>> (p.1)
    Author Topic: Fees even higher? I'm now getting charged 19 cents USD for a 0.01 BTC transactio  (Read 908 times)

    • somatic (OP)
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    July 22, 2014, 10:46:10 AM
     #1
    What is going on? This is unsustainable. And please don't compare this to banking or credit card fees. Comparing a cryptocurrency to a 100 year old proprietary banking system makes no sense.

    I don't see how Bitcoin can be used as currency like this. It's unworkable. It needs to be fixed, STAT. Are there any plans to fix it?

  • Josepht
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    July 22, 2014, 10:54:29 AM
     #2
    Perhaps your transaction had to deal with a large amount of inputs. The result of that could be a large size on the blockchain. The larger the size, the higher the fees.

  • yakuza699
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    July 22, 2014, 11:59:33 AM
     #3
    Quote from: somatic on July 22, 2014, 10:46:10 AM
    What is going on? This is unsustainable. And please don't compare this to banking or credit card fees. Comparing a cryptocurrency to a 100 year old proprietary banking system makes no sense.

    I don't see how Bitcoin can be used as currency like this. It's unworkable. It needs to be fixed, STAT. Are there any plans to fix it?
    You can send a transaction without a fee if you meet these conditions :
    1.)It is smaller than 1,000 bytes.
    2.)All outputs are 0.01 BTC or larger.
    3.)Its priority is large enough (Transaction priority is calculated as a value-weighted sum of input age, divided by transaction size in bytes)
       For example you can send 1BTC after 144 confirmations 0.1BTC after 1440 confirms and 0.01BTC after 14400 confirms.

    If you don't meet these conditions you need to pay at least 0.0001BTC(0.1mBTC)(about 0.06USD) per 1000 bytes (not sure about this because i think fee policy was changed after 0.9 release)

    You may want to read this too https://en.bitcoin.it/wiki/Transaction_fees
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  • TimS
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    July 22, 2014, 12:11:46 PM
    Last edit: July 22, 2014, 01:13:17 PM by TimS
     #4
    (as you might infer from the above posts) The standard fee for a transaction of 2000-2999 bytes is 0.0003 BTC (~19 cents). The fact that the transaction was worth 0.01 BTC is irrelevant: if you have a large number of inputs and/or outputs, the transaction will be large (in bytes) and require a larger fee.

    Bitcoin was never designed for microtransactions. I'm guessing yours were in the neighborhood of $0.25 each. As you now know, when transactions are that small, the fees are high by comparison.

  • marcotheminer
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    July 22, 2014, 12:29:32 PM
     #5
    It is a fixed transaction amount, meaning that those 19 cents will suffice to push a 1000 btc transaction through the network into a new address, amazing!
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  • DhaniBoy
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    July 22, 2014, 12:37:10 PM
     #6
    i'm sure your transaction has many small inputs
    that makes size of transaction becomes bigger
    maybe 2,x KB = 0.0003 BTC fee = $0.19
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  • DjPxH
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    July 22, 2014, 12:39:45 PM
     #7
    Shouldn't there be some kind of part of the fee be associated with the size or amount of the outputs being generated? If I do a payment to multiple recipients. Or do you think it is enough to do this via the size of the whole transaction?
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