It costs $0.09 cents to send $0.24 cents of Bitcoin? Really?

[BittBurger]

Hi -

Tried to send $0.24 worth of bitcoin and this pops up:




Is this what they mean when they say Bitcoin can never be used for micro transactions?   

Is this one of the 10 million things the Bitcoin dev team should have fixed 12 months ago, but has slated for "some time in the next 5 years" instead ?

Meanwhile the entire financial industry sees Bitcoin as having major flaws and never incorporates it.

And we never go ot the moon, because a bunch of developers have decided "we dont need that fixed right now.  we'll do it later" ?

Or is this something else?

-B-

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[seriouscoin]

Is it something else?

Yes its the dumb ass like you dont understand the economic of bitcoin infrastructure. You can send btc with any amount as a fee. But that tx will not be confirmed for a very long time.

Micro payments are all relative. 25cents are way too small and unrealistic.

Its not a problem for blockchain to fix but its a service for a 3rd party.

[thms]

well my bank charges a flat fee of US$ 4 to send money to other bank account.

[BittBurger]

Yes its the dumb ass like you dont understand the economic of bitcoin infrastructure. You can send btc with any amount as a fee. But that tx will not be confirmed for a very long time.

I know how Bitcoin works.  Im making a point.  I am able to send up to $5,000 completely free of charge from one Chase bank account to another persons Chase bank account, instantly.  With no miner fees or waiting time either.

What a dumbass I am.  And now you see another reason why consumers have zero incentive to use Bitcoin.  Because dumbasses like you think this is a "dumbass" thing to take issue with.   Rather than addressing it as a real issue for future consumer adoption.  Which it is.

-B-

[MarisaFea]

It is a problem which hopefully will be addressed in the future because it defeats the point of spending small amounts.

[blumangroup]

Coinbase has double the fees of blockchain, just as a heads up. If you want to send small amounts use custom send on blockchain. Just a suggestion for the future.

[bigasic]

Yea, i was doing a test payment to my cold storage and it cost me 2x the amount in fees than what I transfered, lol... but still 12 cents or so isnt that bad for a transaction..

Also, i think coinbase was having issues getting their transactions included in blocks, by doubling the lowest amount, its assured that it will be picked up quickly... Id rather pay a little more in tx fees than waiting hours (or days) for a tx to confirm

[franky1]

Is it something else?

Yes its the dumb ass like you dont understand the economic of bitcoin infrastructure. You can send btc with any amount as a fee. But that tx will not be confirmed for a very long time.

Micro payments are all relative. 25cents are way too small and unrealistic.

Its not a problem for blockchain to fix but its a service for a 3rd party.

if mining pools would simply accept the fact that they are rewarded with 25btc right now for their work and that extra fee's are something only needed in atleast 2 decades time and not now. then YOU will realise that the fee is not needed right now. and are given/ required, purely for greedy purposes

then in the uptopian dream of zero greed, bitcoin can be used for microtransactions without a large cut.

if mining pools would simply just accept transactions into blocks instead of ignoring them all the time, there would be no issues.

i personally have a client thats in the advertising business and would love to be able to send amounts of under 20c to people as often as he liked, rather then having to set monthly payouts or minimal account balance before payout.. he thought bitcoin was the solution.. yet the tx fee due to mining pool greed is the cause of why he wont get involved in bitcoin

[ForgottenPassword]

The TX fee for most transactions is usually 0.0001BTC. I don't know why coinbase are trying to charge you double.

The tx fee is not related to the amount you are sending, but related to how much network resources your transaction uses and how "spammy" the transaction looks. The purpose of fees is to prevent someone from spamming the network by sending the same BTC over and over between 2 addresses.

Try entering in 0.0001BTC in that field, it should confirm fine.

[seriouscoin]

Yes its the dumb ass like you dont understand the economic of bitcoin infrastructure. You can send btc with any amount as a fee. But that tx will not be confirmed for a very long time.

I know how Bitcoin works.  Im making a point.  I am able to send up to $5,000 completely free of charge from one Chase bank account to another persons Chase bank account, instantly.  With no miner fees or waiting time either.

What a dumbass I am.  And now you see another reason why consumers have zero incentive to use Bitcoin.  Because dumbasses like you think this is a "dumbass" thing to take issue with.   Rather than addressing it as a real issue for future consumer adoption.  Which it is.

-B-

Better yet you just proved that you're even dumber by comparing 2 transactions which are not even on the same level.

I guess you will ask everyone whom you sent money to sign up for a Chase bank account huh?

You're not just a dumb ass, you're at another level of stupidity.

[bigasic]

The TX fee for most transactions is usually 0.0001BTC. I don't know why coinbase are trying to charge you double.

The tx fee is not related to the amount you are sending, but related to how much network resources your transactions uses and how "spammy" the transaction looks. The purpose of fees is to prevent someone from spamming the network by sending the same BTC over and over between 2 addresses.

Try entering in 0.0001BTC in that field, it should confirm fine.

No it wont. i tried that...

[ForgottenPassword]

if mining pools would simply accept the fact that they are rewarded with 25btc right now for their work and that extra fee's are something only needed in atleast 2 decades time and not now. then YOU will realise that the fee is not needed right now. and are given/ required, purely for greedy purposes

then in the uptopian dream of zero greed, bitcoin can be used for microtransactions without a large cut.

if mining pools would simply just accept transactions into blocks instead of ignoring them all the time, there would be no issues.

