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Does anyone here use Bitcoins?
Stoic Joker:
PMIIUC the cost in satoshis per transaction hasn't changed. It's just that with the rise in the coins value the # of satoshis the transaction cost are worth more. So technically we've always paid the same...it's just more noticeable now.That's not (entirely) correct. You could always customize the amount of satoshis per byte you paid with your transaction, and there used to be a time when you could set the fee to 0 and still get your transaction included within a few blocks because there was extra space for it. But now that blocks are full, you have to pay more satoshis per byte to get your transaction included or else risk having your transaction stuck in limbo for days.That said, it is true that the increasing value of each BTC is making the fees more noticable in USD amounts. Even if you only paid 1 satoshi per byte on a regular ~220 byte transaction, that's still about 1.5 cents at today's current price.Back when I first got into Bitcoin toward the end of 2015, I sent a test transaction to Renegade after he sent me what was then just a few dollars worth of BTC (now worth almost $200! Wish I had kept it...). I paid 5 sat/byte for that transaction, which at the time was less than 1 cent. But now the recommended fee is 300 sat/byte to get your transaction included quickly.
-Stoic Joker on Today at 04:54
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-Deozaan (November 08, 2017, 04:43 PM)
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Well that makes sense ... Now that you mention it. I do recall it being stated that certain pools were starting to pay out (to the miners) for the transaction fees. Because as the coin per block drops (which it has drastically) the transaction fees are the only incentive the miners get/have to continue mining. Which is important due to the fact that if they stop mining there is no more network for the coin to travel across. The hashing power that keeps the network strong/resilient/decentralized comes from the miners.
0.62 BTC is a pretty good haul at current prices.
-Deozaan (November 08, 2017, 05:14 PM)
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Kinda, but it seems a bit low (to me) for the 6 months the (11.5TH) S9 has been running.
I'm toying with switching pools...I'm just not sure which one to jump to.
Deozaan:
But now the recommended fee is 300 sat/byte to get your transaction included quickly.
-Deozaan (November 08, 2017, 04:43 PM)
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Since I wrote this, I just went back to that tab to close it and the recommended fee has increased to 310 sat/byte. :(
1 satoshi/byte is about 1.7 cents per 226 byte transaction at current prices, or about 7.7 cents per kilobyte. Imagine if your ISP charged you 7.7 cents for every kB you transferred. That's ~$78.64/MB, or ~$80,530.64/GB, or ~$82,463,372.08 per TB. :tellme:
Stoic Joker:
But now the recommended fee is 300 sat/byte to get your transaction included quickly.
-Deozaan (November 08, 2017, 04:43 PM)
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Since I wrote this, I just went back to that tab to close it and the recommended fee has increased to 310 sat/byte. :(
1 satoshi/byte is about 1.7 cents per 226 byte transaction at current prices, or about 7.7 cents per kilobyte. Imagine if your ISP charged you 7.7 cents for every kB you transferred. That's ~$78.64/MB, or ~$80,530.64/GB, or ~$82,463,372.08 per TB. :tellme:
-Deozaan (November 08, 2017, 05:44 PM)
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Hm... Yeah, I gotta switch pools to get in on that action me thinks..
tomos:
Yes.
http://www.donationc....msg394988#msg394988
In a nutshell: The Bitcoin "Core" developers refuse to increase the blocksize limit from 1MB to anything larger even though people and developers and businesses have been clamoring for an increase for years. So the blocks are at full capacity. Which means if you want your transaction included in the blockchain, you need to compete with others for the limited space in each block. The only way to incentivize a miner to include your transaction over others is by paying higher fees than others. But everyone else is also trying to pay higher fees than everyone else so they can get their transaction included, so the fees just go higher and higher. Meanwhile more and more transactions are being added to the backlog. So if you intentionally try to get away with paying a low fee, you could be waiting days for your transaction to clear (the backlog tends to catch up over the weekend). And even if you pay what your software deems a decent fee, but for some reason fees skyrocket due to sudden increased demand (making miners consider your fee to be a comparatively "low" fee), then you could be waiting days for your transaction to clear anyway.
-Deozaan (November 08, 2017, 04:43 PM)
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I remember now, thanks... so, that never got resolved.
Odd that it's still going up in price -- IIUC it's now totally useless for it's original intentions, currency etc.
is now worth about $22.50), he has finally taken an interest in crypto, and asked me how to access the funds I gave him. But it would cost ~$5 in transaction fees for him to do anything with it so I've told him not to bother.
-Deozaan (November 08, 2017, 04:43 PM)
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one question - does that fee go up exponentially -- if someone wants to transfer more bitcoin, will it cost proportionally more?
Stoic Joker:
one question - does that fee go up exponentially -- if someone wants to transfer more bitcoin, will it cost proportionally more?
-tomos (November 10, 2017, 04:49 AM)
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Not exactly. It depends more on how many coin fragments are involved in the transaction. Much like the difference in paying for a $10 with a 10 dollar bill vs. paying for the same $10 item with a huge pile of unrolled change. The pile of change - representing the various fragments of BTC making the total - will take much more work (e.g. larger transaction size) and will therefore "cost" more to get done.
...It once took me almost 4 weeks to get a pile of mining dust transferred to an exchange, because of all the tiny ("sub") transactions/confirmations involved in getting it there.
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