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

[bitllionaire]

try electrum with 0 fee and you will be able to send your bitcoins free

[Mobius]

What the OP really should have done, as others should do when they are sending this small of transactions is to try to do the transaction "off chain" to a merchant/person that has the same BTC safekeeping service as you. These types of microtransactions really are bloating up the blockchain and are not very cost efficient to send (if the OP had the ability to not include a fee, and did not include one then the TX would likely have never confirmed).

If the OP had spent his coins somewhere that also uses coinbase and sent coins to that user's coinbase account then he would have not paid any TX fee and the transaction would have confirmed 100% instantly.

[mjc]

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-

You can also send that $0.24 with no tx fee or for that matter $0.005 if you wanted.  If the app that you are using doesn't allow you to change it, that is not a problem with the block chain rath with the app you are using.

The OP was using coinbase to send his TX and they "choose" how much of a fee to include for you. They will usually include a TX fee that will more or less ensure the TX will get confirmed in the next block. IIRC coinbase will usually/sometimes cover the TX fee when sending from coinbase but I am unsure what their exact policy on this is.

Coinbase to coinbase there is no fee.

[Salmon1989]

try electrum with 0 fee and you will be able to send your bitcoins free

True that you can create such 0 fee transaction, but it is likely to never get confirmed.

[Nagle]

Coinbase to coinbase there is no fee.

Bank of America to Bank of America there is no fee, either.

Bitcoin has no advantage here.

[DannyHamilton]

Coinbase to coinbase there is no fee.

Bank of America to Bank of America there is no fee, either.

Bitcoin has no advantage here.

Minimum balance to open an account?
Minimum balance to avoid account service fees?

OP was complaining about transferring from Coinbase to somewhere not Coinbase and complaining that Chase is better because he can transfer from Chase to Chase without a fee.  His comparison is flawed and I suspect he did that just to troll and create this thread.  It was just being pointed out that if you make an equivalent comparison (Coinbase to Coinbase) then, just like with his Chase account, there is no fee.

[Minecache]

Sorry but I think the OP has a point. I think the fees should be proportionate to the money being transferred maybe multiplied by the time to confirm. I'm not a mathematician but there must be someone to workout a formulae.

[evanito]

Lets all be thankful that coinbase covers the fees over 1mBTC, which is less than a dollar and has no fee. In fact, maybe it would make sense for a flat .1% fee on all transactions?

[Cryptopher]

That's how it works. It is one of the reasons why collecting dust is so painful for those that do.

If your coins haven't travelled much then this isn't usually an issue.

[valvalis]

Sorry but I think the OP has a point. I think the fees should be proportionate to the money being transferred maybe multiplied by the time to confirm. I'm not a mathematician but there must be someone to workout a formulae.

yeah, it's true.
But, for what you send $ 0.24? This really does not make sense. You want to buy a lemon with $ 0.24?
if you compare the bank with bitcoin. whether the bank can send $ 0.24? how much will it cost?

[snappa4ever]

Sorry but I think the OP has a point. I think the fees should be proportionate to the money being transferred maybe multiplied by the time to confirm. I'm not a mathematician but there must be someone to workout a formulae.

The fees should be proportionate to the amount of work that it takes to confirm a transaction. Generally speaking it does not take any more work to confirm a 10,000 BTC transaction then it takes to confirm a .005 BTC transaction (assuming the same number of inputs and outputs), so why should the user pay more if the miners are doing the same amount of work?

[mjc]

Sorry but I think the OP has a point. I think the fees should be proportionate to the money being transferred maybe multiplied by the time to confirm. I'm not a mathematician but there must be someone to workout a formulae.

Partially agreed.  How ever it doesn't take less processing power to move 10000 BTC versus .01 BTC, its roughly the same.  So I would expect that if you have to move $0.24 either don't because $0.09 to get it confirmed in a timely manner is too much, or put less into the tx fee and see what happens.

[betterangels]

Sorry but I think the OP has a point. I think the fees should be proportionate to the money being transferred maybe multiplied by the time to confirm. I'm not a mathematician but there must be someone to workout a formulae.

Partially agreed.  How ever it doesn't take less processing power to move 10000 BTC versus .01 BTC, its roughly the same.  So I would expect that if you have to move $0.24 either don't because $0.09 to get it confirmed in a timely manner is too much, or put less into the tx fee and see what happens.

0.0001 is ok (in all online wallets) at this moment (with the price of btc),
Maybe, in a future, this fee will decrease (when bitcoin touch 2k - 5k usd) to 0.00005 , i don't know

[frankh13]

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-

Microtransactions is possible for btc, yes. I read about man, who send 0.0001 btc! Great to see, that i can to do that too

[Taras]

I almost never pay fees, unless someone needs money right away.

[digitalindustry]

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-

 Quark did solve that problem 12 months ago ha ha

; D

Damn

[Mightycoin]

If they don't charge, then bitcoin will have lot of trouble paying miners.

Banks and CC companies, even paypal charges higher than this. Just saying.

[ErnieX]

You should be happy you are allowed to use the bitcoin network for such shitty amounts.

[SunBin]

Bitcoin payment isn't really viable for restaurant type establishment.

Imagine paying for a cup of coffee and paying 0.005 transaction fee on 5 dollars transaction. The owner might decide it is not a good business sense to wait for 30 mins for every customer transaction to confirm.

[CreamyPie]

That's the lowest fee I have seen imo. You can't expect everything to be free right?

That's what BTC system is relying on ..