small and unrealistic.
Its not a problem for blockchain to fix but its a service for a 3rd party.
if mining pools would simply accept the fact that they are rewarded with 25btc right now for their work and that extra fee's are something only needed in atleast 2 decades time and not now. then YOU will realise that the fee is not needed right now. and are given/ required, purely for greedy purposes
then in the uptopian dream of zero greed, bitcoin can be used for microtransactions without a large cut.
if mining pools would simply just accept transactions into blocks instead of ignoring them all the time, there would be no issues.
i personally have a client thats in the advertising business and would love to be able to send amounts of under 20c to people as often as he liked, rather then having to set monthly payouts or minimal account balance before payout.. he thought bitcoin was the solution.. yet the tx fee due to mining pool greed is the cause of why he wont get involved in bitcoin
DO you realise this is not a problem with blockchain protocol? And the OP was ranting about how "developers" didnt fix it?
The whole bitcoin infrastructure was built on economic incentives. Its not about mining fee, but the risk of having orphan blocks. Mining fee is just a presentative of the size of the tx.
ppl like OP are so fcking thick to understand. This is not an issue, as there WILL be service offered by 3rd party.
The TX fee for most transactions is usually 0.0001BTC. I don't know why coinbase are trying to charge you double.
The tx fee is not related to the amount you are sending, but related to how much network resources your transactions uses and how "spammy" the transaction looks. The purpose of fees is to prevent someone from spamming the network by sending the same BTC over and over between 2 addresses.
Try entering in 0.0001BTC in that field, it should confirm fine.
No it wont. i tried that...The tx fee is not related to the amount you are sending, but related to how much network resources your transactions uses and how "spammy" the transaction looks. The purpose of fees is to prevent someone from spamming the network by sending the same BTC over and over between 2 addresses.
Try entering in 0.0001BTC in that field, it should confirm fine.
With coinbase? Coinbase is not a wallet but essentially a payment processor so they might enforce their own fee rules. But you can send a transaction with any fee you like. There are miners still including free transactions, technically if you waited you could broadcast a tx without any fee and it'd probably be mined if it wasn't really large in size (i'm talking kilobytes not amount of BTC) or really spammy looking. I've never sent a tx with a fee over 0.0001BTC since the fee rules were changed and all my tx's have been included in the next block. With the old rules I used to never pay fees and never had any problems.
it is a problem when u send some money between A to B, then find out that the website didnt calculate the fees correctly and u need to send a fraction more only to find u need two lots of 0.0001
The TX fee for most transactions is usually 0.0001BTC. I don't know why coinbase are trying to charge you double.
The tx fee is not related to the amount you are sending, but related to how much network resources your transactions uses and how "spammy" the transaction looks. The purpose of fees is to prevent someone from spamming the network by sending the same BTC over and over between 2 addresses.
Try entering in 0.0001BTC in that field, it should confirm fine.
The tx fee is not related to the amount you are sending, but related to how much network resources your transactions uses and how "spammy" the transaction looks. The purpose of fees is to prevent someone from spamming the network by sending the same BTC over and over between 2 addresses.
Try entering in 0.0001BTC in that field, it should confirm fine.
The field may seem editable, but it really isn't. The set fee is 0.0002. Blockchain's custom send allows you to set the fee, which is a huge advantage and freedom. Coinbase disgusts me for these types of reasons.
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