small fee makes transactions faster - page 2.

Tyrantt

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Quote from: jeraldskie11 on April 12, 2017, 08:52:39 PM

I don't think so why did you say that. How small fee makes transaction faster. You know if you put high priority fee the transaction made faster, even you put a large amount of btc but if you put a large amount then you choose a low-priority to only spend small fee the confirmation will take some time. So, for me, small fee doesn't matter.

Well it doesn't matter that much in that sense but if you look at it this way: If I were to buy a coffee at some coffee place and usually the cost is around 80rsd, thats about 0.7$ and if I were to pay with blockchain with a standard fee that they take I'd be paying 30% and I don't think thats that good for the bitcoin, that's why there should be some lower fees for that kind of transactions.

AngelSky

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Quote from: naughty1 on April 13, 2017, 04:55:13 AM

No, this is completely paradoxical. For bitcoin and many other currencies, we make bitcoin deals and we pay a small fee for it, and depending on the fees we charge The speed of the transaction will change. And of course, if you want to make transactions happen quickly, you should make a reasonable fee, and keep in mind that the higher the fee, the faster the speed, which is certainly, than what you say. It is paradoxical.

i don't think you need not to change the default fees settings in your wallets. Normally default setting fees would be 0.0004 to 0.0005 btc for a single transaction and it will get confirmed within 30 to 40 minutes.
therefore, use the above mentioned fees while your doing little transactions and if you wish to get transacted lesser than these time you could for high fees.

Yuuto

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Quote from: jeraldskie11 on April 12, 2017, 08:52:39 PM

I don't think so why did you say that. How small fee makes transaction faster. You know if you put high priority fee the transaction made faster, even you put a large amount of btc but if you put a large amount then you choose a low-priority to only spend small fee the confirmation will take some time. So, for me, small fee doesn't matter.

Exactly, it is the same with everything.
The bigger bounty you give for completing some task, the bigger chance you have that someone will do it faster.
Same thing is about mining, miners have priorities of the transaction with the highest fee ( as a reward ), so they confirm the biggest fees transaction at the first place.
That is the reason why you may wait even for a week if you put up really small fee, because no one will want to confirm it because of the small bounty for miners.

I always prefer to put up higher fees just to have sure that my transaction will be confirmed pretty quick.

virasog

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Quote from: DoublerHunter on April 13, 2017, 03:34:49 AM

Quote from: Vivace92 on April 13, 2017, 02:04:49 AM

the existence of the bitcoin makes things unpredictable, originally I assume same bitcoin with paypal or payment processor. that makes me amazed is the speed of the transaction, then it is accepted throughout the world.

To be honest, bitcoin is not yet accepted throughout the world because there is still a few countries that doesn't accept bitcoin and some of them banned bitcoin from their country because of security and trust issues about bitcoin. The transaction of bitcoin as of now, is being slow because of the unsustainable network that caused by the big volume of users. And somehow you need to pay higher fees to make your transaction faster but it is still better than paypal because it doesn't support chargeback.

I agree with you, bitcoin is not yet accepted by some other countries, maybe we can see that every country there were users of bitcoin yet not yet accepted by their country and some banned it. But this has nothing to do with transaction fee or transaction speed. If you compare bitcoin with paypal, Bitcoin is far far better as compared to paypal in terms of fee and speed.

naughty1

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No, this is completely paradoxical. For bitcoin and many other currencies, we make bitcoin deals and we pay a small fee for it, and depending on the fees we charge The speed of the transaction will change. And of course, if you want to make transactions happen quickly, you should make a reasonable fee, and keep in mind that the higher the fee, the faster the speed, which is certainly, than what you say. It is paradoxical.

PhucS

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Quote from: stevano on March 29, 2017, 10:09:59 AM

why bitcoin transfer fee when most people give it in large quantities, but it will slow down the transaction itself, rather than using a bitcoin transfer fee sathosi 1000 it could be?

What is your opinion with bitcoin transfer with a large fee?

