Better way to reduce transaction fee

[minerva]

Right now the typical transaction is half a kilobyte or less, correct? And cost is rounded up usually?
Best way to reduce transaction fees is to price it on a per byte basis. There, transactions just got quartered.

[roslinpl]

Right now the typical transaction is half a kilobyte or less, correct? And cost is rounded up usually?
Best way to reduce transaction fees is to price it on a per byte basis. There, transactions just got quartered.

You want to reduce 0001 btc fee? :-)
Come on man ... its cheaper than a box of matches ...
 :-)

Why to reduce it?

Anyway you can pay no fee if you like ... qt settings? :-)

[minerva]

It's true.
But given the recent hubub about developers reducing the default fee, they could easily reduce the fee through increased precision.

[roslinpl]

It's true.
But given the recent hubub about developers reducing the default fee, they could easily reduce the fee through increased precision.

perhaps you are right

it's hard to say without testing your option

But idea seems not bad - just guess it will never be implemented into Bitcoin.
(or maybe   - then ask for some donations for idea:P)

[rapsaodan84]

I think we all must get used to pay enough fees.

Otherwise, how will the network operate after all Bitcoins are mined?

[rmines]

Right now the typical transaction is half a kilobyte or less, correct? And cost is rounded up usually?
Best way to reduce transaction fees is to price it on a per byte basis. There, transactions just got quartered.

You want to reduce 0001 btc fee? :-)
Come on man ... its cheaper than a box of matches ...
 :-)

Why to reduce it?

Anyway you can pay no fee if you like ... qt settings? :-)

If you set the fee to 0, the payment will still reach the other party, it might only take days instead of minutes. correct?

[minerva]

Right now the typical transaction is half a kilobyte or less, correct? And cost is rounded up usually?
Best way to reduce transaction fees is to price it on a per byte basis. There, transactions just got quartered.

You want to reduce 0001 btc fee? :-)
Come on man ... its cheaper than a box of matches ...
 :-)

Why to reduce it?

Anyway you can pay no fee if you like ... qt settings? :-)

If you set the fee to 0, the payment will still reach the other party, it might only take days instead of minutes. correct?

if you set it to zero, you are at the mercy of a generous miner.

[roslinpl]

If you set the fee to 0, the payment will still reach the other party, it might only take days instead of minutes. correct?

Correct - but not 100%

if you will put fee 0 and transaction will be bigger than for example 0.001 it will take few hours, not days...
Anyway transaction will be confirmed then so you don't need to pay - it is just optional and make transaction muuuuch faster and miners more happy!

[shaobao88]

Agree with roslinpl as it's faster and the fee is so small that making it 0 and at the same time making the transactions long lasting is worthless

[roslinpl]

Agree with roslinpl as it's faster and the fee is so small that making it 0 and at the same time making the transactions long lasting is worthless

sure it is like this.

0.0001 is very cheap. and we need to remember that those money are needed to support miners.
I know many people who add higher fee to their transactions.

Just find any cheaper way to send money on planet earth? (and I am not talking about other cryptocurrencies)

[minerva]

Agree with roslinpl as it's faster and the fee is so small that making it 0 and at the same time making the transactions long lasting is worthless

sure it is like this.

0.0001 is very cheap. and we need to remember that those money are needed to support miners.
I know many people who add higher fee to their transactions.

Just find any cheaper way to send money on planet earth? (and I am not talking about other cryptocurrencies)

transactions fees per block are 90% of the time... chump change
https://blockchain.info/charts/transaction-fees
https://blockchain.info/
https://blockchain.info/block-index/471229/0000000000000000d162a9c8fcd62c5c90517ca177f44752d9fc74b49912e1b1
Block Subsidy: 25 btc
Transaction fees: .17 btc

.17/25.17 = .68% of miner's revenue is from transaction fees
https://blockchain.info/block-index/471233/0000000000000000b2d9570fa137befb3d6bafbeef7b5e47171f0fc553d8c8d5
Block Subsidy: 25 btc
Transaction fees: 0.07 btc

.07/25.07 = .28% of a miner's revenue is from transaction fees

https://blockchain.info/stats
% earned from transaction fees:   0.32%


transaction fees are too small for anyone to pay attention to


besides

the developers are reducing the transaction fee
I don't know why they don't simply increase precision

[clubminer]

Right now the typical transaction is half a kilobyte or less, correct? And cost is rounded up usually?
Best way to reduce transaction fees is to price it on a per byte basis. There, transactions just got quartered.

how much fees when transfer of bitcoin? 

[minerva]

Right now the typical transaction is half a kilobyte or less, correct? And cost is rounded up usually?
Best way to reduce transaction fees is to price it on a per byte basis. There, transactions just got quartered.

how much fees when transfer of bitcoin? 

right now it's 10k satoshis per kb
what I'm proposing is
10k/1024= 10 satoshis per byte

the typical transaction is a quarter of a kilobyte, so for the typical transaction, it would be reduced by 3/4.
and it would give incentive for more efficient ways of transactions to be made
each byte is very significant since it's going to be stored forever.
and even if people would pay for data to be stored in the block chain, they would have to pay for every byte

[flatfly]

Not sure if you are aware that fees will be 1/10th of what they are now as of version 0.9.

[minerva]

Not sure if you are aware that fees will be 1/10th of what they are now as of version 0.9.

I am aware.

I just think 1/4 is better then 1/10.

It may even encourage bitcoin developers to find ways to reduce the number of bytes checksums and script take up.

[rmines]

Not sure if you are aware that fees will be 1/10th of what they are now as of version 0.9.

Is there an ETA for version 0.9 or will it release 'when it's done'?

[RoboDawg]

I accidental sent a transaction of 1btc without a fee (blockchain.info don't automatically apply a fee and i didn't know) and it took a few days

[roslinpl]

I accidental sent a transaction of 1btc without a fee (blockchain.info don't automatically apply a fee and i didn't know) and it took a few days

for real?
Few days?

Seems interesting

[rmines]

Not sure if you are aware that fees will be 1/10th of what they are now as of version 0.9.

Is there an ETA for version 0.9 or will it release 'when it's done'?

Bitcoin 0.9.0rc2 is available for testing so I guess it won't take long anymore.
Perhaps a final version in 2 weeks?

[roslinpl]

Not sure if you are aware that fees will be 1/10th of what they are now as of version 0.9.

Is there an ETA for version 0.9 or will it release 'when it's done'?

Bitcoin 0.9.0rc2 is available for testing so I guess it won't take long anymore.
Perhaps a final version in 2 weeks?

Yes yes I am already testing it! Works fine @ win7 64bit

there are some problems for Debian 7 user (1 bug was reported)