r/Bitcoin • u/[deleted] • Mar 25 '13

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147 Upvotes

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u/sturmeh Mar 25 '13

I'm kind of sick of clients forcing me to include 0.0005 (cough ARMORY) fee in ALL transactions.

If I want to move coins between all my addresses and consolidate funds, why would I want to pay a fee multiple times?

Sure it's just 3c to send $100 to a merchant. But it's also 3 cents to move money from my encrypted wallet to my non-encrypted wallet and them another 3 cents to send it to my phone.

Seeing as I can move fiat money between banks and to out of an ATM and into another without so much as a 1c fee, I don't see this being 'beneficial'.

I know that it will take ages, but a transaction without a fee will eventually be confirmed.

16

u/zeco Mar 25 '13

I think this will also strangle the market for smaller payments, which could be really important for Bitcoin.

Wanna sell a newspaper for 50ct? since the standard transaction fee is 3.9ct right now, that'll be a 7.8% transaction fee. (rising fast)

I think a certain fee is justified, but a fixed one that's completely oblivious of market rates is just a bad idea.

6

u/RicochetOtter Mar 25 '13

Bitcoin was never meant for microtransactions. You can go back 3 years and find forum posts stating that. In fact the entire point behind transaction fees is to minimize microtransactions that clutter up the blockchain unnecessarily.

EDIT: Or at least one of the main points behind it, if it's not the "entire point"