I once had a small transaction. Took about less than 48 hours to confirm. Still, it bothered both me and the receiver. We just waited it out. I no longer make "free" transactions, I just include a small fee almost all the time now.
It would not bother me as long as you know the counterparty is not going to be receiving the goods/services they are to receive for several days. If for example you sent a TX to bitpay to pay for an order on amazon (both of whom I would trust to "send first") without a TX fee, most of the time they will not be able to send the goods for a couple of days so the fact that it takes 48 hours to confirm would mean nothing because if one of the inputs is double spent then amazon could simply cancel the order 
Topic: The transaction fee is just ridiculous. - page 6. (Read 17471 times)
I once had a small transaction. Took about less than 48 hours to confirm. Still, it bothered both me and the receiver. We just waited it out. I no longer make "free" transactions, I just include a small fee almost all the time now.
Here is a more recent transaction:
https://blockchain.info/tx/32110c84009bcc3cd77ba4535f7e86813a54747fe9c1e9176dc83961e9ea8a5e
In bitcoin:
Total Output: 1,906.98281757 BTC
Fees: 0.0005 BTC
In USD:
Total Output: $ 702,990.15
Fees: $ 0.18
Confirmed and included in a block in 4 minutes.
They overpaid for their TX fee (although the TX did have a "lot" of inputs) by a factor of ~5. It is less clear in this case, however many use cases of bitcoin do not require a 10 minute (or a 4 minute) confirmation, as many uses only need a TX to be "eventually" confirmed after a much longer time (hours or a day) https://blockchain.info/tx/32110c84009bcc3cd77ba4535f7e86813a54747fe9c1e9176dc83961e9ea8a5e
In bitcoin:
Total Output: 1,906.98281757 BTC
Fees: 0.0005 BTC
In USD:
Total Output: $ 702,990.15
Fees: $ 0.18
Confirmed and included in a block in 4 minutes.
Here is a more recent transaction:
https://blockchain.info/tx/32110c84009bcc3cd77ba4535f7e86813a54747fe9c1e9176dc83961e9ea8a5e
In bitcoin:
Total Output: 1,906.98281757 BTC
Fees: 0.0005 BTC
In USD:
Total Output: $ 702,990.15
Fees: $ 0.18
Confirmed and included in a block in 4 minutes.
https://blockchain.info/tx/32110c84009bcc3cd77ba4535f7e86813a54747fe9c1e9176dc83961e9ea8a5e
In bitcoin:
Total Output: 1,906.98281757 BTC
Fees: 0.0005 BTC
In USD:
Total Output: $ 702,990.15
Fees: $ 0.18
Confirmed and included in a block in 4 minutes.
Some guy sent about 1,000 BTC and he included a 0.005 tx fee.
This is that transaction:
https://blockchain.info/tx/72bec59c7649d4527d8d7848ebc36840c89f5d36d18db9a91afd34d800826722
This is what it means:
Output $ 376,352.59
Fees $ 1.79
That kind of transaction fee for that kind of money sent is indeed ridiculous! He just sent over $376,352 over the internet to what may eventually end up being over a thousand different people, without opening an account anywhere or asking anybody’s permission. That transaction was completed and confirmed in about six minutes, and it cost about fifty cents in transaction fees at that time.
Ridiculous!
I find it very interesting that all of the addresses this person sent BTC to started with '1Ag'; I somewhat suspect that this person has hashed several addresses and sent this bitcoin to himself. This is that transaction:
https://blockchain.info/tx/72bec59c7649d4527d8d7848ebc36840c89f5d36d18db9a91afd34d800826722
This is what it means:
Output $ 376,352.59
Fees $ 1.79
That kind of transaction fee for that kind of money sent is indeed ridiculous! He just sent over $376,352 over the internet to what may eventually end up being over a thousand different people, without opening an account anywhere or asking anybody’s permission. That transaction was completed and confirmed in about six minutes, and it cost about fifty cents in transaction fees at that time.
Ridiculous!
You suspect well. This was one of Casascius' coin-loading transactions. This particular transaction corresponds to a stock of silver rounds (note that the chemical symbol for silver is Ag).
IMO it would have been realistic for them not to have included a TX fee at all as they should not have been in any kind of rush to get the TX confirmed (they likely had days before the BTC "had" to be confirmed), and could have split up the transactions into smaller TXs as necessary
Some guy sent about 1,000 BTC and he included a 0.005 tx fee.
