The transaction fee is just ridiculous.

[Buffer Overflow]

Transactions fees are voluntary and can be ignored if you choose.

Not if you use Armory

Blockchain's online wallet also forces such a fee.

I was refering to the bitcoin network.

[1714610208]

1714610208

[picolo]

Transactions fees are voluntary and can be ignored if you choose.

Not if you use Armory

Blockchain's online wallet also forces such a fee.

I was refering to the bitcoin network.

You can send without any fees on blockchain if you send manually instead of using the "quick send" tab

[shawshankinmate37927]

Even if transaction fees were required, using Bitcoin isn't mandated by any law.  You're free not to use it if you don't like the fees.

[Coinshot]

Transactions fees are voluntary and can be ignored if you choose.

Not if you use Armory

Blockchain's online wallet also forces such a fee.

I was refering to the bitcoin network.

You can send without any fees on blockchain if you send manually instead of using the "quick send" tab

Even with quick send the fee can be set beforehand.

The fee provided is good, otherwise transactions may remain stuck for hours or even days.

[pitham1]

I believe that now it is time to scrap the tx fee. The miners are hardly getting any benefits out of the transaction fee and the opponents of Bitcoin are using it as a weapon to attack the Bitcoin community.

I am sure the spammers would love that.

They would.  And it won't happen anyway!  ;-)

And, has been stated, you can always use no fees depending on the age of coins etc.  Opponents of bitcoin only use it to attack bitcoin in front of people who don't know any better, so education regarding free transactions is key.

Sidechains are also going to be very important.

Yes, to a layman who has always heard of transaction fees in USD/percentage terms, Bitcoin's transaction fee structure can be quite abstruse.
Education  is the key.

[alice chan]

Transactions fees are voluntary and can be ignored if you choose.

Not if you use Armory

Blockchain's online wallet also forces such a fee.

I was refering to the bitcoin network.

You can send without any fees on blockchain if you send manually instead of using the "quick send" tab

You can also create a custom TX, using a number of available tools to create a TX that does not include a TX fee and push it to the network

[JLynn171]

you can always send it withh 0.0000000 tx fee and ust wait on it.. you are paying for the convienence and speed of blockchain and for the miners cost to send your tx its not really so bad...

[eden1]

We are FORCED to pay a tax upon every transaction, and they say Bitcoin doesn't have any taxes? That's just pure crap. Taxation is unconstitutional theft via armed extortion. In Bitcoin's case, it's unavoidable, and is without the armed extortion (YOU ARE FORCED TO PAY).

u only need to pay tax if u want your transaction to be confirmed
 

[teukon]

The transaction fee logic implemented by Armory matches that of the Bitcoin Core client itself.  If you were to include a fee lower than the fee there, the transaction will be DOA when you try to broadcast it.  The Bitcoin network would never see it.  Therefore, if you want your transaction to be accepted by the network you really must include that fee.

I heard that the minimum relay fee in Bitcoin Core was reduced to 0.000 01 BTC/kB = 1000 satoshi/kB quite some time ago.  One can see:

Code:

-mintxfee=<amt>        Fees smaller than this are considered zero fee (for transaction creation) (default: 0.0001)
-minrelaytxfee=<amt>   Fees smaller than this are considered zero fee (for relaying) (default: 0.00001)

under "Help, Command-line options" in bitcoin-qt.

I believe that the current minimum relay fee for Armory is still 10 000 satoshi/kB, as suggested by:

Code:

MIN_TX_FEE = 10000
MIN_RELAY_TX_FEE = 10000

(currently lines 128-129 of armoryengine/ArmoryUtils.py)

[bluemountain]

We are FORCED to pay a tax upon every transaction, and they say Bitcoin doesn't have any taxes? That's just pure crap. Taxation is unconstitutional theft via armed extortion. In Bitcoin's case, it's unavoidable, and is without the armed extortion (YOU ARE FORCED TO PAY).

u only need to pay tax if u want your transaction to be confirmed
 

This is not true. Many/most TX will get confirmed by the miners within a few hours (provided the TX is not unreasonably large in terms of kb) and many TX are confirmed in the next block if they are without a TX fee.

[Light]

Transactions fees are voluntary and can be ignored if you choose.

Not if you use Armory

Blockchain's online wallet also forces such a fee.

If you want to attempt a free transaction then the imperative is on you to get a client which supports the functionality. Most of those wallets acknowledge that a majority of users aren't too worried about parting with 3c per transaction (or less depending on exchange rate and future implementations). You need to realise that without fees there will be no incentive for miners once block rewards finish and hence the network will die.

