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$82,982,977 USD: $ 0.04 Transaction Fee

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Re: $82,982,977 USD: $ 0.04 Transaction Fee

#11

Post by MCRed »

This is great. I think the downside, though, is the $0.04 transaction that incurs a $0.04 transaction fee.

For instance, there's this transaction for .02 BTC that incurred a $0.19 fee. https://blockchain.info/tx/a2933a1dc53361a7770c2a9d998c1fe30...

I'm not sure why this tiny transaction cost so much more than the huge one, but being able to support 0.00045 BTC transactions at reasonable cost is the challenge.

This isn't just a fee challenge, but a blockchain-bloat challenge as well.

But if it can be solved, I think it would be a turning point for BTC.

Re: $82,982,977 USD: $ 0.04 Transaction Fee

#13

Post by debacle »

vectorpush wrote: post #9

I hope that the recipient intends to use those funds on the darknet or overstock.com, otherwise the fees for converting even a fraction of that sum into usable money will greatly exceed $0.04.

Does bitcoin have the kind of volume/liquidity to make that kind of exchange without causing a significant disturbance in the exchange rate?

Re: $82,982,977 USD: $ 0.04 Transaction Fee

#14

Post by williamcotton »

MCRed wrote: post #11

This is great. I think the downside, though, is the $0.04 transaction that incurs a $0.04 transaction fee. For instance, there's this transaction for .02 BTC that incurred a $0.19 fee. https://blockchain.info/tx/a2933a1dc53361a7770c2a9d998c1fe30... I'm not sure why this tiny transaction cost so much more than the huge one, but being able to support 0.00045 BTC transactions at reasonable cost is the challenge. This is…

Transactions without fees will eventually be processed and normally within 24 hours in my experience.

On top of that miners are currently processing transactions with fees of 1000 satoshis with no delay. That's about $0.004 with the current exchange.

Re: $82,982,977 USD: $ 0.04 Transaction Fee

#16

Post by diego »

MCRed wrote: post #11

This is great. I think the downside, though, is the $0.04 transaction that incurs a $0.04 transaction fee. For instance, there's this transaction for .02 BTC that incurred a $0.19 fee. https://blockchain.info/tx/a2933a1dc53361a7770c2a9d998c1fe30... I'm not sure why this tiny transaction cost so much more than the huge one, but being able to support 0.00045 BTC transactions at reasonable cost is the challenge. This is…

It's not that transactions "incur" a fee. You pay the fee you want, and miners prioritize transactions accordingly. Because transactions take up space in the block chain (and everyone's hard drives), small transactions are given less priority. Large transactions usually don't need to pay fees to be mined, small transactions may take a long time to be mined (or in the case of "dust" not be mined at all) unless you pay the recommended fee.

https://en.bitcoin.it/wiki/Transaction_fees

Re: $82,982,977 USD: $ 0.04 Transaction Fee

#17

Post by placeybordeaux »

MCRed wrote: post #11

This is great. I think the downside, though, is the $0.04 transaction that incurs a $0.04 transaction fee. For instance, there's this transaction for .02 BTC that incurred a $0.19 fee. https://blockchain.info/tx/a2933a1dc53361a7770c2a9d998c1fe30... I'm not sure why this tiny transaction cost so much more than the huge one, but being able to support 0.00045 BTC transactions at reasonable cost is the challenge. This is…

Generally the very large transactions are even cheaper because transactions are prioritiezed based off of (BTC * time spent sitting)/bytes.

It's a very regressive system, but is entirely about ensuring that 'dust' doesn't clog up the blockchain.

Re: $82,982,977 USD: $ 0.04 Transaction Fee

#18

Post by furyofantares »

ryanthejuggler wrote: post #10
thisjepisje wrote: post #5

Earlier quoted context omitted.

Care to elaborate?

The implication is that Bitcoin isn't "real" money. Never mind that money is a social construct and is useful whenever two parties agree on a common value.

I think the implication is actually that the person sending this transaction was also the recipient.

Re: $82,982,977 USD: $ 0.04 Transaction Fee

#19

Post by nhayden »

debacle wrote: post #13
vectorpush wrote: post #9

I hope that the recipient intends to use those funds on the darknet or overstock.com, otherwise the fees for converting even a fraction of that sum into usable money will greatly exceed $0.04.

Does bitcoin have the kind of volume/liquidity to make that kind of exchange without causing a significant disturbance in the exchange rate?

No, it would cause a pretty big swing. Large sums like this are unlikely to be put on an exchange, though - they'd be done through a private sale.
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