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Author Topic: 1 BTC = 250x fees then you will remain with 0 BTC  (Read 2255 times)
virtualdn (OP)
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May 21, 2017, 05:04:20 PM
 #1

Wonder how many realize this. Basically you are feeding the whales.

At this time PayPal fees are cheaper  Roll Eyes

1 BTC = 1 BTC
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jhonmalkon
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May 21, 2017, 09:36:40 PM
 #2

I'm sorry, I do not understand you mean the fee?
virtualdn (OP)
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May 21, 2017, 09:44:59 PM
 #3

I'm sorry, I do not understand you mean the fee?

yeah, you can pay the fees 250 times

1 BTC = 1 BTC
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May 22, 2017, 01:42:14 AM
Last edit: May 22, 2017, 02:20:00 AM by Cryptolator
 #4

The average price right now for a transaction that would be confirmed in less than 25 minutes is 0,005USD/byte and the average TX size is 250 bytes, so 0.005 * 250 = 1.25USD.

If you are not in a hurry and can wait up to 24 hours, you can go with a 0.001USD/byte, so 0.001 * 250  = 0.25USD.

That's pretty cheap IMO.
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May 22, 2017, 01:46:38 AM
 #5

Fees are not that big lol,fees are still small at this stage of bitcoins fees are getting higher yes but it will not reach 5$ fees or higher than what you are indicating its part of growing and its not a negative sign
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May 22, 2017, 02:06:03 AM
 #6

Fee is high at the moment but still considered low when larger amount is involved. Coinbase fee is about 750bits (~$1.50) for any amount sent- if you sent 1BTC (or $2000), you are only paying $1.50. This is much cheaper than Paypal calculation using percentage.
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May 28, 2017, 04:38:25 AM
 #7

The average price right now for a transaction that would be confirmed in less than 25 minutes is 0,005USD/byte and the average TX size is 250 bytes, so 0.005 * 250 = 1.25USD.

If you are not in a hurry and can wait up to 24 hours, you can go with a 0.001USD/byte, so 0.001 * 250  = 0.25USD.

That's pretty cheap IMO.

I paid 3 times that amount (134sat/byte so even more than 0.003$ when I made the transaction 3 days ago) and it took more than three days (74 hours).
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May 28, 2017, 07:23:16 AM
 #8

Fee is high at the moment but still considered low when larger amount is involved. Coinbase fee is about 750bits (~$1.50) for any amount sent- if you sent 1BTC (or $2000), you are only paying $1.50. This is much cheaper than Paypal calculation using percentage.
Yeah in small transaction the fee is much, but not bigger in big transaction such as 500$ or more.
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May 28, 2017, 07:33:33 AM
 #9

but who the hell would do such thing, i mean, make 250x transactions without exact purpose? most of people just make a transaction if it's really necessary, and with purpose to increase their bitcoin. we are not feeding whales but it's just how blockchain works and because of the scalability

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May 28, 2017, 08:06:06 AM
 #10

For micropayments paypal (and skrill and neteller, etc.) are faster and cheaper than Bitcoin. That's a fact, unfortunately.

Bitcoin is becoming a tool for big payments amount or large investment. That's not necessarily a bad news, though I would prefer to use it for every kind of payment.
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May 28, 2017, 08:10:27 AM
 #11

Wonder how many realize this. Basically you are feeding the whales.

At this time PayPal fees are cheaper  Roll Eyes
You are not the only one who knows it, we all know it. But we know that, it will not last long, bitcoin is preparing segwit, they will upgrade with bigger block number, and the fee will certainly decrease many times. Do not worry too much about that, bitcoin is still good for us to use.





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May 28, 2017, 08:18:37 AM
 #12

Wonder how many realize this. Basically you are feeding the whales.

At this time PayPal fees are cheaper  Roll Eyes
You are not the only one who knows it, we all know it. But we know that, it will not last long, bitcoin is preparing segwit, they will upgrade with bigger block number, and the fee will certainly decrease many times. Do not worry too much about that, bitcoin is still good for us to use.

