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Author Topic: Transaction Fees :::: What is a fair price?  (Read 805 times)
nightwolf
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July 26, 2011, 12:29:47 AM
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So what do you guys think is a fair price? 2%, 1%, 0.5% ?

Obviously, the way things are going, transactions won't be free unless the "faciliator" of the transaction has a massive mining and server advantage or is compensated other ways which allows them to afford free transaction offers. This is already the case.

 

"You will do foolish things, but do them with enthusiasm.", Collette. Now give me some BTC: 1JwicXdG75j28UXxjmFibx3pxTtr7NuwGR Grin
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dyngnosis
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July 26, 2011, 02:50:23 AM
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I think fair is always going to be the lowest offered.  Since some pools offer 0% transaction fees (btcguild for one) a new pool would need to introduce something of value to levy a transaction fee.

nightwolf
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July 26, 2011, 06:13:44 AM
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True. 0% is always desired.

The thing I don't get is, if you kept BTC in your local laptop offline and tried to pay out, it asks "0.0005 transactions fees". And there is no guarantee that BTCGuild will process it, so might end up in a pool that charges. So does a transaction cost by default for all trades at the moment?

"You will do foolish things, but do them with enthusiasm.", Collette. Now give me some BTC: 1JwicXdG75j28UXxjmFibx3pxTtr7NuwGR Grin
tman540
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July 26, 2011, 07:26:01 AM
 #4

True. 0% is always desired.

The thing I don't get is, if you kept BTC in your local laptop offline and tried to pay out, it asks "0.0005 transactions fees". And there is no guarantee that BTCGuild will process it, so might end up in a pool that charges. So does a transaction cost by default for all trades at the moment?

Triple mining does 1% fees with weekly jackpots of 1.5 BTC. You can join my mini pool if you'd like, all the info is in m sig.
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July 26, 2011, 07:30:30 AM
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True. 0% is always desired.

The thing I don't get is, if you kept BTC in your local laptop offline and tried to pay out, it asks "0.0005 transactions fees". And there is no guarantee that BTCGuild will process it, so might end up in a pool that charges. So does a transaction cost by default for all trades at the moment?

Triple mining does 1% fees with weekly jackpots of 1.5 BTC. You can join my mini pool if you'd like, all the info is in m sig.

You should really quit spamming your pool so much, it's pretty annoying.

And to the OP:
What do you mean by transaction fees?  Pulling money out of a pool (that you've mined) or transaction fees on sending bitcoins?  The current discussion is pretty vague.
SHlFT
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July 26, 2011, 04:54:11 PM
 #6

YEah, he's pretty vague

nightwolf
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July 27, 2011, 12:26:54 AM
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Sorry re-being vague. Referring to transaction fees for sending money. (A) sends 100 BTC to (B). Says there's 20 Million BTC in circulation. No more are being created (through mining). So what would you charge to deliver A's money to B? What would be a fair price?

[No right answer, just wanted to understand what the BTC community feels is fair, what is the willingness to pay]

"You will do foolish things, but do them with enthusiasm.", Collette. Now give me some BTC: 1JwicXdG75j28UXxjmFibx3pxTtr7NuwGR Grin
SHlFT
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July 27, 2011, 12:38:52 AM
 #8

Sorry re-being vague. Referring to transaction fees for sending money. (A) sends 100 BTC to (B). Says there's 20 Million BTC in circulation. No more are being created (through mining). So what would you charge to deliver A's money to B? What would be a fair price?

[No right answer, just wanted to understand what the BTC community feels is fair, what is the willingness to pay]

how about .005 fee?

nightwolf
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July 27, 2011, 12:42:28 AM
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Sorry re-being vague. Referring to transaction fees for sending money. (A) sends 100 BTC to (B). Says there's 20 Million BTC in circulation. No more are being created (through mining). So what would you charge to deliver A's money to B? What would be a fair price?

[No right answer, just wanted to understand what the BTC community feels is fair, what is the willingness to pay]

how about .005 fee?

That's not bad at all, 65c a pop keeps BTC much more attractive than regular currency transactions. Banks are such a rip off. Cashing a cheque from the US costs $15 Dingo Dollars at any Aussie bank. 

"You will do foolish things, but do them with enthusiasm.", Collette. Now give me some BTC: 1JwicXdG75j28UXxjmFibx3pxTtr7NuwGR Grin
SHlFT
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July 27, 2011, 12:45:56 AM
 #10

Banks charge you for everything

even charge you money for not having enough money.

lowlevel
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July 27, 2011, 12:49:14 AM
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True. 0% is always desired.

The thing I don't get is, if you kept BTC in your local laptop offline and tried to pay out, it asks "0.0005 transactions fees". And there is no guarantee that BTCGuild will process it, so might end up in a pool that charges. So does a transaction cost by default for all trades at the moment?

What I don't get is, I agreed to paying 0.0005 and, the client sent 0.00056435
Kind of annoying.

Would you rather talk Altcoins? - https://cryptocointalk.com/
nightwolf
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July 27, 2011, 12:52:45 AM
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Banks charge you for everything

even charge you money for not having enough money.

Can't agree more my friend. Did you know that Aussie banks charge $52 p.a. for a normal 0% debit account? Who charges account keeping fee in 2011 anyway? As it is they hold custody of our funds. A recent hedge fund survey stateside revealed that the demand coversion rate for USD if banks wen on a run is 1:30. That is if everyone withdrew at the same time, paper note will be 30 times more valuable than nominal amount in bank. You probably already read this.

In that sense, BTC is extra-ordinary. There is no such thing as "with-drawl" or "with-drawl fees".  

"You will do foolish things, but do them with enthusiasm.", Collette. Now give me some BTC: 1JwicXdG75j28UXxjmFibx3pxTtr7NuwGR Grin
nightwolf
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July 27, 2011, 12:57:17 AM
 #13

True. 0% is always desired.

The thing I don't get is, if you kept BTC in your local laptop offline and tried to pay out, it asks "0.0005 transactions fees". And there is no guarantee that BTCGuild will process it, so might end up in a pool that charges. So does a transaction cost by default for all trades at the moment?

What I don't get is, I agreed to paying 0.0005 and, the client sent 0.00056435
Kind of annoying.

Perhaps, the client is charging additional fees for itself? Assuming you're using a proprietary system and not code downloaded from bitcoin.org? Just a thought... I'm a beginner myself. I feel your pain.

0.0005 for miners
0.00006435 for app maker itself

Yep, signs of the traditional bank charge model signs.

*piffany! Unless - the charge is % of amount you paid!

"You will do foolish things, but do them with enthusiasm.", Collette. Now give me some BTC: 1JwicXdG75j28UXxjmFibx3pxTtr7NuwGR Grin
SHlFT
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July 27, 2011, 01:13:36 AM
 #14

Are you sure you are using the latest software from bitcoin.org

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