Bitcoin Forum
January 24, 2022, 03:28:18 AM *
News: Latest Bitcoin Core release: 22.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Was it impossible to send less than 0.01btc before Bitcoin version 0.3.21?  (Read 101 times)
Remsjack
Member
**
Offline Offline

Activity: 112
Merit: 28


View Profile
June 15, 2021, 10:05:53 AM
Merited by DdmrDdmr (3), Halab (2)
 #1

I recently learned that it was not possible to send amounts fewer than 0.01BTC before the release of Bitcoin version 0.3.21 on April 27th, 2011: is that true or am I missing something?

I guess that because of bitcoin's price at the time it was not really useful to transact less than 0.01BTC but I had always figured that from day one you could send and receive small amounts...

https://bitcointalk.org/index.php?topic=6642.msg97074#msg97074
1642994898
Hero Member
*
Offline Offline

Posts: 1642994898

View Profile Personal Message (Offline)

Ignore
1642994898
Reply with quote  #2

1642994898
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1642994898
Hero Member
*
Offline Offline

Posts: 1642994898

View Profile Personal Message (Offline)

Ignore
1642994898
Reply with quote  #2

1642994898
Report to moderator
1642994898
Hero Member
*
Offline Offline

Posts: 1642994898

View Profile Personal Message (Offline)

Ignore
1642994898
Reply with quote  #2

1642994898
Report to moderator
1642994898
Hero Member
*
Offline Offline

Posts: 1642994898

View Profile Personal Message (Offline)

Ignore
1642994898
Reply with quote  #2

1642994898
Report to moderator
Royse777
Legendary
*
Offline Offline

Activity: 1638
Merit: 2086


Powerful promotion strategy https://bit.ly/3cRVjFi


View Profile WWW
June 15, 2021, 10:09:20 AM
 #2

Not sure if there were a minimum set back in the days. But I don't think it's safe to use an outdated version of software, especially if it's a piece of software which is targetted by scammers to steal the most valuable asset of the planet right now.

.
Duelbits
            ▄████▄▄
          ▄█████████▄
        ▄█████████████▄
     ▄██████████████████▄
   ▄████▄▄▄█████████▄▄▄███▄
 ▄████▐▀▄▄▀▌████▐▀▄▄▀▌██

 ██████▀▀▀▀███████▀▀▀▀█████

▐████████████■▄▄▄■██████████▀
▐██████████████████████████▀
██████████████████████████▀
▀███████████████████████▀
  ▀███████████████████▀
    ▀███████████████▀
.
         ▄ ▄▄▀▀▀▀▄▄
         ▄▀▀▄      █
         █   ▀▄     █
       ▄█▄     ▀▄   █
      ▄▀ ▀▄      ▀█▀
    ▄▀     ▀█▄▄▄▀▀ ▀
  ▄▀  ▄▀  ▄▀

Live Games

   ▄▄▀▀▀▀▀▀▀▄▄
 ▄▀ ▄▄▀▀▀▀▀▄▄ ▀▄
▄▀ █ ▄  █  ▄ █ ▀▄
█ █   ▀   ▀   █ █  ▄▄▄
█ ▀▀▀▀▀▀▀▀▀▀▀▀▀ █ █   █
█▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀█  █▄█
█ ▀▀█  ▀▀█  ▀▀█ █  █▄█

Slots
.
        ▄▀▀▀▀▀▀▀▀▀▀▀▀▀▄
        █         ▄▄  █
▄▀▀▀▀▀▀▀▀▀▀▀▀▀▄       █
█  ▄▄         █       █
█             █       █
█   ▄▀▀▄▀▀▄   █       █
█   ▀▄   ▄▀   █       █

Blackjack
|█▀▀▀▀▀█▄▄▄
       ▀████▄▄
         ██████▄
▄▄▄▄▄▄▄▄█▀    ▀▀█
████████▄        █
█████████▄        █
██████████▄     ▄██
█████████▀▀▀█▄▄████
▀▀███▀▀       ████
   █          ███
   █          █▀
▄█████▄▄▄ ▄▄▀▀
███████▀▀▀
.
                 NEW!                   
SPORTS BETTING 
|||
[ Đ ][ Ł ]
AVAILABLE NOW
BlackHatCoiner
Hero Member
*****
Offline Offline

Activity: 672
Merit: 2267



View Profile WWW
June 15, 2021, 10:26:04 AM
Merited by Royse777 (5), DdmrDdmr (2), ETFbitcoin (1)
 #3

Well, in April 2011 it took parity with dollar (1 BTC = $1), so I guess that there wasn't any purpose to broadcast a transaction valuated in around $0.01 just like you can't now for something smaller than 547 sats. If you check the transactions back in 2011, you'll notice that the majority transferred more than 10 BTC.

