Just what is a FAIR fee to send a Bitcoin transaction?

[pooya87]

So i have been doing manual fees since the network could go on stress test at anytime so before sending i make sure too look at the volume in transactions to see if i pay a little more to get confirmations faster.

nowadays sending bitcoin fast (getting confirmation faster) is becomming a competitive scene. which means if you want your transaction to go through faster and gets confirmed you have to include even more fee (more than what is the standard amount of fee) in other words you have to "bribe" miners in order to include your transaction in the block!

a part of this is because of these stupid stress tests, i find the test interesting at first and i though the results would be useful but it is getting really annoying and it is hurting bitcoin more than helping it.

[jaberwock]

I feel that it largely depends on the amount sent. For example for microtransactions such as .001 BTC, it would be unreasonable to charge a large fee. On the other hand with the larger transactions, it doesn't make much sense to charge a .0001BTC fee

0.001 BTC should have bigger fee requirements, because it is dust. Bitcoin was not made for such small transactions, they only clutter the network and there should be no incentive for them

[turvarya]

I have a checking account with $100 in it. I go to a Starbucks and charge a $6 cup of coffee. I now have $94 in my checking account and Starbucks has $6. There is no fee for either. I don't care if that cup of coffee costs the bank a million fucking dollars. The customer doesn't pay and the business doesn't pay. That's all the public will see or care about. If that cup of coffee costs one penny more they will keep using their debit card. Remember I'm not talking about credit. Credit is another story and something Bitcoin isn't currently competing with on a large scale.

Edit: I'm talking about Pin Debit using qualified large merchants.

Hmm.. I wasn't aware that there are merchant service providers who have zero fees for pin based debit card transactions. According to the FRB, fees for debit card transactions averaged $0.31 in 2014.

Large merchants like Starbucks bank where the tiered pricing is negligible or free. In the case of tiered pricing a business does not pay interchange fees. Instead, a business pays qualified, mid-qualified and non-qualified rates to a processor. Smaller merchants pay larger fees. Different types of businesses pay different rates also. The point remains that consumers won't pay anything because they don't currently have to. I am such a cheap bastard that I buy gas at ARCO with only cash because they charge more for any card. I refuse to give those blood sucking leeches one penny more than I have to for gas.

Bitcoin has a strong ability to compete with the international money transfer business even if the fee was two dollars. I see no reason why it should be used for everyday purchases where the competition will win. I can pay cash for little stuff under $20. Sending $10k to another country I would want to use Bitcoin and so would anyone else.

Sorry, I am a bit tired, so I am not sure, if I really got that. So, Starbucks is paying a fee, the customer doesn't see?
If so, there is really a simple solution to that: A discount.
When the merchants saves fees, when you use Bitcoin, he can give you part of it back as a discount and if you get a discount, that is bigger than the fee you are paying for sending Bitcoin, you have enough incentive to do so.

[tuvok007]

One exchange sent me 0.9 btc
with a fee of 1114 satoshi but after 40 hours still no first confirmation. What shoul i do,help?
This is the transaction
https://blockchain.info/address/1BnvHarta94JvXrY7oT272qTBEvgMdRk2S

[pooya87]

One exchange sent me 0.9 btc
with a fee of 1114 satoshi but after 40 hours still no first confirmation. What shoul i do,help?
This is the transaction
https://blockchain.info/address/1BnvHarta94JvXrY7oT272qTBEvgMdRk2S

the only thing you can do is wait...

i say you wait for at least 24 hours and then contact the exchanger that sent you that amount and ask them to include bigger fee.

but i am sure it is going to be confirmed in a couple of hours since it is medium priority, so don't worry so much.

[Stn]

I have a checking account with $100 in it. I go to a Starbucks and charge a $6 cup of coffee. I now have $94 in my checking account and Starbucks has $6. There is no fee for either.

I believe fees took place on initial $100 check issuance. That why there is no fees on check spending.

[tuvok007]

One exchange sent me 0.9 btc
with a fee of 1114 satoshi but after 40 hours still no first confirmation. What shoul i do,help?
This is the transaction
https://blockchain.info/address/1BnvHarta94JvXrY7oT272qTBEvgMdRk2S

the only thing you can do is wait...

i say you wait for at least 24 hours and then contact the exchanger that sent you that amount and ask them to include bigger fee.

but i am sure it is going to be confirmed in a couple of hours since it is medium priority, so don't worry so much.

 Yes but i already wait 42 hours and still nothing,not even one confirmation

[QuestionAuthority]

I have a checking account with $100 in it. I go to a Starbucks and charge a $6 cup of coffee. I now have $94 in my checking account and Starbucks has $6. There is no fee for either. I don't care if that cup of coffee costs the bank a million fucking dollars. The customer doesn't pay and the business doesn't pay. That's all the public will see or care about. If that cup of coffee costs one penny more they will keep using their debit card. Remember I'm not talking about credit. Credit is another story and something Bitcoin isn't currently competing with on a large scale.

Edit: I'm talking about Pin Debit using qualified large merchants.

Hmm.. I wasn't aware that there are merchant service providers who have zero fees for pin based debit card transactions. According to the FRB, fees for debit card transactions averaged $0.31 in 2014.

Large merchants like Starbucks bank where the tiered pricing is negligible or free. In the case of tiered pricing a business does not pay interchange fees. Instead, a business pays qualified, mid-qualified and non-qualified rates to a processor. Smaller merchants pay larger fees. Different types of businesses pay different rates also. The point remains that consumers won't pay anything because they don't currently have to. I am such a cheap bastard that I buy gas at ARCO with only cash because they charge more for any card. I refuse to give those blood sucking leeches one penny more than I have to for gas.

