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Author Topic: Question about transaction fees  (Read 704 times)
erpbridge
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May 04, 2017, 12:48:49 AM
 #1

Because of another post on here, I was wondering what would happen if bitcoin touches a price like $5000. What would the new transaction fees mean then ?

Because that would mean 0.001 btc is 5$, and we will not be able to send anything less than 5$ without paying half of that in fees. Sending 1$ would be impossible.

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May 04, 2017, 02:00:53 AM
 #2

Because of another post on here, I was wondering what would happen if bitcoin touches a price like $5000. What would the new transaction fees mean then ?
Even Bitcoin reach $5000 point , the fees is still in the default fees that we using today (0.0002 BTC).
And check this site for further information about the fees : https://en.bitcoin.it/wiki/Transaction_fees

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erpbridge
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May 04, 2017, 02:38:57 AM
 #3

Because of another post on here, I was wondering what would happen if bitcoin touches a price like $5000. What would the new transaction fees mean then ?
Even Bitcoin reach $5000 point , the fees is still in the default fees that we using today (0.0002 BTC).
And check this site for further information about the fees : https://en.bitcoin.it/wiki/Transaction_fees

I typically use coinbase which has a 0.0004-0.0005 for fees. I guess I could somewhat reduce it to 0.0002 by using an offline wallet. But even then, wouldn't it mean that sending amounts as low as 1-5$ would be not worth it ?
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May 04, 2017, 02:46:19 AM
 #4

Because of another post on here, I was wondering what would happen if bitcoin touches a price like $5000. What would the new transaction fees mean then ?
Even Bitcoin reach $5000 point , the fees is still in the default fees that we using today (0.0002 BTC).
And check this site for further information about the fees : https://en.bitcoin.it/wiki/Transaction_fees

I typically use coinbase which has a 0.0004-0.0005 for fees. I guess I could somewhat reduce it to 0.0002 by using an offline wallet. But even then, wouldn't it mean that sending amounts as low as 1-5$ would be not worth it ?


can you show me 10 transaction from coinbase with the fee around 0.0004-0.0005?

the price is not important when it comes to fees!

What is important is how many transactions are in memo pool and how much are you willing to wait!

if there is no transaction in memo pool you could do it with 1 sat ... because 1sat i better than 0!

but if there are 5000 transactions with a size of 3MB and you put a small fee you will have to wait for 3 block to be solved until your transaction will be processed, but if you put a higher fee miners will include your transaction in the first block found.

also another factor is who is sending BTC in the same time with you .. because if 3000 whales send t at the same time as you and they all put a fee of 0.001 and you put 0.0002 you will have to wait until their transactions are included.

erpbridge
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May 04, 2017, 02:51:31 AM
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can you show me 10 transaction from coinbase with the fee around 0.0004-0.0005?

the price is not important when it comes to fees!

What do you mean ? Coinbase does have a fixed fees. I can't change it on their website. Maybe when I download their wallet, it could be different.




What is important is how many transactions are in memo pool and how much are you willing to wait!

if there is no transaction in memo pool you could do it with 1 sat ... because 1sat i better than 0!

but if there are 5000 transactions with a size of 3MB and you put a small fee you will have to wait for 3 block to be solved until your transaction will be processed, but if you put a higher fee miners will include your transaction in the first block found.

also another factor is who is sending BTC in the same time with you .. because if 3000 whales send t at the same time as you and they all put a fee of 0.001 and you put 0.0002 you will have to wait until their transactions are included.

This is a general answer. People don't go about looking how many transactions are being made. I just meant a general average case.
ethantaylor
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May 04, 2017, 05:22:49 AM
 #6

Because of another post on here, I was wondering what would happen if bitcoin touches a price like $5000. What would the new transaction fees mean then ?
Even Bitcoin reach $5000 point , the fees is still in the default fees that we using today (0.0002 BTC).
And check this site for further information about the fees : https://en.bitcoin.it/wiki/Transaction_fees
Isn't the amount of fee determined by the number of transactions the sender uses, like this example?

erpbridge
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May 04, 2017, 07:05:24 AM
 #7

Because of another post on here, I was wondering what would happen if bitcoin touches a price like $5000. What would the new transaction fees mean then ?
Even Bitcoin reach $5000 point , the fees is still in the default fees that we using today (0.0002 BTC).
And check this site for further information about the fees : https://en.bitcoin.it/wiki/Transaction_fees
Isn't the amount of fee determined by the number of transactions the sender uses, like this example?

I am unsure. Probably seems like it from the looks of that post. However, most of the online wallets don't do this. Neither would someone who is new to bitcoin. So at the end, I am still curious how would smaller transactions be sustained.
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May 04, 2017, 08:03:15 AM
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My guess would be that for smaller amounts you will need to use LTC or some other crypto, if something doesn't change with scaling. As bitcoin might be used for larger transactions where alts for day-to-day use.

 If scaling change on the other hand (SegWit/BU) I am positive that fees would be lower as far as there are not to many transactions in mempool cuz if blocks are not full, then miners will try to include even one with smaller fee if they can earn more, sounds reasonable to me.

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serje
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May 04, 2017, 08:30:27 AM
 #9




can you show me 10 transaction from coinbase with the fee around 0.0004-0.0005?

the price is not important when it comes to fees!

What do you mean ? Coinbase does have a fixed fees. I can't change it on their website. Maybe when I download their wallet, it could be different.




What is important is how many transactions are in memo pool and how much are you willing to wait!

if there is no transaction in memo pool you could do it with 1 sat ... because 1sat i better than 0!

but if there are 5000 transactions with a size of 3MB and you put a small fee you will have to wait for 3 block to be solved until your transaction will be processed, but if you put a higher fee miners will include your transaction in the first block found.

also another factor is who is sending BTC in the same time with you .. because if 3000 whales send t at the same time as you and they all put a fee of 0.001 and you put 0.0002 you will have to wait until their transactions are included.

This is a general answer. People don't go about looking how many transactions are being made. I just meant a general average case.

1. I wanted to see 10 withdrawals you made from coinbase because i highly doubt they put on all transaction such a small fee and instead they pocket the difference between what they tell you is a fee and the actual fee paid to miners

2. Maybe now it's time to look around, and as I've already told you the fee problem is determined by the number of transaction not by the price.

erpbridge
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May 12, 2017, 01:41:12 PM
 #10

My guess would be that for smaller amounts you will need to use LTC or some other crypto, if something doesn't change with scaling. As bitcoin might be used for larger transactions where alts for day-to-day use.


Using LTC all the time is not possible. Specially if I am sending this money to a merchant accepting bitcoin. Maybe sites like bitpay need to start incorporating LTC as well.



1. I wanted to see 10 withdrawals you made from coinbase because i highly doubt they put on all transaction such a small fee and instead they pocket the difference between what they tell you is a fee and the actual fee paid to miners

2. Maybe now it's time to look around, and as I've already told you the fee problem is determined by the number of transaction not by the price.

I am confused here ? Do you mean they pay it for multiple transactions and pocket the difference they charge everyone and that one transaction fees ?
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