The transaction fee is just ridiculous. - page 11.

salfter

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Quote from: Spoetnik on September 30, 2014, 04:00:41 AM

Quote from: TheButterZone on September 29, 2014, 07:19:11 PM

I pay zero fee TXs all the time and they get confirms.
The Constitution only applies to the government.
Nobody is armed forcing you to pay TX fees.

people may not know.. i use Multibit and it forces a fee that is NOT cheap !

if i want to send $500,000 worth of BTC it would cost me 0.0001 BTC
and if i want to send 0.0002 BTC it costs me 0.0001 BTC

BTC0.0002 is about 7.6¢. You can't even find a gumball machine anymore that takes less than a quarter. Why are you trying to send such a small amount?

If you don't like the fee policy Multibit enforces, don't use Multibit. There are plenty of other options that'll let you set whatever transaction fee you want.

Quote from: Krona Rev on September 30, 2014, 06:48:19 AM

If you want to pay 0 tx fees (which I don't recommend), I have three words for you:

createrawtransaction
signrawtransaction
sendrawtransaction

CheapSweep uses those to combine lots of small inputs into a single, larger output.

spazzdla

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Quote from: awesome31312 on September 29, 2014, 07:15:33 PM

We are FORCED to pay a tax upon every transaction, and they say Bitcoin doesn't have any taxes? That's just pure crap. Taxation is unconstitutional theft via armed extortion. In Bitcoin's case, it's unavoidable, and is without the armed extortion (YOU ARE FORCED TO PAY).

This is not true.. you can have your miners do your transactions for no fee.

Walter Rothbard

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Quote from: DannyHamilton on September 29, 2014, 07:35:36 PM

Quote from: awesome31312 on September 29, 2014, 07:15:33 PM

We are FORCED to pay a tax upon every transaction, and they say Bitcoin doesn't have any taxes? That's just pure crap. Taxation is unconstitutional theft via armed extortion. In Bitcoin's case, it's unavoidable, and is without the armed extortion (YOU ARE FORCED TO PAY).

You are not FORCED to pay anything.

You are not even FORCED to use bitcoin.

You are welcome to use bitcoin if you like, and you are welcome to pay any fee (or no fee at all if you like).

Equally, the peers on the network are not FORCED to relay your transaction if they don't want to.

They are welcome to relay your transaction if they like, and they are welcome to ignore your transaction if they like.

Equally, the miners are not FORCED to include your transaction in their blocks.

They are welcome to include your transaction if they like, and they are welcome to leave your transaction for some other miner to include in their block if they like.

Isn't it great how NOBODY is FORCED to do any of these things with bitcoin.

Nobody is entitled to get their way at the expense of other people.

It's a great way to live!

Walter Rothbard

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Bytecoin: 8VofSsbQvTd8YwAcxiCcxrqZ9MnGPjaAQm

Quote from: awesome31312 on September 29, 2014, 07:15:33 PM

We are FORCED to pay a tax upon every transaction, and they say Bitcoin doesn't have any taxes? That's just pure crap. Taxation is unconstitutional theft via armed extortion. In Bitcoin's case, it's unavoidable, and is without the armed extortion (YOU ARE FORCED TO PAY).

No problem, and there's no coercion involved. People who will perform the service of mining for you will do so for a fee. However, you are free to perform the service of mining yourself if you don't want to pay that fee. Or you are free to not use Bitcoin. You could even run your own alternative blockchain if you wanted, with your own rules.

The sky's the limit! Thank Satoshi and many others for providing all of this for you for free!

DannyHamilton

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Quote from: shanem on September 30, 2014, 10:01:03 AM

- snip -
Currently bitcoin transaction fee seems cheap because bitcoin price is low.
Imagine bitcoin transaction fee when bitcoin is 10k and above.

Are you aware that the customary transaction fee has been reduced multiple times in the past as the exchange rate has risen?

Is there some reason that you think the customary transaction fee will never change again for as long as bitcoins continues to exist? That seems like a rather silly assumption.

shanem

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When bitcoin price is more expensive, we need some altcoins for trading in smaller values.
Currently bitcoin transaction fee seems cheap because bitcoin price is low.
Imagine bitcoin transaction fee when bitcoin is 10k and above.

Buffer Overflow

legendary

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Quote from: bitllionaire on September 30, 2014, 07:26:00 AM

use Electrum and set zero fees
you risk to lose your bitcoins

You can't lose your coins that way.

