It currently is 0,0005BTC(500µBTC) and there is no way to change it as far as i know (i'm still e newb). Even if i lower the value in my options, my client gives a message and charges 500µBTC anyway.
Wile 500µBTC would have been a perfectly reasonable price half a year ago, the price of bitcoin rose 8 times since then, and so the relative transaction fee in % to the average size of a transaction did too!
I want to organise a bitcoin party to introduce the currency to people i know.
The plan for this is to award 1mBTC to everyone each time they buy a beer (yes, we are student and we like to drink
) and the person who earned the most mBTC at the end of the evening gets a prize, everyone may also keep the bitcoin earned to get them started on their wallet. This concept requires me to transfer small amounts of BTC to numerous new adresses and print those out as paper wallets (kinda like money)
With the current transaction fee of 500µBTC, i will lose a whopping 50% of my money to transaction fees, and that's just not viable.
Using bigger amounts to hand out isn't an option either, as we still want to offer good prizes for a consumption and don't plan on running loss on the event.
On top of that, if people who are interested in bitcoin want to take all the BTC they earned from the paper wallets and store them in one account for ease of use, they will lose another 50% of their money. Total loss will be 2/3rd of the money i invested.
one of the advantages of BTC is its low transaction fees, but arn't we slowly taking away that advantage by not adjusting the transaction fee to the current value on a regular basis?