[ScreamnShout]

Transactions fees are voluntary and can be ignored if you choose.

Not if you use Armory

Blockchain's online wallet also forces such a fee.

If you want to attempt a free transaction then the imperative is on you to get a client which supports the functionality. Most of those wallets acknowledge that a majority of users aren't too worried about parting with 3c per transaction (or less depending on exchange rate and future implementations). You need to realise that without fees there will be no incentive for miners once block rewards finish and hence the network will die.

Most clients do support the ability to push a "free" TX to the network, although you will need to change some setting in order to use "free" TXs.

The wallet services will generally, by default include a TX fee because the TX fee will increase the changes that a TX will get confirmed by the network quickly

[zerocool5878]

I changed my electrum from .0002 to .0001. I could probably lower it but I like the priority for my tx.

[Borisz]

I also find this a problem.
Bitcoin-qt also makes you pay a tx fee (apart from armory as others said), which is not optional in many cases. Sure I can wait for my coins to "age" and then I might not have to pay. This however, means that I cannot use my money when I want to.

Paying some small tx is probably not a problem for early players who racked up tons of coins when it was worth 1 cent, but for those who are new (and the "most of the users will never own 1 BTC") it can be annoying, especially if they are only getting started with Bitcoin.

[El Emperador]

A question about transaction fees: after 2040 - when Bitcoin mining will end - are we going to pay the same fee?

[odolvlobo]

Paying some small tx is probably not a problem for early players who racked up tons of coins when it was worth 1 cent, but for those who are new (and the "most of the users will never own 1 BTC") it can be annoying, especially if they are only getting started with Bitcoin.

A fee of 0.0001 BTC costs less than $0.04, regardless of how much you paid for your BTC. Are you really complaining that a fee of $0.04 is too high?

I realize that there are a lot of people in the world that live in $2 a day, but unless you are one of them, complaining about a 0.0001 BTC fee is ridiculous.

[odolvlobo]

A question about transaction fees: after 2040 - when Bitcoin mining will end - are we going to pay the same fee?

Mining will never stop, but the subsidy (currently at 25 BTC) will go to 0 around the year 2140. As long as the subsidy is high enough, the transaction fee is primarily used to prevent DOS attacks. Eventually, the fees will replace the subsidy and the minimum fee will become market-driven so it could go up or down.

[dontCAREhair]

Paying some small tx is probably not a problem for early players who racked up tons of coins when it was worth 1 cent, but for those who are new (and the "most of the users will never own 1 BTC") it can be annoying, especially if they are only getting started with Bitcoin.

A fee of 0.0001 BTC costs less than $0.04, regardless of how much you paid for your BTC. Are you really complaining that a fee of $0.04 is too high?

I realize that there are a lot of people in the world that live in $2 a day, but unless you are one of them, complaining about a 0.0001 BTC fee is ridiculous.

The average TX fee of .0001 (or $0.04) is going to be less then the effective fee that you will need to pay to use a credit card (via credit card processing fees) and is generally going to be less then the cost for a merchant to keep cash safe, especially for larger transactions.

[Dabs]

Some guy sent about 1,000 BTC and he included a 0.005 tx fee.

This is that transaction:
https://blockchain.info/tx/72bec59c7649d4527d8d7848ebc36840c89f5d36d18db9a91afd34d800826722

This is what it means:
Output $ 376,352.59
Fees $ 1.79

That kind of transaction fee for that kind of money sent is indeed ridiculous! He just sent over $376,352 over the internet to what may eventually end up being over a thousand different people, without opening an account anywhere or asking anybody’s permission. That transaction was completed and confirmed in about six minutes, and it cost about fifty cents in transaction fees at that time.

Ridiculous!

[vm89]

Some guy sent about 1,000 BTC and he included a 0.005 tx fee.

This is that transaction:
https://blockchain.info/tx/72bec59c7649d4527d8d7848ebc36840c89f5d36d18db9a91afd34d800826722

This is what it means:
Output $ 376,352.59
Fees $ 1.79

That kind of transaction fee for that kind of money sent is indeed ridiculous! He just sent over $376,352 over the internet to what may eventually end up being over a thousand different people, without opening an account anywhere or asking anybody’s permission. That transaction was completed and confirmed in about six minutes, and it cost about fifty cents in transaction fees at that time.

Ridiculous!

I think bitcoin is a pretty fair system. If you transferred that amount by bank you would probably end up paying a ton of transaction fees.
That guy could have included a zero transaction fee, and the transaction is probably still gunna confirm within 10 blocks.