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Author Topic: 6 hours no confirmation, with fees  (Read 1540 times)
DannyHamilton
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May 28, 2013, 01:33:29 AM
 #21

It doesn't mean that bitcoin is "not designed for micro-payments"... He merely clarified what would happen to certain transactions if txn fee is not included. Remember, the goal is to eventually have fees assigned to pretty much every transaction in the block chain.

Stating that fees will be required for pretty much every transaction in the blockchain (and basing the value of those fees on the size of the transaction in bytes) pretty much implies that bitcoin is not "designed for micro-payments", since the direct effect of micro-payments in the bitcoin design is to result in very large transactions (in terms of bytes) for a very low value transfer.  As such, the transaction fee becomes a prohibitively large percentage of the transaction value.
Anon136
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May 28, 2013, 01:38:48 AM
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[Bitcoin is not for microtransactions.

Yes, it is. That is why it has 0.00000001 decimals.

WE decided to LIMIT micro-transactions. It was DESIGNED for micro-transactions, WE simply agreed to limit them with code.

Yes, it will take longer to go through, but it will eventually go through. Most servers don't even check or care about "free" or "micro"... However, they are the last ones to get done, since higher paying customers have paid for transactions to go through faster. The priority is set in code, and reinforced on servers.

Not MADE for micro-transactions, my ass... lol. That was the whole purpose of bitcoins. To be "bits" (micro).

no, that 0.00000001 is there in case bitcoins become so valuable that 0.00000001 is a serious amount of money, not so you can send tiny amounts of money.

Rep Thread: https://bitcointalk.org/index.php?topic=381041
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