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Question: Are you making more small transfer than a big transfer?
Yes - 7 (77.8%)
No - 2 (22.2%)
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Author Topic: 0.0001 btc transfer fee is big in usd.  (Read 557 times)
kai11
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November 27, 2013, 11:42:26 PM
 #1

I believe value of current 0.0001 btc is cost about 10 cent usd today. This would be huge if many small transfer are made or business that have small margin.  Sad
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WayTooGosu
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November 27, 2013, 11:44:52 PM
 #2

Yes many online wallets have a similar fee, it is a pretty substantial amount to use as a fee. That is actually one of these reasons faucets do not pay instantly anymore.

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caspar.holzinger
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November 27, 2013, 11:45:53 PM
 #3

Just thought about the same. I think it's soon time to lower the fees.
vendetahome
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November 27, 2013, 11:46:15 PM
 #4

I believe value of current 0.0001 btc is cost about 10 cent usd today. This would be huge if many small transfer are made or business that have small margin.  Sad

Dont worry, the fees will be updated when the times come. I saw going from 0.01 to 0.0005 and about half year ago to 0.0001. Give it time
Sharky444
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November 27, 2013, 11:46:20 PM
 #5

When the protocol was created nobody envisioned that one bitcoin could go to $1000. Nowadays the fee became really large and will lead to problems if bitcoin alternatives, like eMunie, do come out next year, unless the protocol is updated to handle more transactions/sec, and at a smaller fee than 0.0001.

Radix - just imagine
WayTooGosu
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November 27, 2013, 11:46:59 PM
 #6

Yes many online wallets have a similar fee, it is a pretty substantial amount to use as a fee. That is actually one of these reasons faucets do not pay instantly anymore.

 ♔ PrimeDice.com | The Best Way To Roll ! | Free BTC Faucet | Instant Play & Chat (https://PrimeDice.com)  [Thread] (https://bitcointalk.org/index.php?topic=208986.0) @PrimeDice (https://twitter.com/primedice)
MoonShadow
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November 27, 2013, 11:47:06 PM
 #7

I believe value of current 0.0001 btc is cost about 10 cent usd today. This would be huge if many small transfer are made or business that have small margin.  Sad

Yes, but Bitcoin wasn't designed to be a micropayment system, per se.  That may or may not (more likely not) occur using less common transaction types, such as using a single send-to-many transaction for weekly payroll or a household's monthly bills.

That said, the minimum transaction fee has been repeatedly reduced as the value of a bitcoin has increased.  I expect that the transaction fee will drop back down to around a cent or less with the next client code update.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
MoonShadow
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November 27, 2013, 11:50:11 PM
 #8

When the protocol was created nobody envisioned that one bitcoin could go to $1000.

That's not true at all.  Many, if not most, of the early movers around here expected to see a $1000 bitcoin eventually.  I don't know if anyone expected to see $1000 per BTC before the second block reward halving, however.  I certainly didn't.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
monbux
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November 27, 2013, 11:52:01 PM
 #9

When the protocol was created nobody envisioned that one bitcoin could go to $1000.

That's not true at all.  Many, if not most, of the early movers around here expected to see a $1000 bitcoin eventually.  I don't know if anyone expected to see $1000 per BTC before the second block reward halving, however.  I certainly didn't.

Most of these "analysts' expect bitcoin to reach $100,000 BTC one day, which is totally possible.  By then mBTCs will be the main trading currencies, perhaps uBTC lol.  Anyways, by then, think about how small the fees will be.  Also, if yuo are sending bitcoins to others, use shared send or send without a fee, if you really have to.

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LupinS
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November 27, 2013, 11:52:18 PM
 #10

This fee have to be lowered, with small amounts its ridiculous big.
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