It was a microtransaction system way back then, heck even buying a couple of pizzas instead of a couple of containerloads of pizzas cost more than a whole bitcoin way back then.
You could buy individual pairs of socks instead of palettes of them and still have it come out to a whole coin or more!
Ah, those were the good old days...
-MarkM-
Topic: Sending small amounts of BTC to thousands? (Read 1408 times)
Sounds like someone isnt familiar with the 'microtransaction'
Bitcoin was never designed to be a microtransaction system. It might work for now, but it is unsustainable long term.Someone should really tell that to Satoshi, I'm sure he would be fascinated to know!
Sounds like someone isnt familiar with the 'microtransaction'
Bitcoin was never designed to be a microtransaction system. It might work for now, but it is unsustainable long term. ... You refer to a large transaction of many small amounts of BTC like its.. an unworthy transaction ?
People receive less than 0.1 USD cent that they are then unable to spend themselves. An "unworthy transaction" is a very accurate description.So your defining what is a 'worthy' transaction of BitCoin by its worth in the very fiat currency it is so at odds with ? Riiiiight.
Sounds like someone isnt familiar with the 'microtransaction'
... You refer to a large transaction of many small amounts of BTC like its.. an unworthy transaction ?
People receive less than 0.1 USD cent that they are then unable to spend themselves. An "unworthy transaction" is a very accurate description. even an nominal tx fee like 2% of total input or some shit. the tx fee for 300% of input value is bs
This is a strong point actually.
The fee system requires some rebalancement apparently.
... You refer to a large transaction of many small amounts of BTC like its.. an unworthy transaction ? Isnt one of the major points of BTC is that transactions of any size are valid ? If the protocol is evolving for this to not be the case, Thats a huge setback for all BitCoin users!
even an nominal tx fee like 2% of total input or some shit. the tx fee for 300% of input value is bs
This is a strong point actually.
The fee system requires some rebalancement apparently.
even an nominal tx fee like 2% of total input or some shit. the tx fee for 300% of input value is bs
This is a strong point actually.
The fee system requires some rebalancement apparently.
even an nominal tx fee like 2% of total input or some shit. the tx fee for 300% of input value is bs
Well I'm pondering what was mentioned here about using blockchain.info or InstaWallet or easychain or something to avoid tx fees. I havent looked into those systems too much, But from what I gather they allow you to send without tx fees ? I'm assuming they batch the transactions themselves in such a fashion as to minimize tx fee..
At least one miner still has to deign your transaction worthy of including in a block though...
Well I'm pondering what was mentioned here about using blockchain.info or InstaWallet or easychain or something to avoid tx fees. I havent looked into those systems too much, But from what I gather they allow you to send without tx fees ? I'm assuming they batch the transactions themselves in such a fashion as to minimize tx fee..
Instawallet and EasyWallet both do direct account-to-account transfers that don't touch the blockchain at all. You would tell your customers they have to give you an address that's with an existing Instawallet or EasyWallet account.
Well I'm pondering what was mentioned here about using blockchain.info or InstaWallet or easychain or something to avoid tx fees. I havent looked into those systems too much, But from what I gather they allow you to send without tx fees ? I'm assuming they batch the transactions themselves in such a fashion as to minimize tx fee..
Bitcoin will never make for a good micropayment system.
Depends on your definition of micropayment. If your definition is under 0.5 USD, then it is worse than horrible for that right now and probably will continue to be.
What would be the ideal tx size for this ?
I've been playing with it trying to find the best ratio of input to tx fee.
1 isnt optimal, 100's isnt optimal. 1000's is barely optimal and 2000+ at least gets me with a higher input the tx fee.
Like this http://blockchain.info/tx/24ee838c252c39b131f33202874b379e363e0d4e0d620581959a711dfaa84f05
I've been playing with it trying to find the best ratio of input to tx fee.
1 isnt optimal, 100's isnt optimal. 1000's is barely optimal and 2000+ at least gets me with a higher input the tx fee.
Like this http://blockchain.info/tx/24ee838c252c39b131f33202874b379e363e0d4e0d620581959a711dfaa84f05
If you want to play bitcoin faucet at this point in the game, you need to find affiliate opportunities that allow you to take a more substantial cut for each referral you send them. Even though 0.0005 per kilobyte is the most common minimum transaction fee, that is far from a guarantee that the miners will accept it. Right now priority rules related to old coins of a certain size are out the window it seems from my experience sending transactions as well.
What you really need to do is find a way to move from microbitcoin payouts to millibitcoin payouts. If you can do that you should exit the coming transaction congestion crisis nicely and maybe displace some of the older free bitcoin sites. If you can't 0.09 bitcoins can probably hook you up with a bottle of Astroglide, because you came in to a saturated game very late.
why would you even send dust transactions? all you're doing is spamming the blockchain with bitcoins that is uneconomical to spend anyways.
Given the very low value of the outputs I would recommend making the total size of your transactions small enough to fit in the free transaction area. That means 10KB, or about 90 transactions. Of course with current network volume it may take months for them to actually be confirmed, but given the exceptionally very low value of the outputs I can't see rational users being bothered by that delay.
If for some reason the transactions must confirm immediately keep in mind that transactions are charged per KB, so the cost just comes down to overhead + the size of each additional output. Basically what you are doing already is already pretty optimal.
Note that in the near future transactions that produce outputs that are not profitable to spend, that is they would cost more in fees than they are worth, will likely be made non-standard and thus will become even harder to get confirmed.
You'll find that using an off-chain transaction method more likely to work. Perhaps instawallet or easywallet would be interested in API access, or distribute something like Mt. Gox codes. Bitcoin will never make for a good micropayment system.
If for some reason the transactions must confirm immediately keep in mind that transactions are charged per KB, so the cost just comes down to overhead + the size of each additional output. Basically what you are doing already is already pretty optimal.
Note that in the near future transactions that produce outputs that are not profitable to spend, that is they would cost more in fees than they are worth, will likely be made non-standard and thus will become even harder to get confirmed.
You'll find that using an off-chain transaction method more likely to work. Perhaps instawallet or easywallet would be interested in API access, or distribute something like Mt. Gox codes. Bitcoin will never make for a good micropayment system.
What would be the ideal tx size for this ?
I've been playing with it trying to find the best ratio of input to tx fee.
1 isnt optimal, 100's isnt optimal. 1000's is barely optimal and 2000+ at least gets me with a higher input the tx fee.
Like this http://blockchain.info/tx/24ee838c252c39b131f33202874b379e363e0d4e0d620581959a711dfaa84f05
I've been playing with it trying to find the best ratio of input to tx fee.
1 isnt optimal, 100's isnt optimal. 1000's is barely optimal and 2000+ at least gets me with a higher input the tx fee.
Like this http://blockchain.info/tx/24ee838c252c39b131f33202874b379e363e0d4e0d620581959a711dfaa84f05
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