The amount of tx's that can go in a block is limited right now (well its by MB but thats essentially the same). Additionally full blocks DO take noticeably longer to propagate the network and do increase the risk of the block orphaning. Some miners take the risk and include free tx's for altruistic reasons, but most miners are running a business and they are not going to risk their 25BTC reward for free.

[blumangroup]

The TX fee for most transactions is usually 0.0001BTC. I don't know why coinbase are trying to charge you double.

The tx fee is not related to the amount you are sending, but related to how much network resources your transactions uses and how "spammy" the transaction looks. The purpose of fees is to prevent someone from spamming the network by sending the same BTC over and over between 2 addresses.

Try entering in 0.0001BTC in that field, it should confirm fine.

The field may seem editable, but it really isn't. The set fee is 0.0002. Blockchain's custom send allows you to set the fee, which is a huge advantage and freedom. Coinbase disgusts me for these types of reasons.

[beaknuke]

it is a problem when u send some money between A to B, then find out that the website didnt calculate the fees correctly and u need to send a fraction more only to find u need two lots of 0.0001

[ForgottenPassword]

The TX fee for most transactions is usually 0.0001BTC. I don't know why coinbase are trying to charge you double.

The tx fee is not related to the amount you are sending, but related to how much network resources your transactions uses and how "spammy" the transaction looks. The purpose of fees is to prevent someone from spamming the network by sending the same BTC over and over between 2 addresses.

Try entering in 0.0001BTC in that field, it should confirm fine.

No it wont. i tried that...

With coinbase? Coinbase is not a wallet but essentially a payment processor so they might enforce their own fee rules. But you can send a transaction with any fee you like. There are miners still including free transactions, technically if you waited you could broadcast a tx without any fee and it'd probably be mined if it wasn't really large in size (i'm talking kilobytes not amount of BTC) or really spammy looking. I've never sent a tx with a fee over 0.0001BTC since the fee rules were changed and all my tx's have been included in the next block. With the old rules I used to never pay fees and never had any problems.

[seriouscoin]

Is it something else?

Yes its the dumb ass like you dont understand the economic of bitcoin infrastructure. You can send btc with any amount as a fee. But that tx will not be confirmed for a very long time.

Micro payments are all relative. 25cents are way too small and unrealistic.

Its not a problem for blockchain to fix but its a service for a 3rd party.

if mining pools would simply accept the fact that they are rewarded with 25btc right now for their work and that extra fee's are something only needed in atleast 2 decades time and not now. then YOU will realise that the fee is not needed right now. and are given/ required, purely for greedy purposes

then in the uptopian dream of zero greed, bitcoin can be used for microtransactions without a large cut.

if mining pools would simply just accept transactions into blocks instead of ignoring them all the time, there would be no issues.

i personally have a client thats in the advertising business and would love to be able to send amounts of under 20c to people as often as he liked, rather then having to set monthly payouts or minimal account balance before payout.. he thought bitcoin was the solution.. yet the tx fee due to mining pool greed is the cause of why he wont get involved in bitcoin

DO you realise this is not a problem with blockchain protocol? And the OP was ranting about how "developers" didnt fix it?

The whole bitcoin infrastructure was built on economic incentives. Its not about mining fee, but the risk of having orphan blocks. Mining fee is just a presentative of the size of the tx.

ppl like OP are so fcking thick to understand. This is not an issue, as there WILL be service offered by 3rd party.

[ForgottenPassword]

The field may seem editable, but it really isn't. The set fee is 0.0002. Blockchain's custom send allows you to set the fee, which is a huge advantage and freedom. Coinbase disgusts me for these types of reasons.

Ah right. So thats a coinbase thing. I'd recommend using a "real" wallet rather than a payment processor like Coinbase for many reasons, such as this. If you use Coinbase, you don't have any bitcoins, you have an IOU for certain amount of bitcoins from coinbase. They can get goxxed just as easy as Mt Gox.

[blumangroup]

The field may seem editable, but it really isn't. The set fee is 0.0002. Blockchain's custom send allows you to set the fee, which is a huge advantage and freedom. Coinbase disgusts me for these types of reasons.

Ah right. So thats a coinbase thing.

Best bet is to switch to blockchain as I've said.

I've had experiences in the past with Coinbase with small transactions <0.001 not going through at all and such. At least they have support haha but the whole system isn't developed to what it could be. Taking 0.001 a transaction is greedy.

[Razick]

Is it something else?

Yes its the dumb ass like you dont understand the economic of bitcoin infrastructure. You can send btc with any amount as a fee. But that tx will not be confirmed for a very long time.

Micro payments are all relative. 25cents are way too small and unrealistic.

Its not a problem for blockchain to fix but its a service for a 3rd party.

Just because you understand the "economic of bitcoin infrastructure (sic)" doesn't mean you get to call everyone who doesn't a dumb ass.

[Meuh6879]

micro payment is 1 USD or 1 Euros ...  
and for this, you pay only 0,04 euros to send 1 euros (tested on bitcoin core and bitcoin android wallet).

it's perfect for bakery stuff.


Or Bar stuff.