This is that transaction:
https://blockchain.info/tx/72bec59c7649d4527d8d7848ebc36840c89f5d36d18db9a91afd34d800826722
This is what it means:
Output $ 376,352.59
Fees $ 1.79
That kind of transaction fee for that kind of money sent is indeed ridiculous! He just sent over $376,352 over the internet to what may eventually end up being over a thousand different people, without opening an account anywhere or asking anybody’s permission. That transaction was completed and confirmed in about six minutes, and it cost about fifty cents in transaction fees at that time.
Ridiculous!
I find it very interesting that all of the addresses this person sent BTC to started with '1Ag'; I somewhat suspect that this person has hashed several addresses and sent this bitcoin to himself. This is that transaction:
https://blockchain.info/tx/72bec59c7649d4527d8d7848ebc36840c89f5d36d18db9a91afd34d800826722
This is what it means:
Output $ 376,352.59
Fees $ 1.79
That kind of transaction fee for that kind of money sent is indeed ridiculous! He just sent over $376,352 over the internet to what may eventually end up being over a thousand different people, without opening an account anywhere or asking anybody’s permission. That transaction was completed and confirmed in about six minutes, and it cost about fifty cents in transaction fees at that time.
Ridiculous!
You suspect well. This was one of Casascius' coin-loading transactions. This particular transaction corresponds to a stock of silver rounds (note that the chemical symbol for silver is Ag).
Some guy sent about 1,000 BTC and he included a 0.005 tx fee.
This is that transaction:
https://blockchain.info/tx/72bec59c7649d4527d8d7848ebc36840c89f5d36d18db9a91afd34d800826722
This is what it means:
Output $ 376,352.59
Fees $ 1.79
That kind of transaction fee for that kind of money sent is indeed ridiculous! He just sent over $376,352 over the internet to what may eventually end up being over a thousand different people, without opening an account anywhere or asking anybody’s permission. That transaction was completed and confirmed in about six minutes, and it cost about fifty cents in transaction fees at that time.
Ridiculous!
I find it very interesting that all of the addresses this person sent BTC to started with '1Ag'; I somewhat suspect that this person has hashed several addresses and sent this bitcoin to himself. This is that transaction:
https://blockchain.info/tx/72bec59c7649d4527d8d7848ebc36840c89f5d36d18db9a91afd34d800826722
This is what it means:
Output $ 376,352.59
Fees $ 1.79
That kind of transaction fee for that kind of money sent is indeed ridiculous! He just sent over $376,352 over the internet to what may eventually end up being over a thousand different people, without opening an account anywhere or asking anybody’s permission. That transaction was completed and confirmed in about six minutes, and it cost about fifty cents in transaction fees at that time.
Ridiculous!
I would agree that, if you did have this many 'accounts' with various banks then it would cost more then the ~$2.00 from buying checks in order to write this many checks to yourself
The transaction fee is very small (less 10 cents) and yet you still yelling? Man!
Some guy sent about 1,000 BTC and he included a 0.005 tx fee.
This is that transaction:
https://blockchain.info/tx/72bec59c7649d4527d8d7848ebc36840c89f5d36d18db9a91afd34d800826722
This is what it means:
Output $ 376,352.59
Fees $ 1.79
That kind of transaction fee for that kind of money sent is indeed ridiculous! He just sent over $376,352 over the internet to what may eventually end up being over a thousand different people, without opening an account anywhere or asking anybody’s permission. That transaction was completed and confirmed in about six minutes, and it cost about fifty cents in transaction fees at that time.
Ridiculous!
This is that transaction:
https://blockchain.info/tx/72bec59c7649d4527d8d7848ebc36840c89f5d36d18db9a91afd34d800826722
This is what it means:
Output $ 376,352.59
Fees $ 1.79
That kind of transaction fee for that kind of money sent is indeed ridiculous! He just sent over $376,352 over the internet to what may eventually end up being over a thousand different people, without opening an account anywhere or asking anybody’s permission. That transaction was completed and confirmed in about six minutes, and it cost about fifty cents in transaction fees at that time.
Ridiculous!
I think bitcoin is a pretty fair system. If you transferred that amount by bank you would probably end up paying a ton of transaction fees.
That guy could have included a zero transaction fee, and the transaction is probably still gunna confirm within 10 blocks.
Some guy sent about 1,000 BTC and he included a 0.005 tx fee.
This is that transaction:
https://blockchain.info/tx/72bec59c7649d4527d8d7848ebc36840c89f5d36d18db9a91afd34d800826722
This is what it means:
Output $ 376,352.59
Fees $ 1.79
That kind of transaction fee for that kind of money sent is indeed ridiculous! He just sent over $376,352 over the internet to what may eventually end up being over a thousand different people, without opening an account anywhere or asking anybody’s permission. That transaction was completed and confirmed in about six minutes, and it cost about fifty cents in transaction fees at that time.
