Bitcoin network is rejecting Bitcoin microtransactions

[darius2020]

It looks like
new developers in Bitcoin network went wrong, rejecting Bitcoin microtransactions.

Let me know your opinion since I am interested in your support for transactions in micro and nano Bitcoins
since core developers of Bitcoin declared Bitcoin network to support every BTC 0.00000001 transaction.

https://www.facebook.com/NanoBitcoin

It looks like there is no need to offer transaction fee, as suggested, since Bitcoin banking should be free,
zero-processing fee based.

[avw1982]

I tried to send today a little amount of BTC and the transactioncosts where the half of the entire amount?? That must be changed.

[pm7]

What goal is in sending less the 1 cent? I agree that fee are relatively high, but they probably will decrease.

[darius2020]

There is no default fee in Bitcoin microtransactions.
Transaction fee is by declaration and can be set to 0.000ooo00
via Bitcoin app input window.

Try to send BTC 0.000ooo01 to your own address to risk nothing to let us know timing of your transaction (if signed with a number of valid blocks)

https://www.facebook.com/NanoBitcoin

I am surprised, developers of Bitcoin protocols suggest any transaction processing fee, transaction reward since it doesn't make any sense.

If you can sign a block you are awarded BTC 25
if you can't sign a block you still get nothing.

[Foxpup]

The Bitcoin network does not reject microtransactions. Instead, almost all nodes simply refuse to relay them and almost all mining pools refuse to include such transactions in blocks. If you can find a mining pool willing to include microtranscations in blocks, and you send your transaction to them directly, it will be accepted by the Bitcoin network. Good luck with that, though.

[Interized]

The Bitcoin network does not reject microtransactions. Instead, almost all nodes simply refuse to relay them and almost all mining pools refuse to include such transactions in blocks. If you can find a mining pool willing to include microtranscations in blocks, and you send your transaction to them directly, it will be accepted by the Bitcoin network. Good luck with that, though.

Bitcoin is indeed like gold in a sense it is a complete waste of any resources to move/send/transfer/trade "gold (or bitcoin) dust".

Only as Bitcoin continues to gain higher value will micro transactions be allowed, but in a sense won't be micro anymore when you consider value.

Sorry, you cannot spam Bitcoin for such pointless and wasteful transactions.

[darius2020]

The Bitcoin network does not reject microtransactions. Instead, almost all nodes simply refuse to relay them and almost all mining pools refuse to include such transactions in blocks. If you can find a mining pool willing to include microtranscations in blocks, and you send your transaction to them directly, it will be accepted by the Bitcoin network. Good luck with that, though.

The issue is Bitcoin network must be managed fair.
Satoshi declared every Bitcoin microtransaction, single satoshi transaction is valid and must be verified to be valid.

It looks new developers violate basic terms of Bitcoin rules, as implemented by Satoshi.

Acting that way, one day we have to pay 50% payment's processing fee, if not banned by Satoshi.

It looks like more and more new rules and standards in Bitcoin transaction processing are implemented.

Satoshi, try to protect your Bitcoin currency as no-fee crypto bank.

If we let transaction processing fees or such fees to grow,
there is no difference between standard banking system in real world
and Bitcoin payments in virtual worlds, affected by high payment processing fees.

Please try BTC 0.000ooo01  self microtransactions, as endorsed by Satoshi, founder of Bitcoin
and report problems via

https://www.facebook.com/NanoBitcoin

There is no need to demand any extra reward,  transaction processing fee, since BTC 25 is ok as a fair reward.

[Foxpup]

The issue is Bitcoin network must be managed fair.

It is managed fair. The bandwidth, data storage, and computing power required to confirm transactions are limited resources, and charging fees for these limited resources and discouraging people from wasting them is completely fair.

Satoshi declared every Bitcoin microtransaction, single satoshi transaction is valid and must be verified to be valid.

[citation needed] Satoshi never said that all valid transactions must be confirmed. Quite the contrary: since it's easy to waste vast amount of the network's limited resources by sending zillions of valid, but worthless, transactions, it is necessary for nodes to refuse worthless transactions, and Satoshi recognised this.

Satoshi, try to protect your Bitcoin currency as no-fee crypto bank.

It was Satoshi's intention for the network to eventually be supported entirely by transaction fees. See Section 6 of the whitepaper. Free transactions have always been the exception rather than the rule.

There is no need to demand any extra reward,  transaction processing fee, since BTC 25 is ok as a fair reward.

