Transaction fee too high with current BTC price

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Hello,

with current Bitcoin price, minimum transaction fee of typically .0001 BTC is 8 
cents, which, when you pay for coffee is already fairly substantial. Ideally 
there should be a way to limit the fee if possible, though I know you probably 
don't want to add another GUI element to make it more complicated. Perhaps 
updating the algorithm would help?

Thanks for the great app though.

Tomas

Original issue reported on code.google.com by tomas.fo...@gmail.com on 19 Nov 2013 at 9:28

[GoogleCodeExporter]

Yes, that's true. However, Bitcoin fee rules are not decided by the app. 
They're decided by the community and implemented in client that relay (mainly: 
bitcoind/bitcoin-qt). I suggest taking that discussion to the Bitcoin dev 
mailing list.

Original comment by andreas....@gmail.com on 19 Nov 2013 at 9:40

• Changed state: Accepted
• Added labels: Priority-Low, Type-Enhancement
• Removed labels: Priority-Medium, Type-Defect

[GoogleCodeExporter]

Hi Andreas,

as I understood fees, transactions are ordered based on them and there's no 
mandatory fee unless transaction is complex or inputs are new. And since your 
app is designed to use very few addresses, transactions aren't that complex, 
are they? Also many people probably just load your app with some small amount 
every now and then to be able to use it on the road, so again inputs are quite 
old as well. 

So my conclusion was, lowering the magnitude of fees shouldn't be an issue. Me 
be wrong? :-)

T

Original comment by tomas.fo...@gmail.com on 19 Nov 2013 at 9:50

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The number of addresses used is not relevant for fees. Its the number of 
outputs you want to spend (for each output, you need to create an input which 
uses up bytes).

Bitcoin Wallet (or rather bitcoinj) already calculates the exact minimum fee 
and uses that. You'd need to lower that minimum fee in bitcoin-qt and other 
relaying nodes/miners.

Original comment by andreas....@gmail.com on 19 Nov 2013 at 10:04

[GoogleCodeExporter]

Progress on lowering transaction fees can be monitored here:

https://github.com/bitcoin/bitcoin/pull/3305

Original comment by andreas....@gmail.com on 26 Nov 2013 at 11:07

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Sorry Andreas, my fault, you're right indeed. 

Original comment by tomas.fo...@gmail.com on 27 Nov 2013 at 1:35

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We recently tried to send some transactions using the new fee rules, but they 
had a considerable delay in confirming (like 10-20 blocks if I remember right). 
So it currently doesn't look good. Let's see how miners will adopt the new 
rules.

Original comment by andreas....@gmail.com on 30 May 2014 at 7:28

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I know, I have same experiences. Perhaps you might make it optional under labs. 
It's not pleasant testing Coin Of Sale and paying those fees all the time :-)) 
Up to you

Original comment by tomas.fo...@gmail.com on 30 May 2014 at 7:32

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In version 4, the fee has been lowered by a factor of 10 to 0.01 mBTC per 1000 
bytes of tx data.

Original comment by andreas....@gmail.com on 16 Nov 2014 at 6:51

• Changed state: Fixed

[GoogleCodeExporter]

Thanks Andreas!

Tomas

Original comment by tomas.fo...@gmail.com on 17 Nov 2014 at 4:08