solex (OP)
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100 satoshis -> ISO code
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October 18, 2014, 07:24:15 AM |
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Simple poll to find out just what most people think is a fair fee for sending a transaction on the Bitcoin network, long-term.
Paying a bill; buying a car, computer or coffee; making a donation, or whatever...
In 2014 US dollars please choose the amount that you think is closest to what the BTC equivalent mining fee should be for a standard transaction.
Assuming also that a standard transaction is on-chain, not a micro-transaction, it is for something that is usually paid for with fiat.
What is the fairest fee?
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"Your bitcoin is secured in a way that is physically impossible for others to access, no matter for what reason, no matter how good the excuse, no matter a majority of miners, no matter what." -- Greg Maxwell
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Velkro
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October 18, 2014, 07:45:48 AM |
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For me fair fee is lowest possible fee, that satisfies bitcoin users AND miners.
So i won't tell in FIAT, it must be small like 0.0001 BTC, but with millions transactions everyday it will still be good money for miners
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BTCevo
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October 18, 2014, 07:57:05 AM |
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considering most bank transfers cost roughly €0.09, $0.05 is pretty low, but then again I think it should be relative to the amount being sent. 1% or less would be perfect, and if you allow microtransactions to take place there will be a lot of them, so why not group them together or give them their own special blocks?
Edit: that's actually a good idea, why not fork smaller transactions below 0.001 BTC and allow people to mine the transactions on a different blockchain with their CPU's? that way when the price of bitcoin is much higher it'll make things a lot easier for everyone. Not to mention the newly added interest that it would bring, people being able to mine with their regular computers again?
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cbeast
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Let's talk governance, lipstick, and pigs.
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October 18, 2014, 08:02:38 AM |
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Whatever the market will allow.
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Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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Q7
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October 18, 2014, 08:13:01 AM |
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Past transactions that i have done usually cost 0.1mbtc which is the standard fee in btc and if convert to dollar it is about 5 cents. For me that is considered fair fee. Couldn't be much happier  |
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turvarya
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October 18, 2014, 08:16:37 AM |
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considering most bank transfers cost roughly €0.09, $0.05
Seriously? In my country most bank transfers don't cost anything. So, I stick with that also in Bitcoin. Miners get block reward, so I don't see why they should get transaction fees. |
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lilin321
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October 18, 2014, 08:20:45 AM |
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The transaction cost should be more better more less be !
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TheButterZone
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RIP Mommy
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October 18, 2014, 08:28:57 AM |
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Whatever the market will allow.
This. Don't want to have others determine how much your fee is? Don't mine, or modify your shit so you don't mine TXes below what you think you should be paid. |
Saying that you don't trust someone because of their behavior is completely valid.
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hromobiti
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October 18, 2014, 08:34:22 AM |
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Maximum 50 cents, I preffer much lower, but the fee should never be higher than 50 cents
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solex (OP)
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100 satoshis -> ISO code
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October 18, 2014, 08:35:36 AM |
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Whatever the market will allow.
This. Don't want to have others determine how much your fee is? Don't mine, or modify your shit so you don't mine TXes below what you think you should be paid. Absolutely. I'm a fan of market-driven pricing too, but it is still reasonable to try and find out what the market is thinking, especially as most users just let the default fee get applied by their wallet software. There is not yet an efficient fees market. |
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BTCevo
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October 18, 2014, 08:37:22 AM |
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My idea works well when all coins are mined, people with big rigs can mine the larger transactions and get 1% and people with regular pcs can mine the smaller transactions for fun, those who wudnt mind smaller rewards eh?
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zetaray
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October 18, 2014, 08:41:24 AM |
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I don't think the current fee 0.0001 is unfair. I have read that the standard fee used to be 0.001, ten times of what we have now. Because of the way transactions are recorded in the blockchain, fee as a percentage of coins sent is not feasible. Think about the satoshi spams.
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Soros Shorts
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October 18, 2014, 09:14:33 AM |
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Whatever the market will allow.
Yes, whatever the market will bear is the fairest, assuming that there is no cartel of miners artificially keeping fees high. |
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hibr3d
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October 18, 2014, 09:23:25 AM |
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20 cents is perfect in my opinion. I always send transactions with this fee.
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1Referee
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October 18, 2014, 09:26:27 AM |
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I think the 0.0001BTC fee is very reasonable at this price point, I don't mind paying this as fee for the upcomming years.
The market decides, and I will just follow.
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LiteCoinGuy
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In Satoshi I Trust
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October 18, 2014, 10:09:31 AM |
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Whatever the market will allow.
guess thats it. iam comfortable with 1-3 cents because then we have a very cheap payment-rail that will rule the world  |
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Divinespark
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October 18, 2014, 10:10:43 AM |
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I think something like 10k satoshis per tx at 10x the overall transaction volume we have now may be sustainable
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Victoo
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October 18, 2014, 11:05:49 AM |
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Current fee of 0.0001 is good enough in current market.
I think Lower transaction fee was one of the main concept of cryptocurrencies so it is as it should be.
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chennan
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October 18, 2014, 11:32:37 AM |
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At the moment it doesn't matter how much the fee is. At least the block reward is enough to incentivize the miners to keep the mining rigs on. After it reaches the limits of 21 million, all the accumulated transaction fees left is rewarding to miners. Apart from the transaction volume, the amount of fees is important factor to determine the amount of reward in on block. If the reward is less than miners expected, they might turn off rigs.
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turvarya
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October 18, 2014, 12:29:52 PM |
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Have you guys ever looked in how much the transaction fees is in relation to the block reward? e.g. https://blockchain.info/block-index/464811Transaction Fees 0.03933258 BTC
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Block Reward 25 BTC I don't think transaction fees are really a concern of miners, since the block reward is just much higher, than that and will be for a long time |
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Poll
