The transaction fee is just ridiculous. - page 5.

picolo

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Quote from: AtheistAKASaneBrain on November 13, 2014, 08:02:10 AM

You are NOT forced to pay, and if no one paid, Bitcoin would be dead because miners need incentive. Do you want that?

Right now miners have a big enough incentive with the mining reward, fees are here for long term considerations and to organize the network

AtheistAKASaneBrain

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You are NOT forced to pay, and if no one paid, Bitcoin would be dead because miners need incentive. Do you want that?

Borisz

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Quote from: RobertDJ on November 13, 2014, 01:18:00 AM

Quote from: awesome31312 on November 12, 2014, 06:18:35 AM

Quote from: Erdogan on November 12, 2014, 05:28:35 AM

Quote from: awesome31312 on November 12, 2014, 04:53:39 AM

Quote from: ScreamnShout on November 12, 2014, 01:42:58 AM

Quote from: awesome31312 on November 12, 2014, 01:28:27 AM

I absolutely HATE paying 0.001 BTC

Pay taxes? What am I? Poor?

This is NOT what Lincoln was shot for

You are actually off by a factor of 10 as to how much you will generally need to pay for a TX fee. The "standard" TX fee stands at .0001 BTC not .001 BTC.

Either way the "fee" is very small when compared to the alternatives.

It's 0.001 on Armory

Change it in "settings".

No such option in my version of Armory

Use a different client then. QT allows you to change the default TX fee. Blockchain.info will allow you to set a custom TX fee. Multibit will manage your inputs and will use a TX fee that is the minimum generally required to get your TX quickly confirmed by the network. You can manually create a TX that does not include a TX fee

EDIT: no one is "forcing" you to use armory

QT does allow you to change the TX fee, which doesn't really matter since sometimes it will force you to pay it. Hence it is not optional any more. (Too many small transactions. I get why this is, however it is still funny that I get "punished" for paying 100€ in 5€ bills)

I do see that the fee is incredibly low and personally I think one of the best uses of Bitcoins is to send money half way across the world as fiat => BTC => fiat and if you are moving large sums, it is indeed negligible.

As I said, it "hurts" people who are getting into bitcoin and only have some 0.01 BTC or so. In that case you might not want hold on to every penny. Of course if you have 700'000$ to paly with, 2$ don't matter.

Also, since mining is not truly decentralized any more, don't tx fees support cloudmining services/farms then?

RobertDJ

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Quote from: awesome31312 on November 12, 2014, 06:18:35 AM

Quote from: Erdogan on November 12, 2014, 05:28:35 AM

Quote from: awesome31312 on November 12, 2014, 04:53:39 AM

Quote from: ScreamnShout on November 12, 2014, 01:42:58 AM

Quote from: awesome31312 on November 12, 2014, 01:28:27 AM

I absolutely HATE paying 0.001 BTC

Pay taxes? What am I? Poor?

This is NOT what Lincoln was shot for

You are actually off by a factor of 10 as to how much you will generally need to pay for a TX fee. The "standard" TX fee stands at .0001 BTC not .001 BTC.

Either way the "fee" is very small when compared to the alternatives.

It's 0.001 on Armory

Change it in "settings".

No such option in my version of Armory

Use a different client then. QT allows you to change the default TX fee. Blockchain.info will allow you to set a custom TX fee. Multibit will manage your inputs and will use a TX fee that is the minimum generally required to get your TX quickly confirmed by the network. You can manually create a TX that does not include a TX fee

EDIT: no one is "forcing" you to use armory

awesome31312

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Activity: 826

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Quote from: Erdogan on November 12, 2014, 05:28:35 AM

Quote from: awesome31312 on November 12, 2014, 04:53:39 AM

Quote from: ScreamnShout on November 12, 2014, 01:42:58 AM

Quote from: awesome31312 on November 12, 2014, 01:28:27 AM

I absolutely HATE paying 0.001 BTC

Pay taxes? What am I? Poor?

This is NOT what Lincoln was shot for

You are actually off by a factor of 10 as to how much you will generally need to pay for a TX fee. The "standard" TX fee stands at .0001 BTC not .001 BTC.

Either way the "fee" is very small when compared to the alternatives.

It's 0.001 on Armory

Change it in "settings".

No such option in my version of Armory

cryptworld

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Activity: 714

Merit: 503

actually you can avoid the payment of the fee,but you take the risk that your bitcoins may not arrive,so it is our choice

Erdogan

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Quote from: awesome31312 on November 12, 2014, 04:53:39 AM

Quote from: ScreamnShout on November 12, 2014, 01:42:58 AM

Quote from: awesome31312 on November 12, 2014, 01:28:27 AM

I absolutely HATE paying 0.001 BTC

Pay taxes? What am I? Poor?

This is NOT what Lincoln was shot for

You are actually off by a factor of 10 as to how much you will generally need to pay for a TX fee. The "standard" TX fee stands at .0001 BTC not .001 BTC.

Either way the "fee" is very small when compared to the alternatives.

It's 0.001 on Armory

Change it in "settings".

awesome31312

hero member

Activity: 826

Merit: 504

Quote from: ScreamnShout on November 12, 2014, 01:42:58 AM

Quote from: awesome31312 on November 12, 2014, 01:28:27 AM

I absolutely HATE paying 0.001 BTC

Pay taxes? What am I? Poor?

