4 ms·

um... bitcoin? heard like 3 years ago that bitcoin will handle all sorts of micro-transactions... anyone know what happened?

cstrat 9y ago
I haven't used BTC in a long time but last I read transactions take a very long time to process because the blocksize is too small to contain all the transactions that took place. I read (not sure if this is correct) that transaction fees needed to be upwards of $20 to ensure the transaction was included in the next block.
SAI_Peregrinus 9y ago
Bitcoin transactions have something like a $5 average transaction fee. You can offer less but your transaction won't get processed as quickly. Bitcoin is already slow at processing transactions. Disclaimer: I don't use bitcoin. The $5 number is outdated, but from the graphs I could find in a quick search it seemed to be rising consistently.
- kobeya 9y ago
  That's why you would use an off-chain solution like lightning payment channels with sub-cent transaction fees. Transactions are faster than credit cards too.
- freeloop3 9y ago
  Stop spreading FUD. I spent 10c sending a transaction for $20 a month ago.
  - michaelt 9y ago
    Smallest transaction I've seen is 191 bytes; [1] says right now to get a transaction in the next block the minimum fee is 240 satoshis/byte; and that today the 251-260 satoshis/byte has been the most common fee. That's $2.82 according to [2]. And that's with current levels of demand - if there was a transaction every time someone visited a website, demand would be much, much higher. [1] https://bitcoinfees.earn.com/ https://bitcoinfees.earn.com/ [2] https://www.google.co.uk/search?q=(191*240%2F100000000)+BTC+to+USD https://www.google.co.uk/search?q=(191*240%2F100000000)+BTC+...
    - freeloop3 9y ago
      Yes, you're right. I miscalculated the fee. I actually paid $1 and was not trying to get it in the next block.
- anotherelise 9y ago
  I never spend more than $0.10 on transaction fees for bitcoin. I mean, you could give $5 if you wanted to, but why would you? If I was sending a dollar I wouldn't pay more than $0.01 or less for the transaction fee. And for something so cheap the merchant shouldn't bother waiting on confirmations. Exploiting 0 confirmations isn't easy, and it's not worth the work to anyone for a dollar. Even with sub cent transaction fees they'll still settle faster than 3-5 business days.

cstrat 9y ago

I haven't used BTC in a long time but last I read transactions take a very long time to process because the blocksize is too small to contain all the transactions that took place. I read (not sure if this is correct) that transaction fees needed to be upwards of $20 to ensure the transaction was included in the next block.

SAI_Peregrinus 9y ago

Bitcoin transactions have something like a $5 average transaction fee. You can offer less but your transaction won't get processed as quickly. Bitcoin is already slow at processing transactions. Disclaimer: I don't use bitcoin. The $5 number is outdated, but from the graphs I could find in a quick search it seemed to be rising consistently.

kobeya 9y ago
That's why you would use an off-chain solution like lightning payment channels with sub-cent transaction fees. Transactions are faster than credit cards too.
freeloop3 9y ago
Stop spreading FUD. I spent 10c sending a transaction for $20 a month ago.
- michaelt 9y ago
  Smallest transaction I've seen is 191 bytes; [1] says right now to get a transaction in the next block the minimum fee is 240 satoshis/byte; and that today the 251-260 satoshis/byte has been the most common fee. That's $2.82 according to [2]. And that's with current levels of demand - if there was a transaction every time someone visited a website, demand would be much, much higher. [1] https://bitcoinfees.earn.com/ https://bitcoinfees.earn.com/ [2] https://www.google.co.uk/search?q=(191*240%2F100000000)+BTC+to+USD https://www.google.co.uk/search?q=(191*240%2F100000000)+BTC+...
  - freeloop3 9y ago
    Yes, you're right. I miscalculated the fee. I actually paid $1 and was not trying to get it in the next block.
anotherelise 9y ago
I never spend more than $0.10 on transaction fees for bitcoin. I mean, you could give $5 if you wanted to, but why would you? If I was sending a dollar I wouldn't pay more than $0.01 or less for the transaction fee. And for something so cheap the merchant shouldn't bother waiting on confirmations. Exploiting 0 confirmations isn't easy, and it's not worth the work to anyone for a dollar. Even with sub cent transaction fees they'll still settle faster than 3-5 business days.