The BTC25 doesn't reward confirming transactions, it rewards mining blocks, regardless of what transactions that block confirms. There's nothing stopping a miner from mining an empty block, and in fact has an incentive to do so, as empty blocks are smaller and take less time to transmit. Confirming transactions has a real cost that must be paid for by transaction fees.

[medUSA]

I am all for lower fees, even free transactions.

But currently, if my wallet is full of microtransaction dust, it costs me more to send them than their actual value. So, even if the network supports microtransactions, no one wants to receive them.

[R0yalAir]

the real question is, can that fee cover the cost of electricity

[darius2020]

the real question is, can that fee cover the cost of electricity

Cost of electricity is your own option and  risk to join a challenge and win BTC 25.

"
Instead, almost all nodes simply refuse to relay them and almost all mining pools refuse to include such transactions in blocks.
"

It looks like powerful VIPs took control over Bitcoin network deciding what transactions are ok and what should be delated, implementing double spending in microtransactions.

Block creation should be time clocked process to have the same block created every 1-10 min
and distributed to every interested party not to let dirty games to be played to closing doors to
Bitcoin micropayments to poor people from Africa and other developing countries and regions.

What is Bitcoin dust for the VIPs from Japan, US, Europe is still a real money paid for
the poor villagers from Africa, Asia and developing countries.

Price of 1 Bitcoin can grow to $ 1,000,000 one day requesting people to stop < $ 100 payments via Bitcoin network since $100 payment may be called Bitcoin dust next year .

If someone pointed out a weak point in the idea of Bitcoin  collector's items , minted by skilled craftsmen
(not mined by miners) rejecting thousands of micropayments, so the idea of Bitcoin should be
reviewed and bugs removed.

What was so called "Bitcoin dust" 2 years ago is a real money today since price of Bitcoin went
up from < $1 to $1,000

So micro , nano Bitcoin payments should be rolled into account balance sum assigned to one signature
every year via zero-award  fee-free self-payments exactly as I can do at any real bank today.

If UN and others awarded Nobel Prize for the inventor of microcredits
so let me win another Nobel Prize for micropayments solution and technology within Bitcoin network.

Price of 1 Bitcoin can grow to $ 1,000,000 on speculation and minting mechanism implemented limiting delivery of Bitcoin currency to the market.

I fully support Bitcoin micropayments since I work closely with UN Foundation, other UN agencies,
developing renewable energy solutions for Africa and other poor, underdeveloped regions of the globe.

My intention is to implement Bitcoin micropayments into UN agencies world-wide.

If you personally support Bitcoin micropayments please support me
via
https://www.facebook.com/NanoBitcoin

to let us develop nice solutions and technologies in support of Bitcoin micropayments

[Lieji]

It looks like
new developers in Bitcoin network went wrong, rejecting Bitcoin microtransactions.

Let me know your opinion...

The current threshold is 5430 satoshi, which is just 0.05 USD.
I am very happy with the setup right now, and I don't see the benefits of sending a few cents to others.

[BlockChainLottery]

Foxpup is right. I think that you (OP) don't understand the whole concept of Bitcoin. Nothing is free. It's true that a miner gets a block reward of 25 BTC, but that's temporary and is halved every 4 years or so. It is just to start up Bitcoin. In the end fees have to be paid to keep miners mining.

Micro transactions are allowed, but miners make the decision to put it in a block. The higher the fee, the more likely the miner will include it. It's a kind of competition where the following happens:
fee is inverse proportional to waiting time
fee is proportional to security

When the Bitcoin price goes up, paying smaller amount will become much easier. Then maybe the client are adapted to make payments even smaller than 1 Satochi.

What do you think is a micro payment in Africa when expressed in dollars?

[DeboraMeeks]

IMO These fees go to the miners to make them more interested in carrying your BTC in the block. The fee is voluntary and you could pay with no fees but don't expect to see your payment for at least a day.

[nerFohanzo]

The Bitcoin network does not reject microtransactions. Instead, almost all nodes simply refuse to relay them and almost all mining pools refuse to include such transactions in blocks. If you can find a mining pool willing to include microtranscations in blocks, and you send your transaction to them directly, it will be accepted by the Bitcoin network. Good luck with that, though.

The issue is Bitcoin network must be managed fair.
Satoshi declared every Bitcoin microtransaction, single satoshi transaction is valid and must be verified to be valid.

It looks new developers violate basic terms of Bitcoin rules, as implemented by Satoshi.

