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Author Topic: Well, here's one instance where BTC is *not* better then USD in e-commerce  (Read 2348 times)
nixxle
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June 05, 2011, 03:33:55 PM
 #1



I cannot make a transaction < 0.01 BTC.

So the lowest amount I can pay is 0.17 USD (at current exchange rate)

So, if we reach 1000/1 USD/BTC by the end of this year, the lowest amount I can pay is 10 USD?

At least with the dollar, I can pay 0.01 USD...

...

Also, I'm an end-user. Dont expect me to understand all these weird error messages ( ? complexity of the transaction ? )
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grue
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June 05, 2011, 03:44:57 PM
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it's worse with paypal. 3%+$0.30

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nixxle
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June 05, 2011, 03:46:33 PM
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it's worse with paypal. 3%+$0.30

yes, $0.30 is way worse then $10.00

 Huh
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June 05, 2011, 03:47:43 PM
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it's worse with paypal. 3%+$0.30

yes, $0.30 is way worse then $10.00

 Huh
0.01*17.5/USD = 0.175 USD
nice maths

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nixxle
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June 05, 2011, 03:50:37 PM
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it's worse with paypal. 3%+$0.30

yes, $0.30 is way worse then $10.00

 Huh
0.01*17.5/USD = 0.175 USD
nice maths

Quote
So, if we reach 1000/1 USD/BTC by the end of this year, the lowest amount I can pay is 10 USD?

Nice reading
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June 05, 2011, 03:54:02 PM
 #6

    Nice reading

    Notable changes:
    Client will accept and relay TX's with 0.0005 BTC fee schedule (users still pay 0.01 BTC per kb, until next version)[/li][/list]
    bitcoins will have to be 600 USD for it to become more than paypal's 0.30 fee.

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    nixxle
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    June 05, 2011, 04:01:21 PM
     #7

      Nice reading

      Notable changes:
      Client will accept and relay TX's with 0.0005 BTC fee schedule (users still pay 0.01 BTC per kb, until next version)[/li][/list]
      bitcoins will have to be 600 USD for it to become more than paypal's 0.30 fee.

      Yes, your technical knowledge of this system impresses me.

      However, everybody keeps talking about how awesome bitcoins are for having this many decimal points.

      What is the use of all this decimal points if I cannot make a payment using them?

      grue
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      June 05, 2011, 04:11:06 PM
       #8

      Yes, your technical knowledge of this system impresses me.

      However, everybody keeps talking about how awesome bitcoins are for having this many decimal points.

      What is the use of all this decimal points if I cannot make a payment using them?

      topic derailed. also, bitcoins are divisible to 8 decimal places.

      It is pitch black. You are likely to be eaten by a grue.

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      bittrader
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      June 05, 2011, 04:28:15 PM
       #9

      Yes, your technical knowledge of this system impresses me.

      However, everybody keeps talking about how awesome bitcoins are for having this many decimal points.

      What is the use of all this decimal points if I cannot make a payment using them?

      The exchange rate has shot up very quickly in the last few weeks/months, and the official client has not yet been adjusted to handle that. In future versions, it is planned that the minimum transaction fee will be changed from 0.01 BTC to 0.0005 BTC (i.e., equivalent to less than a penny at current exchange rates).
      nixxle
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      June 05, 2011, 04:56:40 PM
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      Yes, your technical knowledge of this system impresses me.

      However, everybody keeps talking about how awesome bitcoins are for having this many decimal points.

      What is the use of all this decimal points if I cannot make a payment using them?

      The exchange rate has shot up very quickly in the last few weeks/months, and the official client has not yet been adjusted to handle that. In future versions, it is planned that the minimum transaction fee will be changed from 0.01 BTC to 0.0005 BTC (i.e., equivalent to less than a penny at current exchange rates).

      Thank you for your answer. I really appreciate that.

      I think that the micro-transactions-market is an important niche where Bitcoin can really get a foot in and wiggle itself into the larger-sized wallets of consumers around the world.

      We sell virtual in-game items for $0.50 and up because various parties want a piece of that pie (and I mean you Facebook). It would be a great to be able offer items at a prices as low as $0,005.

