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RE: My 11 year old Son Has Made 1 Bitcoin using Faucets 🌞 Will All These Micro Transactions Be ok?

in #bitcoin8 years ago (edited)

There is no way out of this fast and cheap I'm afraid. You could use the minimal bitcoin fee in your wallet which is 0.0001 BTC, that's 0.27 cents with today's price at $2700. But you may end up with hours or even days for the transactions to confirm! If you pay a higher fee like 0.0005 BTC ($1.35), you accelerate the transaction to maybe 15-30 minutes, but this will eat your transaction. And if you want to transact with Bitpay and the likes, they charge even higher fees to get a faster confirmation. As an example, I converted 2 SBD to Bitcoin two days ago as test, through Blocktrades, and I ended up with a net 40 cents, that's $1.60 of fees! Bitcoin is really not a good solution for small transactions, for its ridiculous fees!

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yeah, that's what I was afraid of i learned a while ago bitcoin was not good with small transactions, so i guess i would prob pay the higher fee to transfer it out I don't want it stuck there for days. One time i waited 8 hours for a 20 dollar transaction that had one micro payment in it and it taught me a lesson! Thanks for your quick response :)

A couple of months ago I waited 4 days for a transaction to confirm! But that's not all, the stuck transaction also froze 3 other transactions that I made afterwards. So I had 4 stuck transactions instead of one. That's when I decided I'm done with BitchCoin and moved to altcoins with their faster and much cheaper fees. STEEM for instance has no fees at all, so your son might want to get into fauceting STEEM :)