OpenRuby.com

25 Jul '12, 4am

Is it possible that bitcoin will become unaffordable to use for micropayments?: Regarding transaction fees, right...

Regarding transaction fees, right now the fee is pretty reasonable at the price of a bitcoin... But if transaction fees go up (more sites like SatoshiDice flooding the network?) and the price of a bitcoin goes up (eventually, to like $100+ theoretically), then the transaction fees might get really high. To send a BTC right now, you might pay like 0.0005 BTC I think, doesn't seem like much, but what if you wanted to send someone a really small integer, like 0.0005, you would pay like double in fees. If a BTC is trading for $1000, that makes 0.0005 tx fee cost $0.50... That's not much either, but you pay that on tiny transactions. Sometimes I go to send a BTC, and I guess if there are multiple small bitcoin addresses that it needs to send from, and I pay a 0.01 fee. If the network gets very congested and the BTC price goes up (like it's destined to do), won't it be unafforda...

Full article: https://bitcointalk.org/index.php?topic=95218.0

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