Please try BTC 0.000ooo01  self microtransactions, as endorsed by Satoshi, founder of Bitcoin
and report problems via

Sending BTC 0.000ooo01 is valid transaction, but you have to modify the Bitcoin client and solo mine the block with this transaction yourselves

[stephane.viglielmo]

Have u a tutorial for deleting or adding fees in transaction ?

Thanks a lot,

[pontiacg5]

Have u a tutorial for deleting or adding fees in transaction ?

Thanks a lot,

What exactly did you, or are you wanting to, do?

Playing with raw transactions when you don't know what you are doing is a good way to loose your bitcoins.

Sending a transaction without enough fees is a good way to get bitcoins stuck in unconfirmed limbo land.

[stephane.viglielmo]

Have u a tutorial for deleting or adding fees in transaction ?

Thanks a lot,

What exactly did you, or are you wanting to, do?

Playing with raw transactions when you don't know what you are doing is a good way to loose your bitcoins.

Sending a transaction without enough fees is a good way to get bitcoins stuck in unconfirmed limbo land.

Anyway, I dont find the option to send no fees at all.

I use multibit 0.5.16

And there is no option a set or modify fees.

How could I do ?

Thanks a lot,

[pontiacg5]

Don't. I don't know how much clearer I can make this, but those bitcoins are likely to never "show up" at the address you sent them to, and at the very least it will take forever. In that time I'm sure you'll post twenty threads asking where your $0.03 worth of bitcoins are. This is why there is no option, or it's so hidden newbies can't find it.

Bitcoin isn't free, and if the network says you should pay a fee, then pay it or deal with the consequences. If you don't like that, go find another altcoin with no fees.


That being said, it's perfectly possible to send a transaction with no fee at all and still have it confirmed in a timely fashion. That transaction isn't going to be a bunch of 5430 shatoshi transactions though, you can bet on that.

https://en.bitcoin.it/wiki/Transaction_fees

See the section on transaction priority

[Foxpup]

Cost of electricity is your own option and  risk to join a challenge and win BTC 25.

Cost of electricity is not an "option" or "risk", it's an overhead expense of running a business. Mining is a business, not a "challenge", and you don't "win" anything, you get paid for providing a service. As a business operator, you don't have to provide your service to people who refuse to pay, or are consuming more of your resources than they're paying for. That's just common sense.

It looks like powerful VIPs took control over Bitcoin network deciding what transactions are ok and what should be delated, implementing double spending in microtransactions.

WTF are you talking about?

Block creation should be time clocked process to have the same block created every 1-10 min
and distributed to every interested party not to let dirty games to be played to closing doors to
Bitcoin micropayments to poor people from Africa and other developing countries and regions.

What dirty games are you talking about?

What is Bitcoin dust for the VIPs from Japan, US, Europe is still a real money paid for
the poor villagers from Africa, Asia and developing countries.

No it isn't. The dust limit of BTC0.0000543 is about 5 cents. The transaction fee to send that is BTC0.0001, or about 10 cents. I guarantee that there are no poor villagers trying to pay amounts lower than 5 cents over the Internet, and getting upset that they have to pay 10 cents to do so.

Price of 1 Bitcoin can grow to $ 1,000,000 one day requesting people to stop < $ 100 payments via Bitcoin network since $100 payment may be called Bitcoin dust next year .

Transaction fees and the dust limit have already been reduced multiple times as a result of rising exchange rates. What makes you think this won't continue in the future?

So micro , nano Bitcoin payments should be rolled into account balance sum assigned to one signature
every year via zero-award  fee-free self-payments exactly as I can do at any real bank today.

Explain how. You do realise that "real banks" charge fees for this service, right?

If UN and others awarded Nobel Prize for the inventor of microcredits
so let me win another Nobel Prize for micropayments solution and technology within Bitcoin network.

Your chance of winning a Nobel Prize would be slightly greater if you actually, you know, invented and implemented your solution. There's no Noble Prize for saying "wouldn't it be nice if..."

I fully support Bitcoin micropayments since I work closely with UN Foundation, other UN agencies,
developing renewable energy solutions for Africa and other poor, underdeveloped regions of the globe.

No you don't. If you truly supported Bitcoin micropayments, you would be running a mining pool which allows microtransactions. As I explained in my first post, that's all you need to do to make it happen.

My intention is to implement Bitcoin micropayments into UN agencies world-wide.

What's stopping you?