Q7

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I should be utterly worried to hear what you have to say when all the 21 million coins have been mined

shawshankinmate37927

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Bitcoin: The People's Bailout

Quote from: awesome31312 on September 29, 2014, 07:15:33 PM

We are FORCED to pay a tax upon every transaction, and they say Bitcoin doesn't have any taxes? That's just pure crap. Taxation is unconstitutional theft via armed extortion. In Bitcoin's case, it's unavoidable, and is without the armed extortion (YOU ARE FORCED TO PAY).

Sounds like you should probably just stick with Western Union.

bitllionaire

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use Electrum and set zero fees
you risk to lose your bitcoins

awesome31312

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Activity: 826

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Seriously, what's the rush? It's not like I'm paying for emergency services (which by the way, are not feasible to pay for using Bitcoin and is therefore the reason Bitcoin can never replace fiat)

jdany

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Inspired

I accidentally sent a 0 fee transaction yesterday.
https://blockchain.info/tx/da3d67ff0e582dcb03cc66e7f97faebd309c0bddb369089d22e5d6046aac8903

I was testing out a shopping cart API and must have clicked NO when my wallet begged me to add a fee.

It took around 24 hours to get through.

Krona Rev

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If you want to pay 0 tx fees (which I don't recommend), I have three words for you:

createrawtransaction
signrawtransaction
sendrawtransaction

The power is in your hands.

Buffer Overflow

legendary

Activity: 1652

Merit: 1016

Quote from: awesome31312 on September 30, 2014, 06:13:53 AM

It's $0.04 right now, but when Bitcoin is worth 100k, the transaction fee would be worth $4,000

The lack of knowledge on this thread is mind blowing.
http://www.coindesk.com/bitcoin-core-floating-transaction-fees/

awesome31312

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It's $0.04 right now, but when Bitcoin is worth 100k, the transaction fee would be worth $4,000

jdany

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Inspired

Quote from: Light on September 30, 2014, 05:16:53 AM

Quote from: jdany on September 30, 2014, 04:28:19 AM

Create an off-chain small transaction service.

Not sure about you, but I for one would avoid those like the plague unless they have had a crap ton of vetting as well as having their identity well known. Far too many off-chain "wallet" system scams have been seen over the years.

@OP: When the block rewards eventually run out, what incentive do miners have to continually mine blocks and confirm transactions? Fundamentally, people won't do anything without some sort of reward for their work - and you expect miners to do so for free (actually at a loss if you count electricity).

The market would prove that a small transaction fee is well worth the security of being part of the chain.
I'm almost certain of it.

Light

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Circa 2010

Quote from: jdany on September 30, 2014, 04:28:19 AM

Create an off-chain small transaction service.

Not sure about you, but I for one would avoid those like the plague unless they have had a crap ton of vetting as well as having their identity well known. Far too many off-chain "wallet" system scams have been seen over the years.

@OP: When the block rewards eventually run out, what incentive do miners have to continually mine blocks and confirm transactions? Fundamentally, people won't do anything without some sort of reward for their work - and you expect miners to do so for free (actually at a loss if you count electricity).

Buffer Overflow

legendary

Activity: 1652

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Quote from: umair127 on September 30, 2014, 04:32:20 AM

I dont know why u have problem with tx fee

Because certain people are more interested in dreaming how rich they will become instead of learning how bitcoin actually works.

Every transaction that is included inside a block has a cost involved to include that transaction. Who pays for that cost?
We have 3 choices:

1) Miners are FORCED to included transactions, absorbing the cost themselves.
2) Users are FORCED to included transaction fees to pay for the cost.
3) Nobody is FORCED to pay the cost. Users give an incentive to miners to include their transaction. Miners may do it for free or meet somewhere in the middle, so both pay half.

Bitcoin uses option 3.

umair127

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I dont know why u have problem with tx fee, what I have problem is the middleman overcharging to exchange btc to fiat. I have to pay WU and the middleman to collect the fiat which really sucks.

Envrin

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Quote from: Spoetnik on September 30, 2014, 04:00:41 AM

the cost of sending the occasional small amount is bullshit !
and i don't want to hear any excuses about it bloating the block chain or something.
if sending around small amounts is a problem then fix it .

Fix what? The tx fee helps cover resources, not the amount you're sending. It takes the EXACT same amount of resources to send 500 BTC versus 0.0002 BTC, so why should the tx fee be any different?

Topic: The transaction fee is just ridiculous. - page 11. (Read 17471 times)