Topic: Just what is a FAIR fee to send a Bitcoin transaction? - page 4. (Read 7395 times)

this should be somehow designed and recognized by users itself, anyway, we should keep fees on some level, that spamming network will cost lot of money, which majority can't effort but in other hand so low, that we will not loose small transactions.

actually 0.0001 BTC fee perfectly fits those needs..


because, only with fees you can avoid spam of network by some stupids, which want harm bitcoin..


this. same as public care, how long takes first confirmation, they will care about those fees. and you can explain them 200x that cc confirmation takes half a year and bla bla bitcoin arguments..

why the fees should be really high? i dont think that would be a good idea as people wouldnt use it that much

I have a checking account with $100 in it. I go to a Starbucks and charge a $6 cup of coffee. I now have $94 in my checking account and Starbucks has $6. There is no fee for either. I don't care if that cup of coffee costs the bank a million fucking dollars. The customer doesn't pay and the business doesn't pay. That's all the public will see or care about. If that cup of coffee costs one penny more they will keep using their debit card. Remember I'm not talking about credit. Credit is another story and something Bitcoin isn't currently competing with on a large scale.

Edit: I'm talking about Pin Debit using qualified large merchants.

  You got that right.  A debit card is very costly.  Let me give a long but  easy to do  example.  

  I have great credit so I never use a debit card. I always use credit cards. Why? I get paid to use them.
I charge 2 k to 4 k a month on my credit cards.  The cashback bonus is 1 to 5% depending on what I am buying. So  a debit card user loses 20 dollars a month at best. That would be  1% of 2k = 20 bucks.  And if the purchases qualify they may lose 200 usd   as 5% of 4k is about 200usd.

I find my credit cards earn me around 60 bucks a month in bonus money.  So if I use a 'free' debit card I spend about  720 a year in lost earnings.

  I won't go much deeper but that 720  I earn allows me to buy gift cards direct from Discover  card and they sell some good cards at a 20% discount.  I can buy 36 $25 dollar gift cards with that 720  .   Some cards are staples and bed bath and beyond.   So A 'free' debit card now loses me 900 usd a year.
  I am also not taking into account that I need to keep a minimum balance with the bank.

I read all the responses here and I find many people don't understand the BTC system and why fees are needed.
Very simple reason no fees make for an endless spamming of the BTC blockchain very cheap and easy to do.
So I pay 0.0001 or 0.0002 as a giveback to the community> I also run a node as a giveback to BTC.
What do I spend to do this under  5 bucks a month.  The node cost me 3.60 and as for transactions maybe 50 x  0.0001 = 0.005 = 1.30  total of 4.90 per month

If your block size is 1KB or less then the transaction fee will be 0.0001 BTC

So, the fee in fiat @ current BTC/USD price is $0.02

Using a debit card is pretty much the same as using a credit card, the merchant still has a cost.

All forms of payment have a cost, even cash, however in today's society generally the costs are not visible to the consumer as they are already priced into the goods or services.

That's how Visa/MasterCard does it. They charge their percentage to the receiver. Of course, that's passed along to the customer in higher prices. That's not what I'm talking about. I'm talking about transactions that currently do not cost either party anything. I walk into a store and see a flat screen TV that I want to buy for $3k. I don't carry that kind of money around with me so I use a checking debit card that automatically taps my saving account to buy it. There is no fee whatsoever. Why would you routinely pay more for your utility bills (even a penny) month after month when you don't have to? Makes no sense.

If I want to send money quickly to the Russian mafia half way around the world for some reason. That's where Bitcoin shines.

Currently, the shop often covers the payment fee.. The fee, atleast in the Netherlands can be up to a euro per transaction (depending on your volume ofcourse). As a costumer, you don't see this because the shop takes care of this. Maybe an option like this, where the receiver pays the fee, could be an option?

For transactions where you normally pay a fee to send the money then Bitcoin should be a little below that but where there is no cost to send the transaction there should be no cost for Bitcoin either. If there's a cost no one will use it. You would have to be a fool to stop what you're currently using for free to move to something that will cost you to use.

If it's a negligible amount like 1 cent then people will think of it as free. Once it rises above a few cents people will choose to use free methods of payment like debit cars. The only case where people might be prepared to pay high fees is sending money abroad when the fees are less than the fees for wiring money between bank accounts.

I use a fee of 0.00026809 BTC/kB. Bitcoin-Qt says it will confirm within 6 blocks, but it's usually in the next block.

If it's anything more than free I'm sure not going to use it for something like paying a bill or getting coffee. My banks debit card doesn't charge me to do that.

I tend to agree  with you 0.0001 or 0.0002 seem low enough.

I use electrum and I send tx with the fee it proposes

As low as possible. That's always been one of the appalling things about bitcoin - low transaction fees. They shouldn't go making it to high. I would personally find it very off putting.

It should be done in percentages anyway. What if you only wanted to send a small amount but end up getting charged more than your are sending?

I feel 0.0001 is currently, and will always be the best and FAIR fee compared to if you are too much interested in paying more...
Anyways, I even had transactions with fees between just 600-1k satoshis, and even those transactions got confirmed, but the only problem is, it takes time and unless these transactions get confirmed, we need to wait to spend our coins...

The fees will need always to be substantially smaller than anything we've ever seen before in money transactions, otherwise people will think "well.. another less reason to use this over traditional banking". The small fees of Bitcoin are one of its big selling points and main attractions, so do not ruin it.

i think the amount of fees that we are paying per transaction is fair enough that there is no need to change that. i mean the 0.0001 is like 2 cents which is a great positive point about bitcoin, and this is one of the things that is making bitcoin different, and better that any other money transferring methods.

I voted for a nickel, which in Bitcoin terms is adjusted to the closest approximate value.
Dynamic fees and a standard fee of course are different if Min txt is a nickel people can always pay more to priortize their transactions.

It should depend on the tx size. I'd say about 50 cents per kilobyte might be what we are looking at soon.