Minimum Transaction Amounts | Bitcointalksearch.org

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

Quote from: skivrmt on March 21, 2014, 02:00:13 PM

Quote from: Valerian77 on March 21, 2014, 12:22:06 PM

Quote from: Foxpup on March 20, 2014, 11:49:35 PM

Bitcoin is not designed for microtransactions.

Depends on what you define as microtransactions. When the value surges more the transaction fees may go down. For sure transactions on the level of the fees are wot worth to be executed.

This is exactly true, what is the definition of a microtransaction? Say Bitcoin is $40,000/coin in 5 years, is a .00001 BTC transaction still considered micro?

Probably not. The 5,430 sat limit isn't part of the protocol it is a rule enforced by nodes as an output that small is uneconomical. It would cost more in fee than the value of the output to spend. The min tx fee has declined over time, the dust threshold will also decline.

skivrmt

hero member

Activity: 994

Merit: 501

Quote from: Valerian77 on March 21, 2014, 12:22:06 PM

Quote from: Foxpup on March 20, 2014, 11:49:35 PM

Bitcoin is not designed for microtransactions.

Depends on what you define as microtransactions. When the value surges more the transaction fees may go down. For sure transactions on the level of the fees are wot worth to be executed.

This is exactly true, what is the definition of a microtransaction? Say Bitcoin is $40,000/coin in 5 years, is a .00001 BTC transaction still considered micro?

Valerian77

sr. member

Activity: 437

Merit: 255

Quote from: Foxpup on March 20, 2014, 11:49:35 PM

Bitcoin is not designed for microtransactions.

Depends on what you define as microtransactions. When the value surges more the transaction fees may go down. For sure transactions on the level of the fees are wot worth to be executed.

Foxpup

legendary

Activity: 4536

Merit: 3188

Vile Vixen and Miss Bitcointalk 2021-2023

The limit is 5430 satoshis, and is such because outputs less than that cost more in fees to send than they're worth. If you receive all your money in a large number of payments of less than 5430 satoshis each, you will be literally unable to spend any of it because the required fees will be more than your total balance. The limit is calculated from the transaction fee, so a reduction in the transaction fee (which has happened several times in the past and may (and probably will) happen in the future) will automatically result in a reduction of this limit.

Bitcoin is not just a currency, it is an international payment system designed for speed, security, and robustness. Its immense resources are paid for by substantial transaction fees. Although far cheaper than other international payment systems, it is not free and never will be. Bitcoin is not designed for microtransactions. If you need microtransactions, you need to create a cheaper system layered on top of Bitcoin, rather than using Bitcoin directly.

TechieCFO

newbie

Activity: 16

Merit: 0

I read recently 5460 or so Satoshi are the minimum for transactions to be relayed and mined.
After a bit of testing that seems pretty close.

I would suggest 5460 is too high. 1 x 10 to the minus 6 is much better, 10^ -7 would be
even better. There is without doubt, a way to integrate these near nano
transactions into the flow so no excedrin is needed

people talk about these "dust" transactions just causing headaches, but then
why did Satoshi set the minimum to 10^-8? Was that just stupid on his part?

I guess not. He's just waiting till someone sees what he saw? Maybe.
I see many uses for near nano transactions that would
be very beneficial for bit coin and people too. I also see that 5460 satoshi
is probably about 100X too high.

unfortunately I feel this just falls on deaf ears. But its better to suggest a smart
change than remain silent. What I could also suggest is that Bitcoin should be capable
of processing 1500 billion transaction per day, at a minimum.

We have plenty of currencies in the world. One more currency that only does minimum
transactions around a penny, well…. so what good is that? Bitcoin could distinguish itself
from the others quite well if it wants to.

James

Topic: Minimum Transaction Amounts (Read 1100 times)