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Topic: Just what is a FAIR fee to send a Bitcoin transaction? - page 7. (Read 7408 times)

legendary
Activity: 840
Merit: 1000
I 'd like to choose the last ,but i click a 5 cent instead,what a fool i am  Grin

LOL..! I did the same.! currently it is around 5 cents i guess..! Its alright..i guess!
legendary
Activity: 840
Merit: 1000
Well whatever it is now is fine..pretty happy with it! Dont mind it getting any cheaper though!
hero member
Activity: 658
Merit: 500
Current fee 0.0001 BTC is too high price, especially if transfer amount is low
donator
Activity: 1218
Merit: 1015
Impossible question. It depends on all sorts of things since the cost isn't determined entirely by mining now, but also the cost of data transmission in the future and how blocks and the blockchain are compressed. How do these millions of transactions affect data drive and RAM MTBF and what's the cost to replace damaged components? What's the price of CPU cycles in the future? Each transaction today is a burden on our kids, our kids' kids, and our kids' kids' kids' kids, and those burdens would have to be accounted for in determining what's fair, which is impossible (or at least very time-consuming to estimate). -And unless the protocol changes radically, there's no way to pay them this theoretical fair price, anyway, since it all goes to miners.

... maybe $.08-25.
staff
Activity: 3500
Merit: 6152
Most of people voted for 1 cent or less Shocked I agree with that
of course we will, the less the better for the future of Bitcoin,isn't it?

Exactly , True.  Grin
full member
Activity: 136
Merit: 100
Most of people voted for 1 cent or less Shocked I agree with that
of course we will, the less the better for the future of Bitcoin,isn't it?
full member
Activity: 136
Merit: 100
I 'd like to choose the last ,but i click a 5 cent instead,what a fool i am  Grin
hero member
Activity: 714
Merit: 500
Have you guys ever looked in how much the transaction fees is in relation to the block reward?
e.g. https://blockchain.info/block-index/464811

Quote
Transaction Fees   0.03933258 BTC
...
Block Reward   25 BTC
I don't think transaction fees are really a concern of miners, since the block reward is just much higher, than that and will be for a long time
legendary
Activity: 1316
Merit: 1004
At the moment it doesn't matter how much the fee is. At least the block reward is enough to incentivize the miners to keep the mining rigs on. After it reaches the limits of 21 million, all the accumulated transaction fees left is rewarding to miners. Apart from the transaction volume, the amount of fees is important factor to determine the amount of reward in on block. If the reward is less than miners expected, they might turn off rigs.
sr. member
Activity: 393
Merit: 250
Current fee of 0.0001 is good enough in current market.

I think Lower transaction fee was one of the main concept of cryptocurrencies so it is as it should be.
hero member
Activity: 938
Merit: 501
I think something like 10k satoshis per tx at 10x the overall transaction volume we have now may be sustainable
legendary
Activity: 1148
Merit: 1014
In Satoshi I Trust
Whatever the market will allow.

guess thats it. iam comfortable with 1-3 cents because then we have a very cheap payment-rail that will rule the world  Tongue
legendary
Activity: 2170
Merit: 1427
I think the 0.0001BTC fee is very reasonable at this price point, I don't mind paying this as fee for the upcomming years.

The market decides, and I will just follow.
full member
Activity: 271
Merit: 100
20 cents is perfect in my opinion. I always send transactions with this fee.
donator
Activity: 1617
Merit: 1012
Whatever the market will allow.

Yes, whatever the market will bear is the fairest, assuming that there is no cartel of miners artificially keeping fees high.
hero member
Activity: 658
Merit: 500
I don't think the current fee 0.0001 is unfair. I have read that the standard fee used to be 0.001, ten times of what we have now. Because of the way transactions are recorded in the blockchain, fee as a percentage of coins sent is not feasible. Think about the satoshi spams.
legendary
Activity: 1834
Merit: 1008
My idea works well when all coins are mined, people with big rigs can mine the larger transactions and get 1% and people with regular pcs can mine the smaller transactions for fun, those who wudnt mind smaller rewards eh?
legendary
Activity: 1078
Merit: 1006
100 satoshis -> ISO code
Whatever the market will allow.

This. Don't want to have others determine how much your fee is? Don't mine, or modify your shit so you don't mine TXes below what you think you should be paid.

Absolutely. I'm a fan of market-driven pricing too, but it is still reasonable to try and find out what the market is thinking, especially as most users just let the default fee get applied by their wallet software. There is not yet an efficient fees market.
member
Activity: 118
Merit: 10
Maximum 50 cents, I preffer much lower, but the fee should never be higher than 50 cents
legendary
Activity: 3038
Merit: 1032
RIP Mommy
Whatever the market will allow.

This. Don't want to have others determine how much your fee is? Don't mine, or modify your shit so you don't mine TXes below what you think you should be paid.
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