It would be a great help really if segwit is already implemented in the blockchain. Probably now i can handle 2 days delay as long as the transactions is successful but it think for other people they really would demand exactly what was in the page. And yeah this has already in project teams minds that they would risk this big amount but in exchange with great profit so i doubt if they are brave enough to risk it. Then we can also acknowledge there project.
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May 28, 2017, 08:33:49 AM
 #13

they are preparing the segwit, but no one knows when it will be activated, we are all hoping for the best in bitcoin market since like what happened yesterday, it has major effect on market stability.


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May 28, 2017, 08:41:47 AM
 #14

I'm sorry, I do not understand you mean the fee?

yeah, you can pay the fees 250 times
Yes you are true, we must pay the fees 250 Times​ that is the problem on bitcoins right now
so the solution for this problem is simple, don't use bitcoins for a little payment
that is not good much fees must be paid, bitcoins must be considered as gold, stocks than
bitcoins be considered as money.
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May 28, 2017, 10:03:16 AM
 #15

I think the problem of transaction costs can be minimized on bitcoin transactions, not everyone using paypal makes the transaction easy

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May 28, 2017, 10:41:22 AM
 #16

At this time, paypal fee is still higher. You are paying almost 4.5$ per 100 dollar as fee. Whereas here in bitcoin market, you are just paying around 1-2$ for faster transaction. You can wait for lower fees. This may increase if more people start using bitcoin.

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May 28, 2017, 10:51:23 AM
 #17

Wonder how many realize this. Basically you are feeding the whales.

At this time PayPal fees are cheaper  Roll Eyes

The bitcoin fees compared to before is much higher but it is still consider to be cheaper compared to the banks.  Even though the fees are increasing but bitcoin is still the best compared to paypal since our bitcoin funds can give us profit even we are sleeping and thus the miner fees are nothing compared to our profit. Paypal funds does not grow in value overnight thus even if it is much cheaper we still prefer bitcoin.
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May 28, 2017, 11:01:17 AM
 #18

Does paypal also prints you money? No, 1 byte of data is not equal to one paypal transaction. and hundreds of millions are using paypal already so don't worry they will not go bankrupt.
If by any chance they allow you to print dollar as literally what miners are doing then come here and bi*ch about fees.
Even though I'm talking like that but if fees increase higher than 400sats/b I myself will halt every activity related to bitcoin.
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May 28, 2017, 11:17:14 AM
 #19

The average price right now for a transaction that would be confirmed in less than 25 minutes is 0,005USD/byte and the average TX size is 250 bytes, so 0.005 * 250 = 1.25USD.

If you are not in a hurry and can wait up to 24 hours, you can go with a 0.001USD/byte, so 0.001 * 250  = 0.25USD.

That's pretty cheap IMO.

Whether amount of the fees is high or low is totally arbitrary opinion. But we know that current fees are not normal and way to high compared to tx fees from 2 years ago.
That could be our reliable benchmark for setting lower fee structure in the future.

Current tx fee will be cheap only for 1st world citizens and people who can afford paying more than $1 every time.


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matrix zion
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May 28, 2017, 11:34:48 AM
 #20

The average price right now for a transaction that would be confirmed in less than 25 minutes is 0,005USD/byte and the average TX size is 250 bytes, so 0.005 * 250 = 1.25USD.

If you are not in a hurry and can wait up to 24 hours, you can go with a 0.001USD/byte, so 0.001 * 250  = 0.25USD.

That's pretty cheap IMO.


Hmm... Personnally I have to pay much more than this.

Last time I made tx it was around 4$ of fees and that is not something I find cheap ^^
Yeah I'd say fees are the biggest problem right now. Well not fees in themselves, more like the network. Because fees are just the result of the freacking cloaked network :p
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