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

[freedomno1]

If you have some time on your hands you could probably get that confirmed as a zero txt
It would take a while but it should be possible to send that amount for free.
But as others have said its still a significant amount cheaper than bank fees or transfer fees.

That said if you want it done promptly for that amount send the txt fee.
https://en.bitcoin.it/wiki/Transaction_fees

Or Eligius Block
https://en.bitcoin.it/wiki/Free_transaction_relay_policy

[Varicon]

Hopefully off chain transactions can counter this problem, anything over a few dollars is fine with the small tx fee though. BTC is very powerful for larger transactions.

[sandykho47]

Huh, the default fee is 0.0001 BTC ($0.048)
You might use 0.00005 for fee, but the confirmation time will very slow.

But that fee is small compared to bank/paypal
Paypal fee is about 2.x% + $0.3, it's very big compared to $0.09 only 

So, bitcoin is still good for  micro transactions 

[Nautica]

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

Tell that to the billions of people living in the third world.

[jdany]

Hopefully off chain transactions can counter this problem, anything over a few dollars is fine with the small tx fee though. BTC is very powerful for larger transactions.

I was wondering about this.
The CC system gets a authorization number, and doesn't batch the transactions out until day's end.

Is there anyone working on an off-chain system?

[haploid23]

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.

So now lets see you send that same $5k USD from your Chase bank account to someone overseas. I bet it will cost you a lot more than $0.09  (actually roughly $300 for wire fee and currency exchange)

"No incentive" to use bitcoin is a bit dramatic of a statement. If that's the case, then why are you still here?

[inBitweTrust]

Is there anyone working on an off-chain system?

There are already a ton of them being used right now as I listed, and many of them free.

[ensurance982]

This is a very difficult topic and has been the reason for discussion for a long time already. Accepting a transaction in a block actually bloats the time to transact the block over the network quite a bit. Therefore the chances of that block being accepted in the longest chain subsequently go down with every new transaction that's being accepted! Accepting a transaction in a block therefore 'costs' a certain amount - since the miner is risking the whole block reward. There's a proposal to cut down that risk and development is ongoing: http://www.reddit.com/r/Bitcoin/comments/2d7ofh/technical_discussion_of_gavins_o1_block/

Anyway, how many inputs did that transaction have? They also bloat the needed transaction fee quite a bit

[zvs]

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

Tell that to the billions of people living in the third world.

yeah, but are those billions of people running servers propagating transfers?

[Bitcoin Magazine]

why not use dogecoin?  doesn't it only cost 1 doge to make a transaction, with each doge worth like 0.002?

[zvs]

why not use dogecoin?  doesn't it only cost 1 doge to make a transaction, with each doge worth like 0.002?

It has the 10kb of space set aside for free transactions and another 17k for priority transactions, though... with how many DOGE blocks there are, you really don't have to pay a fee at all (unless perhaps it's an extremely large txn). I'm not sure if this is still the case or not.  I was looking through the source and it seems like the latest code has 26KB reserved for free transactions, priority or otherwise?

I have my dogecoin only set to relay transactions that pay 1 dogecoin every 1kb....  my p2pool rarely has any fees other than my own.

ed: i should preview my stuff more often. sigh.

[Beliathon]

Hi -

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

A temporary problem...

[CharHill]

Hi -

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


https://lh4.googleusercontent.com/-VjHB22LKq_E/U_ErypA9CQI/AAAAAAAAQlg/chDa1jLrhaw/s649-no/lolaz.jpg

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-

Does that mean, that microtransactions will be fixed by btcdev team??? I think, that it's one of the benefit of cryptocoins.

[wasserman99]

Weren't they going to change transaction fees from 10k satoshis to 1k? What happened to that?

Also, that site you posted your screenshot of is requiring you to pay 20k satoshis which is double than the normal amount.

I thought it wasn't mandatory to pay a transaction fee? I send coins to some of my cold wallets without a transaction fee every now and then cause I'm not in a hurry of when it shall get there.

There is not any "minimum" amount of a fee that you have to pay in order to have your TX confirmed. The fee policy is set by each pool (and solo miner) separately and does vary somewhat from pool to pool. Even if you were to send a small TX with zero fee that is over 1 KB it may still get confirmed by the network.

What happened with the OP is that coinbase is forcing their customers to pay a certain amount of a fee in order to have a greater chance that the TX will be confirmed quickly. They are in effect forcing customers to pay the network to give them a better "customer experience" using coinbase. 

[Vortex20000]

If you have received a whole lot of small transactions, then the fee is larger due to the fact of how any Bitcoin wallet works. More transactions > larger transaction (space-wise) > more fee.

[p2pbucks]

you need offchain tx , onchain is not suit for micro tx

[QuestionAuthority]

Weren't they going to change transaction fees from 10k satoshis to 1k? What happened to that?

Also, that site you posted your screenshot of is requiring you to pay 20k satoshis which is double than the normal amount.

I thought it wasn't mandatory to pay a transaction fee? I send coins to some of my cold wallets without a transaction fee every now and then cause I'm not in a hurry of when it shall get there.

There is not any "minimum" amount of a fee that you have to pay in order to have your TX confirmed. The fee policy is set by each pool (and solo miner) separately and does vary somewhat from pool to pool. Even if you were to send a small TX with zero fee that is over 1 KB it may still get confirmed by the network.

What happened with the OP is that coinbase is forcing their customers to pay a certain amount of a fee in order to have a greater chance that the TX will be confirmed quickly. They are in effect forcing customers to pay the network to give them a better "customer experience" using coinbase. 

I was wondering if someone would eventually give the right answer. Read this: http://bitcoinfees.com/

[frankenmint]

Weren't they going to change transaction fees from 10k satoshis to 1k? What happened to that?

Also, that site you posted your screenshot of is requiring you to pay 20k satoshis which is double than the normal amount.

I thought it wasn't mandatory to pay a transaction fee? I send coins to some of my cold wallets without a transaction fee every now and then cause I'm not in a hurry of when it shall get there.

There is not any "minimum" amount of a fee that you have to pay in order to have your TX confirmed. The fee policy is set by each pool (and solo miner) separately and does vary somewhat from pool to pool. Even if you were to send a small TX with zero fee that is over 1 KB it may still get confirmed by the network.

What happened with the OP is that coinbase is forcing their customers to pay a certain amount of a fee in order to have a greater chance that the TX will be confirmed quickly. They are in effect forcing customers to pay the network to give them a better "customer experience" using coinbase.  

This


Do you know what happens when you set things like this to be free in cost?  Incentive to spam with single satoshi transactions = my case in point is Email SPAM!  I for one don't want to lose bitcoin functionality because some warren buffet lackie with 100 grand has nothing better to do than to spam out all BTC addresses with single satoshi transactions and silly comments.  Micropayments model should be solved by the businesses looking to offer the service ala entrepreneurs - this happens like others said...when there is a demand for it by a sizeable group.  

[Littleshop]

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

People suck.

If there is ZERO fee then some people will send spam transactions and fill the network with junk as a DOS attack.  The fee does serve a purpose.  

One evil (a working network) vs another (a small 9 cent fee).  Choices.  

[betterangels]

i don't know.... bu i'm paynig 0.0001 btc per tx.