Currently, Bitcoin is developing, its value is rising. Its popularity has also widened, more people are aware of Bitcoin and have used it. Pulling in that, the number of Bitcoin transactions daily also increased very fast and much, which makes the transaction speed of the blocks slow. If the fee transaction is expensive, the rate will be faster and if the charge is low or there is no charge it will take a long time to complete a transaction. If you set a transaction fee of you is 1000sts I think that all your transactions will have to wait a long time to complete. You should set a higher charge, your transaction speed would be improved and you would not have to wait for it long

DoublerHunter

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Quote from: Vivace92 on April 13, 2017, 02:04:49 AM

the existence of the bitcoin makes things unpredictable, originally I assume same bitcoin with paypal or payment processor. that makes me amazed is the speed of the transaction, then it is accepted throughout the world.

To be honest, bitcoin is not yet accepted throughout the world because there is still a few countries that doesn't accept bitcoin and some of them banned bitcoin from their country because of security and trust issues about bitcoin. The transaction of bitcoin as of now, is being slow because of the unsustainable network that caused by the big volume of users. And somehow you need to pay higher fees to make your transaction faster but it is still better than paypal because it doesn't support chargeback.

Vivace92

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the existence of the bitcoin makes things unpredictable, originally I assume same bitcoin with paypal or payment processor. that makes me amazed is the speed of the transaction, then it is accepted throughout the world.

ufaiz50

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Quote from: stevano on March 29, 2017, 10:09:59 AM

why bitcoin transfer fee when most people give it in large quantities, but it will slow down the transaction itself, rather than using a bitcoin transfer fee sathosi 1000 it could be?

What is your opinion with bitcoin transfer with a large fee?

The amount of the fee depends on the amount of data used for the transaction. should if using a large fee that will speed up the transaction confirmation but if it's just slow perhaps because of the face Cheesy

. every sent bitcoin I always wear the recommended fee.

jeraldskie11

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I don't think so why did you say that. How small fee makes transaction faster. You know if you put high priority fee the transaction made faster, even you put a large amount of btc but if you put a large amount then you choose a low-priority to only spend small fee the confirmation will take some time. So, for me, small fee doesn't matter.

mornabo

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Quote from: freebutcaged on April 12, 2017, 06:41:20 AM

It's all about the power play game, miners are greedy and want to take as much fees as they can while they can but when they see their actions are hurting the future of bitcoin I'm sure they'll solve the fee issues once and for all we just have to give it time a little while longer.

the greater the fee that you spend on your transaction. the faster confirmation will you get because as you said, miner very greedy. they prioritize a large fee

Tyrantt

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Quote from: Maligmat09 on April 12, 2017, 05:32:05 PM

I think it doesn't depent in the fee but there are no fee transaction that is instant fast in sending bitcoin into others.,,
I think it all depend in the website or wallet you are using it all depend in there system if they have a fast system the transaction will be smooth.,
We Know of many sites that make a transaction faster than the other and also there are many sites that make a transaction take 3-7days

When you pick an option in the blockchain wallet, when you're making a transaction, to lower the fee you'd see a notification that your transaction may be confirmed far slower or not at all if your fee is too low. So yeah, transaction speed is dependable on the amount of fee you're paying.

Lower the fee = faster confirmation, and vice versa.

FlamingFingers

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Quote from: Maligmat09 on April 12, 2017, 05:32:05 PM

I think it doesn't depent in the fee but there are no fee transaction that is instant fast in sending bitcoin into others.,,
I think it all depend in the website or wallet you are using it all depend in there system if they have a fast system the transaction will be smooth.,
We Know of many sites that make a transaction faster than the other and also there are many sites that make a transaction take 3-7days

Really, it's the opposite of what you and the OP said. it depends on the transaction fees. The higher the transaction fees, the faster the transaction reaches its destination. Maybe there are many factors (like what AngryDwarf have said above) that determine how fast the transaction arrives, but the most obvious factor that concerns both me and you is the fees.