Ridiculous!
This is that transaction:
https://blockchain.info/tx/72bec59c7649d4527d8d7848ebc36840c89f5d36d18db9a91afd34d800826722
This is what it means:
Output $ 376,352.59
Fees $ 1.79
That kind of transaction fee for that kind of money sent is indeed ridiculous! He just sent over $376,352 over the internet to what may eventually end up being over a thousand different people, without opening an account anywhere or asking anybody’s permission. That transaction was completed and confirmed in about six minutes, and it cost about fifty cents in transaction fees at that time.
Ridiculous!
Paying some small tx is probably not a problem for early players who racked up tons of coins when it was worth 1 cent, but for those who are new (and the "most of the users will never own 1 BTC") it can be annoying, especially if they are only getting started with Bitcoin.
A fee of 0.0001 BTC costs less than $0.04, regardless of how much you paid for your BTC. Are you really complaining that a fee of $0.04 is too high?
I realize that there are a lot of people in the world that live in $2 a day, but unless you are one of them, complaining about a 0.0001 BTC fee is ridiculous.
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.
Paying some small tx is probably not a problem for early players who racked up tons of coins when it was worth 1 cent, but for those who are new (and the "most of the users will never own 1 BTC") it can be annoying, especially if they are only getting started with Bitcoin.
A fee of 0.0001 BTC costs less than $0.04, regardless of how much you paid for your BTC. Are you really complaining that a fee of $0.04 is too high?
I realize that there are a lot of people in the world that live in $2 a day, but unless you are one of them, complaining about a 0.0001 BTC fee is ridiculous.
A question about transaction fees: after 2040 - when Bitcoin mining will end - are we going to pay the same fee?
I also find this a problem.
Bitcoin-qt also makes you pay a tx fee (apart from armory as others said), which is not optional in many cases. Sure I can wait for my coins to "age" and then I might not have to pay. This however, means that I cannot use my money when I want to.
Paying some small tx is probably not a problem for early players who racked up tons of coins when it was worth 1 cent, but for those who are new (and the "most of the users will never own 1 BTC") it can be annoying, especially if they are only getting started with Bitcoin.
Bitcoin-qt also makes you pay a tx fee (apart from armory as others said), which is not optional in many cases. Sure I can wait for my coins to "age" and then I might not have to pay. This however, means that I cannot use my money when I want to.
Paying some small tx is probably not a problem for early players who racked up tons of coins when it was worth 1 cent, but for those who are new (and the "most of the users will never own 1 BTC") it can be annoying, especially if they are only getting started with Bitcoin.
I changed my electrum from .0002 to .0001. I could probably lower it but I like the priority for my tx.
Transactions fees are voluntary and can be ignored if you choose.
Not if you use Armory
Blockchain's online wallet also forces such a fee.
If you want to attempt a free transaction then the imperative is on you to get a client which supports the functionality. Most of those wallets acknowledge that a majority of users aren't too worried about parting with 3c per transaction (or less depending on exchange rate and future implementations). You need to realise that without fees there will be no incentive for miners once block rewards finish and hence the network will die.
The wallet services will generally, by default include a TX fee because the TX fee will increase the changes that a TX will get confirmed by the network quickly
Transactions fees are voluntary and can be ignored if you choose.
Not if you use Armory
Blockchain's online wallet also forces such a fee.
If you want to attempt a free transaction then the imperative is on you to get a client which supports the functionality. Most of those wallets acknowledge that a majority of users aren't too worried about parting with 3c per transaction (or less depending on exchange rate and future implementations). You need to realise that without fees there will be no incentive for miners once block rewards finish and hence the network will die.
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).
u only need to pay tax if u want your transaction to be confirmed
The transaction fee logic implemented by Armory matches that of the Bitcoin Core client itself. If you were to include a fee lower than the fee there, the transaction will be DOA when you try to broadcast it. The Bitcoin network would never see it. Therefore, if you want your transaction to be accepted by the network you really must include that fee.
I heard that the minimum relay fee in Bitcoin Core was reduced to 0.000 01 BTC/kB = 1000 satoshi/kB quite some time ago. One can see:
Code:
-mintxfee=Fees smaller than this are considered zero fee (for transaction creation) (default: 0.0001)
-minrelaytxfee=Fees smaller than this are considered zero fee (for relaying) (default: 0.00001)
I believe that the current minimum relay fee for Armory is still 10 000 satoshi/kB, as suggested by:
Code:
MIN_TX_FEE = 10000
MIN_RELAY_TX_FEE = 10000
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