Topic: [S] How to transfer 1 satoshi if Blockchain doesn't allow it because of fees? (Read 2223 times)
February 13, 2014, 12:20:12 AM
That's a great explanation DannyHamilton. This website also explains the fees involved in micro-transactions: https://en.bitcoin.it/wiki/Transaction_fees
February 12, 2014, 10:39:55 PM
I thought it was possible since Coinbase now allows to send micro-transactions between Coinbase accounts. Maybe other companies implement a similar system in the future.
If you don't have exclusive control of the private keys, you don't have the bitcoins.
Blockchain.info is a wallet. You have exclusive control over your private keys. blockchain.info does not have the ability to move bitcoins between blockchain.info wallets without using bitcoin transactions that must be transmitted over the bitcoin network and confirmed in the blockchain.
CoinBase is NOT a bitcoin wallet. CoinBase is an unregulated, unaudited, uninsured, bitcoin bank account. They could even be engaging in fractional reserve, and there is no way for you to know. You make a donation to CoinBase, and in exchange they give you a promise that they will send an equivalent amount of their bitcoins wherever you ask them to whenever you ask them to. As long as they are willing and able to honor that promise, everything works ok. If for some reason they become unwilling or unable to honor that promise, there isn't much you can do. The bitcoins are no longer yours, since they own all the bitcoins that they display in "accounts" to their users.
An "account" is just an entry in their personal database indicating how many bitcoins a particular user can make requests about. To "send" a microtransaction from one CoinBase account to another CoinBase account, they don't have to actually move any of their bitcoins at all. They just reduce the value in the database entry on their system for the "sending" user, and increase the value by the same amount in the database entry on their system for the "receiving" user.
February 12, 2014, 04:41:12 PM
Give satoshis away?
Who would want dust as low as 0.00005 in their wallets?
It costs more than it's value to spend it
Who would want dust as low as 0.00005 in their wallets?
It costs more than it's value to spend it
February 12, 2014, 04:36:29 PM
I have a wallet at Blockchain and they don't allow transfering amounts as low as 0.00005 BTC because the fees charged are higher than the funds available, even between Blockchain wallets. I'm planning to give satoshis away, about 1 satoshi per transaction, how is the best way to do it?
it is like impossible?
And god thanks that it is...
February 12, 2014, 04:00:55 PM
I have a wallet at Blockchain and they don't allow transfering amounts as low as 0.00005 BTC because the fees charged are higher than the funds available, even between Blockchain wallets. I'm planning to give satoshis away, about 1 satoshi per transaction, how is the best way to do it?
it is like impossible?
And god thanks that it is...
February 12, 2014, 11:08:12 AM
I have a wallet at Blockchain and they don't allow transfering amounts as low as 0.00005 BTC because the fees charged are higher than the funds available, even between Blockchain wallets. I'm planning to give satoshis away, about 1 satoshi per transaction, how is the best way to do it?
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