Bitcoin Forum

A couple of months ago .001 transaction fee seemed fine... Now it seems like robbery.
If I fiddle with iit I can get it to .0005 but still way large... Wtf

It started as "a fraction of a Penney" now its much much more.

https://en.bitcoin.it/wiki/Transaction_fees

This question comes up at least once a week. Check out the search function.

Yeah it comes up a lot, but I want to say that I agree it's too much. I would love it if we could think of a way to make small transactions have much smaller fees. I think this could really make bitcoin more useful. For example it's been said that bitcoin will be for the developing areas, but how is ever going to useful for these places with such large fees? Or is it impossible for one "coin" to service both sides of the scale? Perhaps the cheap transactions will have to take place on the altcoins?

Altcoins won't solve the problem.

Strong network or low fees. It's a direct tradeoff.

Look at Litecoin fees, for example.

Off-chain transactions are an option. Have a coupld trusted central authorities that deal with low volume transactions and use Bitcoin between each other. Again, tradeoff between security and fees.

From what I understood, is that they are working on a way to minimize transaction fees.

Mostly on a time base from what I understood, aka you need to have your transaction in the next block, you need x fee, you only need it in a block in the next hour, x fee (which is less than the next block fee) if you only need it the next day even less fee. From what I understood of it, they pulled the transactions from the previous couple of weeks, to calculate these. (so this might also result in lower fees for small transactions)

The cost in the block for a transaction of 0.01 btc is just as expensive as 10.000 btc from what I understood. (yea there are more variables I know) Its an x number of bytes that the transaction takes up. This is the cost of the transaction, and for this reason its unfortunately impossible to put a % on transaction fees. (as this would solve the big fees for small transactions)

The last thing to note, is that this would be a good opportunity for a pool server. They could set their transaction fee filters to a % of the transaction, rather than the block size. (sorta mining to keep the network strength up, rather than to be making money, as long as you break even its cool)

0.0001 BTC, to me, was always between 0.8 cents and 2 cents.
Now with it being 12 cents (and often more for larger transactions) I've started grouping them to save money.
Would switching to 0.00001 BTC for the minimum fee be too hard? I'm sure miners wouldn't really mind...

Yeah it does seem pretty stiff for small transactions..  :-\

I don't think I've ever paid over a dollar to transfer money ever. No point in crying over old transaction fees.

I do think the transaction fee issue is clouded in mystery and made overly technical. Fixing it so it's straightforward is important imho