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Author Topic: Transaction fee too high?  (Read 2682 times)
BitCoinDream
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April 24, 2014, 02:40:40 PM
 #41

High-priority transactions in BTC-E charge a transaction fee of BTC0.0005 (Equivalent to $0.25). That is a bit high, I think. Especially when we have to withdraw small amounts like BTC0.01.

Sounds like a really good reason not to use BTC-E.

Sounds like there's room in the market for someone to create a similar competing service with lower fees.

AFAIK BTC-E founders are unknown too...

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deemac87
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April 24, 2014, 06:08:30 PM
 #42

When BTC is sent to me from faucets, do I pay the transaction fee or does the faucet pay it?
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April 24, 2014, 07:04:01 PM
 #43

I kind of do see this becoming an issue as it costs me 1 dogecoin to complete a doge transaction.. that isn't even a penny.  There are lots of people on the planet that 5 cents per transaction is actually going to hurt them.
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April 24, 2014, 07:08:02 PM
 #44

When BTC is sent to me from faucets, do I pay the transaction fee or does the faucet pay it?
The sender pays fees, not the receiver. I'm not sure if faucets include the fee or not.

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April 26, 2014, 01:59:47 PM
 #45

That's the thing. If you increase the fee, more miners will end leveling it out. If you decrease it (and if mining becomes unprofitable), some will leave and level it out again.
Yes; there will always be miners. The problem is that if too many drop out, the network becomes more vulnerable to 51% attacks.

Well, for mining to continue at current profit levels, the halving of the block reward has to be balanced by increase in total transaction fees.

no

halving of the supply output of coins SHOULD be balanced by a demand rise causing a price rise. this in turn causes miners to profit as their coins are worth more. there is no need to subsidise/tax mining pools until 2140
When you say SHOULD, do you mean as a prediction of economic theory, or do you mean morally, or is it merely what you hope will happen? Because I think the 25 BTC per block is too small a fraction of all the coins minted to make much difference to the supply curve, so won't in itself affect the price.

The price may go up anyway, but as I wrote in #23, I wouldn't want to rely on that for the security of the network.

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April 26, 2014, 03:35:27 PM
 #46

I have .0001 BTCs stuck in my blockchain.info because it wont let me send it to my main account because the transaction fee is too high... guess it will just stay there until BTC reaches 1 million USD per xD

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