This is NOT what Lincoln was shot for

You are actually off by a factor of 10 as to how much you will generally need to pay for a TX fee. The "standard" TX fee stands at .0001 BTC not .001 BTC.

Either way the "fee" is very small when compared to the alternatives.

It's 0.001 on Armory

ScreamnShout

full member

Activity: 206

Merit: 100

Quote from: awesome31312 on November 12, 2014, 01:28:27 AM

I absolutely HATE paying 0.001 BTC

Pay taxes? What am I? Poor?

This is NOT what Lincoln was shot for

You are actually off by a factor of 10 as to how much you will generally need to pay for a TX fee. The "standard" TX fee stands at .0001 BTC not .001 BTC.

Either way the "fee" is very small when compared to the alternatives.

awesome31312

hero member

Activity: 826

Merit: 504

I absolutely HATE paying 0.001 BTC

Pay taxes? What am I? Poor?

This is NOT what Lincoln was shot for

bitkilo

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Activity: 1638

Merit: 1010

https://www.bitcoin.com/

One of my first transactions was some dust from one wallet to the other and the fees did seem expensive at the time but since then i've learnt that dust transactions have so many outputs which adds to the fee.
Now when you start hearing stories like 700k being sent for a $0.18 things look a little better.
You could probably send $10 or less to 1000 people for a total of about $1 in fees, try doing that with a bank or wire transfer company.
No one is forced to pay any fees actually.

deluxeCITY

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Activity: 532

Merit: 500

Quote from: DannyHamilton on November 11, 2014, 01:20:22 PM

Quote from: Loophole on November 11, 2014, 01:08:41 PM

So we will either have a higher and higher bitcoin price or a higher and higher transaction fee in unit of btc, as block reward halves, right?

Or unprofitable miners shut off their mining equipment, and we have lower mining difficulty (resulting in higher revenue for those that continue mining).

You forgot to point out that the network difficulty is much higher then it needs to be right now in order for the network to be sufficiently secure so miners shutting off their equipment in semi-mass would not be a huge problem for network security

EDIT: another scenario is that we see a higher overall level of bitcon transactions so more people pay the same fee, resulting in overall higher revenue for the miners (this is what satoshi envisioned)

sobitcoin

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Merit: 100

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.

The same plugs that
are forced to get fat because Mcdonalds food is unhealthy
and forced to eat it because their marketing is too convincing
and the ones who have 6 kids, that the government doesn't do enough to support
and the same ones who protest their shitty paying jobs because they are forced to work there
Ugh, they are everywhere.

DannyHamilton

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Quote from: Loophole on November 11, 2014, 01:08:41 PM

So we will either have a higher and higher bitcoin price or a higher and higher transaction fee in unit of btc, as block reward halves, right?

Or unprofitable miners shut off their mining equipment, and we have lower mining difficulty (resulting in higher revenue for those that continue mining).

Loophole

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Quote from: deluxeCITY on November 11, 2014, 12:48:01 PM

Quote from: odolvlobo on November 09, 2014, 05:38:20 AM

Quote from: El Emperador on November 09, 2014, 04:40:28 AM

A question about transaction fees: after 2040 - when Bitcoin mining will end - are we going to pay the same fee?

Mining will never stop, but the subsidy (currently at 25 BTC) will go to 0 around the year 2140. As long as the subsidy is high enough, the transaction fee is primarily used to prevent DOS attacks. Eventually, the fees will replace the subsidy and the minimum fee will become market-driven so it could go up or down.

The goal/theory is that transactions fees will make up a larger percentage of the total block reward over time, so as the block subsidy decreases, the miners will still have sufficient incentive to continue to mine.

So we will either have a higher and higher bitcoin price or a higher and higher transaction fee in unit of btc, as block reward halves, right?

deluxeCITY

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Quote from: odolvlobo on November 09, 2014, 05:38:20 AM

Quote from: El Emperador on November 09, 2014, 04:40:28 AM

A question about transaction fees: after 2040 - when Bitcoin mining will end - are we going to pay the same fee?

Mining will never stop, but the subsidy (currently at 25 BTC) will go to 0 around the year 2140. As long as the subsidy is high enough, the transaction fee is primarily used to prevent DOS attacks. Eventually, the fees will replace the subsidy and the minimum fee will become market-driven so it could go up or down.

The goal/theory is that transactions fees will make up a larger percentage of the total block reward over time, so as the block subsidy decreases, the miners will still have sufficient incentive to continue to mine.

MadGamer

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Merit: 1031

What ridiculous transaction fee , it's just for helping the protocol , and it's a very low amount comparing to other payment methods if not zero.

odolvlobo

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Quote from: Etanllah on November 11, 2014, 10:44:25 AM

I have no issues with fees if they help the protocol or the services. Sometimes the fees are too much though. I have like .0001 BTC at certain places but can move them because that's just how much the fee costs.

I probably have a few pennies and nickels scattered around the house but i don't feel the need to gather them all up.

Etanllah

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Merit: 250

I have no issues with fees if they help the protocol or the services. Sometimes the fees are too much though. I have like .0001 BTC at certain places but can move them because that's just how much the fee costs.

Cryptlexity

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If you look at the fees percentage wise, it is pretty cheap. It's large enough to reduce dust transactions without making micro transactions too expensive.

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