Topic: Question About the Fee System (Read 453 times)
takeiteasy
Ah, perfect. So it isnt a problem at all.
Thank you very much.
Thank you very much.
The transaction fee and the conditions for free transactions are set by miners, and can be (and have been) changed in response to changing market conditions. The fee has been repeatedly reduced in the past due to rising bitcoin prices, and further reductions are likely if the price continues rising, though other factors such as transaction volume and mining costs may also influence future transaction fees.
In this case, could the fee be reduced given a higher BTC value ? If it cant be reduced then or bitcoin cant replace our major currencies because of the small amount of BTC that are going to exist or it is going to proof that the world isnt as rich as it thinks and we are not productive enough to have apples for 5usd.
Not long ago the transaction fee was 0.0005 BTC . I heard the transaction fee was 0.01 BTC when Bitcoin started
Hello all,
I have a question about the fee system, specially about the fee charged for transactions with less than 0.01 BTC. As I understood transactions with less than 0.01 BTC are charged in 0.0001 BTC(please correct me if I am wrong), so this fee basically makes such small transfers unfeasible, which isnt a problem now with BTC at 900usd.
However, this fee would impose a ceiling for BTC value and maybe this fee could even prevent BTC to become a major currency in the world(strong statement here, but I want to emphasize my point). Let's take an hypothetical example where BTC replaces the dollar and its value would go to something like 1mio usd / btc. If you want to buy a bag of apples(guess 5usd) with BTC you would have to pay 0.000005, although the fee for this transaction is 0.0001, so it would actually costs 0.000105 BTC(105usd).
In this case, could the fee be reduced given a higher BTC value ? If it cant be reduced then or bitcoin cant replace our major currencies because of the small amount of BTC that are going to exist or it is going to proof that the world isnt as rich as it thinks and we are not productive enough to have apples for 5usd.
Forgive me if this subject was already discussed before(I guess it was, but I couldnt find the discussions about this).
Sorry for my english, I hope everyone can understand.
Regards,
Arivar
I have a question about the fee system, specially about the fee charged for transactions with less than 0.01 BTC. As I understood transactions with less than 0.01 BTC are charged in 0.0001 BTC(please correct me if I am wrong), so this fee basically makes such small transfers unfeasible, which isnt a problem now with BTC at 900usd.
However, this fee would impose a ceiling for BTC value and maybe this fee could even prevent BTC to become a major currency in the world(strong statement here, but I want to emphasize my point). Let's take an hypothetical example where BTC replaces the dollar and its value would go to something like 1mio usd / btc. If you want to buy a bag of apples(guess 5usd) with BTC you would have to pay 0.000005, although the fee for this transaction is 0.0001, so it would actually costs 0.000105 BTC(105usd).
In this case, could the fee be reduced given a higher BTC value ? If it cant be reduced then or bitcoin cant replace our major currencies because of the small amount of BTC that are going to exist or it is going to proof that the world isnt as rich as it thinks and we are not productive enough to have apples for 5usd.
Forgive me if this subject was already discussed before(I guess it was, but I couldnt find the discussions about this).
Sorry for my english, I hope everyone can understand.
Regards,
Arivar
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