      So getting this transaction fee down is something I will be watching very closely.
      BitterTea
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      June 05, 2011, 05:54:59 PM
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      Thank you for your answer. I really appreciate that.

      I think that the micro-transactions-market is an important niche where Bitcoin can really get a foot in and wiggle itself into the larger-sized wallets of consumers around the world.

      We sell virtual in-game items for $0.50 and up because various parties want a piece of that pie (and I mean you Facebook). It would be a great to be able offer items at a prices as low as $0,005.

      So getting this transaction fee down is something I will be watching very closely.

      I think you may be better off issuing your own credits which are backed by bitcoin. For instance, you would allow people to buy GameCoins at a rate of 1 BTC per GC. Then they can spend their GC on items within your game. This allows you to get all the benefit of Bitcoin, but you only have to perform a tiny fraction of the number of transactions, and they will be of larger values (receiving to and withdrawing from a game account).
      gigitrix
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      June 05, 2011, 07:35:56 PM
       #12

      I agree with the assessment of microtransactions being an "in" for bitcoin. I don't know if we could support microtransactions in the event that bitcoin ultimately succeeds beyond our wildest dreams, but I think it's a useful thing to have right now. The network can support it now, so why not use it? Tongue
      compro01
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      June 05, 2011, 09:12:02 PM
       #13

      the "no transactions smaller than 0.01 BTC without a fee" was initally added to prevent unscrupulous people from spamming the network with tons of tiny tranactions.

      i believe that's being changed in the next version to allow smaller fee-free transactions.
      nixxle
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      June 05, 2011, 09:22:54 PM
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      Thank you for your answer. I really appreciate that.

      I think that the micro-transactions-market is an important niche where Bitcoin can really get a foot in and wiggle itself into the larger-sized wallets of consumers around the world.

      We sell virtual in-game items for $0.50 and up because various parties want a piece of that pie (and I mean you Facebook). It would be a great to be able offer items at a prices as low as $0,005.

      So getting this transaction fee down is something I will be watching very closely.

      I think you may be better off issuing your own credits which are backed by bitcoin. For instance, you would allow people to buy GameCoins at a rate of 1 BTC per GC. Then they can spend their GC on items within your game. This allows you to get all the benefit of Bitcoin, but you only have to perform a tiny fraction of the number of transactions, and they will be of larger values (receiving to and withdrawing from a game account).

      Yes, you are right from a practical point of view. Of course we currently have our own in-game currency and all that. We use Paypal, Moneybookers and the likes to accomodate this.

      But the real interesting part from a marketing point of view, is getting those individuals that do not want to spend more than a single dollar, to give us their pennies. Amounts that small are required, in my opinion, to gain the trust of those who are still reluctant to "digitize" their money. It is this first 'threshold' that is the hardest.

      For example, take a look at Bitcoin itself. A few months ago, I was reluctant to spend even $2 on Mt. Gox. But after depositing my first few $, it became easier to spend the many more I have since then spend. I think the same goes for all of us here.

      TL;DR : Smaller initial investment == smaller threshold == more peepz Smiley
      FreeMoney
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      June 05, 2011, 09:41:59 PM
       #15

      Okay, hang on a sec we'll change it.

      Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
      nixxle
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      June 05, 2011, 09:50:23 PM
       #16

      Okay, hang on a sec we'll change it.

      k, thnx. Bye!
      BitcoinRigs.com
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      June 06, 2011, 06:00:30 AM
       #17

      I cannot make a transaction < 0.01 BTC.

      You are right. Bitcoins are not well suited to every currency situation imaginable.

      Bitcoins are not well designed for micro-transactions. Block size is limited. Too many micro-transactions would not fit in a block, and would delay confirmations and eventually clog up the network.

      Dedicated Bitcoin Mining Rigs from http://bitcoinrigs.com/
      compro01
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      June 06, 2011, 04:03:06 PM
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      Block size is limited.

      i do not think there is a block that has hit the limit yet.  and anyway, the limit is a temporary measure to prevent the blockchain from growing too fast.  it can be removed later.
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