Is Bitcoin still suited to low amount transactions?

[Toplivecasinos]

Well yes Bitcoin is suited for low amount transaction. Their is a satoshi the smallest fraction of Bitcoin. Most of the time you can earn it for free on Pay to click sites.

[bryant.coleman]

IMO, Bitcoin is no longer suitable for low amount transactions (online bank transfers and Paypal are also not suitable). A few days back, I was trying to transfer BTC0.025 from one of my wallets to another. The default tx fee, as shown in Blockchain.info was BTC0.015 ($10). Since I couldn't afford that much fee, I reduced it to BTC0.0001. The transaction took 5 days to go through.

[eternalgloom]

It really depends, if you have to get your low amount transaction through within 10 or 20 minutes, you'd have to add a relatively big fee compared to the value of the transaction, this can vary quite a bit though.

If you can wait a couple of days, it will confirm, even with a low fee.

[error08]

Hi,

I have tried to send 10m BTC to a friend 1:30 ago and it has not been confirmed yet! When I check Blockchain.info, the transaction is not there yet and I see hundreds of transactions per minute appearing there. Considering that miners will choose highest fee transactions first, low amount transactions will starve for confirmation... I have chosen the fee recommended  by the satoshi client and it says that it is probable to be confirmed in the next 25 blocks (250 minutes!). It seems that there is bid of fees and high amount transactions are more keen to pay a higher fee. Therefore, I believe that that speech of no transaction cost with bitcoin has become a fairy tale...


Status: 0/unconfirmed, in memory pool, broadcast through 7 node(s)

Date: 20/12/2016 16:01
To: Murillo 1Bf1gRLpshMxEZXH6Xw6FVRWX6Zcz8BJi4
Debit: -0.01000000 BTC
Transaction fee: -0.00009840 BTC
Net amount: -0.01009840 BTC
Transaction ID: 3493f7390da8e225a44ded54c413f6c0ced3ec3d566b89c0b3e463928f4ca1aa
Output index: 0

It's sadden situation to send low amount of bitcoin as it's consider not worth for now but we have to do that, right?
I mean, in the future of bitcoin will use as major payment or at least equal to fiat money, devs need to solve this fee problem.
We can't spend bitcoin in small amount I thought if the condition like this happens a lot, very long time confirmation to send small amount.

[Meuh6879]

People typically look at transaction fees as the percentage of the amount sent across.

Network RULES don't work like that.
And that's why Bitcoin network ... drive so well since 2009.

[mace15]

When you transfer of bitcoin in the lesser amount the lesser
fees that you have. Its usually the least priority. This means
that bitcoin is in demand though. Thus, bitcoin is suited to
low amount of transactions.

[27QVUTZj8rgZP1]

Is Bitcoin still suited to low amount transactions?

I feel no. Bitcoin minimum recommended fee is getting higher and higher as I noticed.

Soon, its fee might not be an advantage anymore.

[royalfestus]

Bitcoin needs a technical redesign. Currently, it tolerates up to 7 transactions per second, which is tiny compared to thousand making transactions. Researchers believe that its capacity could be stretched to 27 transactions per second without a complete overhaul, but that's still small.

[spazzdla]

I just bought a 4TB hard drive for $140 cad... it's time for bigger blocks..  I have been against it but we need to do something.. even growing at half of moores law should work perfect..