Quote from: Lord T on July 24, 2011, 06:05:56 PM

Call me silly but I wonder who it was that decided on the value of transaction fees. I tried to send some BT to someone else and the fee wanted was more than the transaction amount. Now I now that the theory is it is to stop DoS type attacks but I know that techies can spam the channels without using the BitCoin client so it seems to me it is just a way to force us to pay funds into the mining pools. Who will process the funds when the mining pools stop as the coins become prohibitive to mine? Not me I switch my cleint off now as I don't get any of the fees. It seemed reasonable to have a low fee to send your funds immediately but what about those that are happy to wait and want to spend as little as possible on admin costs aka bank charges. Finally, when everything settles down and BT comes to a value where 0.000001 is the cost of an item, say a UK penny, it is possible, then a 0.01 admin fee is going to be £100. A bit steep wouldn't you say? Why isn't it say 1% max of the value being sent.

I would have posted this in the correct forum but I'm a newbie. Only another 4 and a half hours to go. Roll Eyes

You are silly

The fee has been coming down in price ever since bitcoin was created.

In another few years, the developers will have hard coded in a much lower recommended fee.

Note however that no fees are forced upon any user.