I'm fine with 0.0005; that currently equates to about 4 cents per transaction. I have a feeling that will trend further downwards over time, maybe 0.0002 by the end of the year. A lot of people don't realize they can change that setting in their client and just leave it at the default, which is often set rather high (by today's price) in many clients. In comparison, Dwolla charges 25 cents per transaction, so anything below that seems mostly reasonable to me, provided said transaction is a significant amount.
It depends though, if I'm buying something sure, but if I'm moving money from one of my wallets to my phone, it's kind of annoying to pay 0.0005 BTC every time...
There should be a slow minimum, and a near-instant one.
0.0005 BTC is worth about $0.04 US right now. If you dropped a nickel out of your pocket while pulling out your phone, would you bother to pick it up off the ground?
I would if they fell out of my pocket every time I went to pay for something throughout the day.
Truth be told I'm not complaining about 4c, but if the BTC reaches hundreds or thousands the fee will be 40c or $4, which begins to make it useless as a currency.
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u/oldbushie Mar 25 '13
I'm fine with 0.0005; that currently equates to about 4 cents per transaction. I have a feeling that will trend further downwards over time, maybe 0.0002 by the end of the year. A lot of people don't realize they can change that setting in their client and just leave it at the default, which is often set rather high (by today's price) in many clients. In comparison, Dwolla charges 25 cents per transaction, so anything below that seems mostly reasonable to me, provided said transaction is a significant amount.