Not sure if there were a minimum set back in the days. But I don't think it's safe to use an outdated version of software, especially if it's a piece of software which is targetted by scammers to steal the most valuable asset of the planet right now.
I don't think OP intended to use it, it probably just seemed odd to him.

dkbit98
Legendary
*
Offline Offline

Activity: 1386
Merit: 3234


Powerful promotion strategy https://bit.ly/3cRVjFi


View Profile WWW
June 15, 2021, 10:41:52 AM
 #4

I didn't know that, but I think that this code change happened after Satoshi was gone, so does that mean that all Bitcoin after that is not the real ''Satoshi's Vision''?  
Question for Craig Faketoshi Wright and Roger Ver Cheesy

ranochigo
Legendary
*
Offline Offline

Activity: 2590
Merit: 2916

@ me if you need my response


View Profile
June 15, 2021, 11:00:02 AM
Merited by DdmrDdmr (2), ETFbitcoin (1)
 #5

It is possible since the start. The client version merely introduces the ability for people to create transactions with amounts smaller than that. Anyone could've made a transaction with a satoshi but anything below 0.01BTC for any of the outputs would've triggered the 0.01BTC minimum fees for relaying. The network has always recognize 8 decimal points as the denomination.

BlackHatCoiner
Hero Member
*****
Offline Offline

Activity: 672
Merit: 2267



View Profile WWW
June 15, 2021, 11:08:27 AM
 #6

It is also advisable to say that being lower than the dust limit doesn't mean that you can't transact that amount. A miner can include his transaction transferring 1 sat from one address to another, it won't be considered invalid from the network. What you can't do is fill nodes' mempool with these small outputs; a DDoS can occur.

aysg76
Legendary
*
Online Online

Activity: 1246
Merit: 1306



View Profile
June 15, 2021, 01:11:01 PM
Merited by DdmrDdmr (2)
 #7

I recently learned that it was not possible to send amounts fewer than 0.01BTC before the release of Bitcoin version 0.3.21 on April 27th, 2011: is that true or am I missing something?

I guess that because of bitcoin's price at the time it was not really useful to transact less than 0.01BTC but I had always figured that from day one you could send and receive small amounts...

https://bitcointalk.org/index.php?topic=6642.msg97074#msg97074
So this was the statement from Gavin Anderson when he introduced Bitcoin version 0.3.21 here on the forum on 27 April,2011.

Quote
* Support for full-precision bitcoin amounts.  You can now send, and
bitcoin will display, bitcoin amounts smaller than 0.01.  However,
sending fewer than 0.01 bitcoins still requires a 0.01 bitcoin fee (so
you can send 1.0001 bitcoins without a fee, but you will be asked to
pay a fee if you try to send 0.0001).

So maybe it was the network fees that you were not advised to make transaction smaller than 0.01 btc at that time as the prices were also very low.So this could be the reason for this.

███████████████████████████
███████████████████████████
██▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀█████████
████████████▀▀       ▀▀████
█████▀▀▀▀▀▀             ███
██████████    ▄█████▄    ██
██████████    ███████    ██
██████████    ▀█████▀    ██
█████▄▄▄▄▄▄             ███
████████████▄▄       ▄▄████
██▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄█████████
███████████████████████████
███████████████████████████
.
●/
●/
●/
SLOTS
GAME SHOW
LIVE CASINO
●/
●/
ROULETTE
BLACKJACK
▄▄▄▄▄▄▄▄▄▄ ▄▄ ▄
|████████████████████████
.
ROLLBIT NFT
.
████████████████████████
ROLLBOT
ROLLBOXES
MARKETPLACE
|
   BONUS BATTLES   
.....WINNER TAKES ALL.....
TWITTER     |     DISCORD
..PLAY NOW..
Remsjack
Member
**
Offline Offline

Activity: 112
Merit: 28


View Profile
June 15, 2021, 01:32:39 PM
 #8

But I don't think it's safe to use an outdated version of software, especially if it's a piece of software which is targetted by scammers to steal the most valuable asset of the planet right now.

I won't use that version, don't worry, I was just curious! As we are more and more talking about satoshis, especially because of the Lightning Network, I find this topic fascinating.
I like that Satoshi even thought of changing the decimal convention :

Eventually at most only 21 million coins for 6.8 billion people in the world if it really gets huge.

But don't worry, there are another 6 decimal places that aren't shown, for a total of 8 decimal places internally.  It shows 1.00 but internally it's 1.00000000.  If there's massive deflation in the future, the software could show more decimal places.

If it gets tiresome working with small numbers, we could change where the display shows the decimal point.  Same amount of money, just different convention for where the ","'s and "."'s go.  e.g. moving the decimal place 3 places would mean if you had 1.00000 before, now it shows it as 1,000.00.

Thank you everyone for your answers.
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!