Maligmat09

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I think it doesn't depent in the fee but there are no fee transaction that is instant fast in sending bitcoin into others.,,
I think it all depend in the website or wallet you are using it all depend in there system if they have a fast system the transaction will be smooth.,
We Know of many sites that make a transaction faster than the other and also there are many sites that make a transaction take 3-7days

Creepings

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I dont get what you've just said but as car as I know, if you will be giving a fee, make it high enough making your transaction accepted quickly. Saying that, minimum your transactions into one, send bitcoins into many so the fees will not be as high as sending it one by one. If you will be sending a bitcoin with a fee of satoshi, better wait for a month or a year.

AngryDwarf

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Transaction fees are only part of the priority equation. Coin age is currently also a part of the equation, although core plan to remove this concept entirely in the next release.

Basically, if you have a unspent transaction output with a lot of confirmations on top of it, you can pay a lower fee than those who are spending a recently received unspent transaction output, and the lower fee transaction will get higher priority.

This is a good anti-spam measure to prevent the tragedy of the commons. The only argument against it would be in the name of fungibility.

Spammers can be sending the same UTXO amount over and over again with a high fee. If you have a UTXO with good coin age, you don't have to out compete the spammers. At least not yet anyway.

I sent three low fee lean transactions last week, one confirmed by BitFury, 2 by BW. 1 transaction was confirmed by BW in the next block, and all within 2 hours. The fee? 1 sat/byte.

jovs

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Quote from: mastermold on April 06, 2017, 12:04:28 AM

The validity of a transaction depends on several previous relevant transactions i.e
verification of previous transactions are needed in order to confirm the validity of the current transaction.Each sum of money that you have in your account is composed of several transactions through which you recieved those money.Larger sum means more number of transactions involved that means more number of transactions need to be verified.

I do not bother myself to think about the amount of which take for me to complete my transaction. At first before we used bitcoin we all know that bitcoin doesn't have tax or paying method for u to contribute with force. Fee is just little compare to tax so I think that the fee is an amount we need to pay for the developers of bitcoin make it a better crypto-currency. And for me faster transaction always depends on the wallet you will choose to used.

The One

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Transaction should be based on first come, first serve. Imagine queuing up inside a bank and the cashiers are competing with each other. Nonsense. Miners competing over fees isn't free market, it is centralisation as miners can decide which transaction to accept. Bitcoin is suppose to be decentralise, thus no nodes should have arbitrary decision making powers. Miners can only reject illegal transactions. All legal transactions must be accepted based on first come, first serve - until the block is full.

Now imagine queuing up inside a bank and you are in front of the queue. A dipstick lowlife with no manners jumped in front of you and offered a cashier $5 to be served first. Quite rightly those in the queue would eject the lowlife from the bank.

Fees should be fixed in the codes. Fixed under $0.10c. If bitcoin goes up to $5000 and stabalise around there for a month then an update wallet with fixed fees reduced in order to keep it under $0.1c must be release. No one should have centralised powers to manipulate the fees.

lOvE mE forEvEr

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Excess bitcoin and cryptocurrency is the transaction quickly and costs are cheaper, I never thought bitcoin could like this, bitcoin users are increasing dramatically, skyrocketing prices, changing the way the internet transaction, and maybe will replace other internet payment like paypal, payza and more.

Blackdeath

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Quote from: SamMurphy on March 29, 2017, 10:16:54 AM

I thought it was the opposite :p I don't know, maybe it works in a few cases, but every time I choose small or regular fee it takes ages to confirm the transaction :/ Maybe this happening bcs of the time you try to make a transaction, or maybe the amount you wanna send.

In regards to transaction I do not bother myself to think about the amount of which take for me to complete my transaction because at first we all know that bitcoin doesn't have tax so fee is just less compare to tax and I think that the fee is an amount we need to pay for the developers of bitcoin make it a better crypto-currency. And for me faster transaction always depends on the wallet you will choose to used. Many uses blockchain as a portal on transaction and for me I take it as my secondary wallet and coin.ph as my primary wallet because it more suitable to used an application wallet in terms of faster transaction.

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