Topic: Just what is a FAIR fee to send a Bitcoin transaction? (Read 7366 times)
I think a fair fee would be between 1-2 cents "maybe around 0.00005 BTC"... The block reward is given in additional to fees so I think that fee is sufficient.
A fair fee is a fee where you get a transaction within the time you need to get the transaction...
if i pay 1 satoshi fee and the transaction lasts 1 week...it is a fair transaction...
if I pay $1 fee for a transaction and it lasts 1 hour it is not fair...
if i pay 1 satoshi fee and the transaction lasts 1 week...it is a fair transaction...
if I pay $1 fee for a transaction and it lasts 1 hour it is not fair...
"Hey network, you guys better relay this transaction for me -- and I ain't payin a lick more than 5 cents. Ever. You hear me?!?!"
No more than 5 cents is the fee that I consider fair for the user, Not sure about the ones conducting micro-transactions or the miners though.
It's funny but no one in this thread seems to think that fees should be tied to the costs to validate and relay a tx such that it is recorded in the blockchain. It seems like everyone thinks they should be able to pay some fee and get tx confirmed with no regard for costs.
That's not gonna work so well when block reward dwindles down. Fees need to make a tx worthy to mine.
That's not gonna work so well when block reward dwindles down. Fees need to make a tx worthy to mine.
I think it would be easier and better for micro-transactions if the fee is less than 1 cent or 1 cent but the most fees that I think reasonable is 5 cents "which is close to the current fees".
I think 20k Sats/Kb is fair although I have set my client to calculate and spend 50K Sats/Kb dynamically and my Transactions go through just fine. But to answer the poll, I think 10-20 cents fee normal transactions should be fine, slightly higher for larger ones.
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Almost 80 cents can be provided as a transaction fee. Every time while doing transactions I prefer it. Will be getting quick confirmations.
as i experienced, higher fee won't affect the confirmation speed if compared to another transaction with enough fee,it's just a waste of money even a bit, i didn't mean to be stingy but i spend as low as i can for thing which is negotiable 
I would say it would depend on the size of the transaction usually when I'm sending my btc usually over 0.5 btc I does use 0.0002 btc fee so that there's no delay on me.
I would prefer 5 cents. When we provide low transaction fee, the confirmation gets delayed. Just to avoid the delay giving a bit more gives confirmation in a very short time.
Quote from: solex link=topic=827209.msg9242486#msg9242486
Simple poll to find out just what most people think is a fair fee for sending a transaction on the Bitcoin network, long-term.
Paying a bill; buying a car, computer or coffee; making a donation, or whatever...
In 2014 US dollars please choose the amount that you think is closest to what the BTC equivalent mining fee should be for a standard transaction.
Assuming also that a standard transaction is on-chain, not a micro-transaction, it is for something that is usually paid for with fiat.
What is the fairest fee?
Paying a bill; buying a car, computer or coffee; making a donation, or whatever...
In 2014 US dollars please choose the amount that you think is closest to what the BTC equivalent mining fee should be for a standard transaction.
Assuming also that a standard transaction is on-chain, not a micro-transaction, it is for something that is usually paid for with fiat.
What is the fairest fee?
It's unfair to have the same fee when sending 10 dollars and sending 1 million of dollars worth in bitcoin, i think a fair fee would be 5 cents per little transactions.
Nowadays I add around 15K satoshi for every transaction as 10K don't always seem to make my transaction confirm within 3 blocks. If I add 15K satoshi then my transaction mostly gets confirmed directly.
Cannot be calculated in fiat costs. The protocol cannot control the market, and should not attempt to simulate the market as that is impossible. If bitcoin can, in time achieve its own economy that is not completely dependent on btc/fiat gateways, then this will make more sense to users.
Anyway a "fair" fee depends on validation costs. That's how the code is currently written. As block size increases, so do validation costs. Bitcoin is a broadcast network, meaning every node needs to process every piece of information on the blockchain. If you know anything about telecommunications, this is known not to be scalable. The way engineers can achieve scalability is to (like IPv4 protocol) build additional layers to accommodate capacity and new functionality.
Anyway a "fair" fee depends on validation costs. That's how the code is currently written. As block size increases, so do validation costs. Bitcoin is a broadcast network, meaning every node needs to process every piece of information on the blockchain. If you know anything about telecommunications, this is known not to be scalable. The way engineers can achieve scalability is to (like IPv4 protocol) build additional layers to accommodate capacity and new functionality.
between 1 to 3 cents, I am not sure it will be good for miners with the halving with a fee reduction but it is very high right now, it was around 10 cents before when BTC was worth $1000 and this 10 cents is very high for small transactions.
I think a fair fee would be something at the range of 0,5-1 cent. Everything more than that is extremely expensive, I understand that miners need to make profit but extreme fees would decrease the overall use of the network and indirectly reduce there profit.
For me fair fee is lowest possible fee, that satisfies bitcoin users AND miners.
So i won't tell in FIAT, it must be small like 0.0001 BTC, but with millions transactions everyday it will still be good money for miners
I think so, but sometimes it depends on the price of bitcoin or how long will we wait for the transaction because we know the miners will process the highest fee first. So i won't tell in FIAT, it must be small like 0.0001 BTC, but with millions transactions everyday it will still be good money for miners
A fair fee in this case for me is about a few cent (3-5).
Of course this is influenced by a lot of factors. But in this current stage thats my awnser.
Of course this is influenced by a lot of factors. But in this current stage thats my awnser.
Almost 80 cents can be provided as a transaction fee. Every time while doing transactions I prefer it. Will be getting quick confirmations.
...
I have had pretty good luck (even when the blockchain was under spamming attacks / stress tests) with BTC0.0003 (12 cents). Even for small transactions (say US$10 or even less).
Were it to be important (sending over $100 worth of BTC or making a purchase) I would send (and have sent) up to BTC0.0006.
0.0003 - 0.0006 seems to be a nice little plum for almost any miner to harvest...
I have had pretty good luck (even when the blockchain was under spamming attacks / stress tests) with BTC0.0003 (12 cents). Even for small transactions (say US$10 or even less).
Were it to be important (sending over $100 worth of BTC or making a purchase) I would send (and have sent) up to BTC0.0006.
0.0003 - 0.0006 seems to be a nice little plum for almost any miner to harvest...
Adrian-x - thanks for digging up this thread.
credit goes to solex, I just wanted to see if there was a significant shift given recent events.
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