Author

Topic: Newbie poster (Read 492 times)

newbie
Activity: 10
Merit: 0
March 29, 2013, 05:09:59 AM
#6
Thanks for the great answer. BitCoin does indeed look very promising. It is so simple to send money anywhere. I can definitely see a future with some variation of the BitCoin idea in full force. I just wish I could pay for more things now with BitCoin.
sr. member
Activity: 399
Merit: 250
March 29, 2013, 05:04:11 AM
#5
Yep  I've been lurking for quite some time, but I have a couple of new projects on, that require contact with some bitcoin members.
member
Activity: 103
Merit: 10
March 29, 2013, 04:56:56 AM
#4
Another newbie poster here. I'll add a question. I was trying out some transfers between some of my addresses. I sent a small amount and was asked about paying a miner's fee. I declined the charge because I was sending such a small amount. Is this bad? What are the consequences of not paying the miner's fee?

Also newbie on this forum so trapped to posting here..  (lol) But been following BTC for a very long time.  If you don't pay a fee, then the miners have no incentive to process your transaction so it could take a very long time before you get confirmations that your transactions are safely packed into the block chain.  As I understand, (from memory) the Bitcoin network calculates the priority of all transaction requests based on the fee (if any), amount, age of the transaction request and time between inputs and outputs.  (Might be a few other variables, but i think that's it)

So low or zero fee + small amounts + quick flipping of the value between addresses = Super long delay until your transactions are confirmed.  The miners will eventually get to you as your transaction request gets older and gets pushed up in priority, but don't expect fast confirmation.  (Possibly days i think.. Never tried such a worst case personally.)  Inserting a fee buys you priority.  Big transactions and old Bitcoins also get pushed through faster.

Also keep in mind that the name "Miner" in the long run isn't really accurate.  In the short term, the system rewards miners with new Bitcoins for doing their hard work (they spend a lot on hardware and electricity!), but over time this goes to zero and the miners will *only* make income from the transaction fees.  This is by design and the more you learn about it the more you will admire it's brilliance.  Smiley  In the long term though they will be transaction processing service providers.  We'll probably still call them miners, but they won't get free Bitcoins for their efforts.  And said fees will be amazingly low compared to the best a traditional bank could ever achieve.
newbie
Activity: 10
Merit: 0
March 29, 2013, 04:41:32 AM
#3
Another newbie poster here. I'll add a question. I was trying out some transfers between some of my addresses. I sent a small amount and was asked about paying a miner's fee. I declined the charge because I was sending such a small amount. Is this bad? What are the consequences of not paying the miner's fee?
newbie
Activity: 5
Merit: 0
March 29, 2013, 04:13:36 AM
#2
Welcome to the forum! enjoy your stay here.
newbie
Activity: 7
Merit: 0
March 29, 2013, 02:30:20 AM
#1
Hi,

I've been reading various threads on the forum for a while now and decided to join up and begin posting and join the discussion!

Looking forward to being able to post outside the newbie forum before too long!
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