Bitcoin has a strong ability to compete with the international money transfer business even if the fee was two dollars. I see no reason why it should be used for everyday purchases where the competition will win. I can pay cash for little stuff under $20. Sending $10k to another country I would want to use Bitcoin and so would anyone else.

Sorry, I am a bit tired, so I am not sure, if I really got that. So, Starbucks is paying a fee, the customer doesn't see?
If so, there is really a simple solution to that: A discount.
When the merchants saves fees, when you use Bitcoin, he can give you part of it back as a discount and if you get a discount, that is bigger than the fee you are paying for sending Bitcoin, you have enough incentive to do so.

You could use Dharma Merchant Services even as a small business and pay almost nothing for debit and credit card processing. That's not my point.

If Bitcoin is going to succeed in all markets, and I don't think it should even try, it needs to have different fee schedules for different markets. Invariably, depending on the market sector, Bitcoin will be too expensive or too cheap.

Take Amazon Payments as an example: With Amazon Payments, users can send and receive up to $1,000 each calendar month using a credit card without being charged any fees, creating the opportunity to earn credit card points for expenses that might otherwise be paid in cash or by check. How in the fuck is Bitcoin ever supposed to compete with that unless it's also free to use?

However, it costs between $15 and $50 to send money internationally. Why should Bitcoin only be a penny or a nickel. That's too cheap. Why can't Bitcoin cost $.50 or $1 for that transfer?

The only solution is to have a reasonably cheap transaction fee to pay miners or have large Bitcoin corporations do all of the mining for free because it supports their Bitcoin business. I know that will cause all the centralization arguments but it really wouldn't be any more centralized than a half dozen Chinese mining farms doing it.

Edit: Remember, we're talking about normal people using it, not a bunch of libertarian nut jobbers that would use Bitcoin if it cost $50 to send $1.

[aakashsangwan]

there should not be any fee as the fee is for pool owners and they charge 1 to 3 percent of our earnings . So according to me, there is no need of transaction fee.

[Herbert2020]

there should not be any fee as the fee is for pool owners and they charge 1 to 3 percent of our earnings . So according to me, there is no need of transaction fee.

do you remember what happened during stress test.
if not search the forum for people complaining about transactions not being confirmed for hours.
now imagine there were no transaction fees necessary for sending bitcoin. there would be ten times more spam in the network.

[Amph]

there should not be any fee as the fee is for pool owners and they charge 1 to 3 percent of our earnings . So according to me, there is no need of transaction fee.

it's possible if people don't abuse it, but it's not always the case, the problem with fee is that they don't always speed up you transaction, because there are numerous other factor in play

but you know, the beauty of bitcoin is not only that there are low fee, but that you can actually choose the amount, if you want you can set zero

[aakashsangwan]

there should not be any fee as the fee is for pool owners and they charge 1 to 3 percent of our earnings . So according to me, there is no need of transaction fee.

it's possible if people don't abuse it, but it's not always the case, the problem with fee is that they don't always speed up you transaction, because there are numerous other factor in play

but you know, the beauty of bitcoin is not only that there are low fee, but that you can actually choose the amount, if you want you can set zero

Yes, i can set the transaction fee to zero but many of the pools donot add the transaction without a transaction fee in their blocks.

So if i make my transaction fee to zero then the transaction can take from days to months to reach the target wallet.

[tuvok007]

Yeah,like me. I am waiting for two days now for first confirmation. and the fee is not even zero,its 1100 satoshi... Man thats frustrating

[Amph]

there should not be any fee as the fee is for pool owners and they charge 1 to 3 percent of our earnings . So according to me, there is no need of transaction fee.

it's possible if people don't abuse it, but it's not always the case, the problem with fee is that they don't always speed up you transaction, because there are numerous other factor in play

but you know, the beauty of bitcoin is not only that there are low fee, but that you can actually choose the amount, if you want you can set zero

Yes, i can set the transaction fee to zero but many of the pools donot add the transaction without a transaction fee in their blocks.

So if i make my transaction fee to zero then the transaction can take from days to months to reach the target wallet.

my maximum without fee was only two hours(and i've done it numerous times), or i was really lucky, or it is because of this stress stess only, because months, seems very excessive...

[SISAR]

What is the fairest fee?

Just add 0.001 BTC free to your transaction and you'll be fine.

[solex]

What is the fairest fee?

Just add 0.001 BTC free to your transaction and you'll be fine.

Which is about 27 cents today, far higher than the few cents which most Bitcoiners want to pay (according to the poll)

[gentlemand]

The folks who are hell bent on their multiple dollar fees because it's 'market forces' will soon find it returns to bargaindom when all the normal people abandon BTC and find something that isn't going to rape them.

[unamis76]

I haven't been following this thread, but this might be relevant to the discussion... https://bitcointalk.org/index.php?topic=1114653.0

A fair fee, at the moment, is a fee that includes your transaction in the next block

[Hopalong]

I feel that it largely depends on the amount sent. For example for microtransactions such as .001 BTC, it would be unreasonable to charge a large fee. On the other hand with the larger transactions, it doesn't make much sense to charge a .0001BTC fee

0.001 BTC should have bigger fee requirements, because it is dust. Bitcoin was not made for such small transactions, they only clutter the network and there should be no incentive for them

If Bitcoin is not made to handle 0.001 transactions we must make sure BTC never rise to high and keep the masses out. A low value coin only for geeks is the way to go...

[junglemouse]

5 cents would help eliminate micro payments in the block chain and I mean really if you want to send bitcoin to someone that transaction is worth 5 cents..