Isnt it great that the amount you transfer doesnt matter?
Isn't it great that the monetary amount you transfer doesn't affect the data or processing cost to network members, or cost of disk space that nodes must allocate to store your transaction forever?
Well, anyway, the commentary should be that if it was important to have processed quickly, then paying a larger-than-default fee would have been a much smaller percentage of this non-trivial amount.
Post pretty old...very interesting. Thought the unconfirmed Transaction thing is a recent phenomenon. Think Op should update the post to meet current reality
My amendments below to the first post's points still stand valid -
don't experiment with paying the lowest fees possible for important transactions:
Notice: If you want a payment to go through in less than several hours, increase your Bitcoin client's optional/voluntary fee to something higher than 0.0001/kB default fees for all transactions. Priority is given to higher fee transactions.
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The first-post instructions for removing a transaction and re-sending a new one with fees apply only if the original transaction was created with a "bad" client, or if it was sent while attempting to bypass Bitcoin fee rules. Removing a transaction record from your client and re-sending another transaction will likely do you little good. The network won't soon "forget" your original transaction if it is properly constructed, will recognize a new transaction as attempting to double-spend the same money, and will discard the new transaction anyway.
The Bitcoin white paper doesn't say anything about free or cheap transactions, this came from Bitcoin promoters while it was still true. In fact, reasonable and balanced fees are necessary to discourage trivial transactions and to replace the shrinking block rewards paid to miners. The economics of this are competitive and self-correcting - as more transactions pile up, more fees are needed for timely confirmation. What
hasn't happened in the last five years is exponentially cheaper hard drives or processors that could have kept Bitcoin data growth less expensive.
