1
I am a developer and very new in bitcoin world. I have plans of having website where I sell digital content for 0.25(or less) cents of dollars in bitcoin form.
What I understand is I have to pay for transaction fee for each purchase, I confess I don't know much about it.
If I want no fee can I develop my own "bitcoin transaction mechanism"?
Please, I need help thanks
1
currently that's not feasible with bitcoin due to its price. The alternative is to use another coin with a lower price to make it truly a "micro-transaction" with sub-penny fees. But the problem with scenario is your users will now have to buy that coin just to buy your product. Check coinmarketcap.com for a list of coins to use.
1
Bitcoin transaction fees vary with supply and demand. You can see a current snapshot at https://bitcoinfees.21.co/. Right now a typical fee for a transaction is around BTC 0.0006. As you can see, this will not work very well if your goal is to charge 1/10 of this amount (USD 0.25 = BTC 0.000062 as you mentioned).
Moreover, you will have to pay (roughly) the same transaction fee again in order to spend the money you receive. So even if somebody does pay the transaction fee to send you the money, you could not spend it without taking a loss.
As such, it is not currently practical to use Bitcoin for such small transactions.
thanks for the answer, is there an alternative to avoid the fee altogether? for example: maybe if I host a block in my cloud(aws, azure) I can process the transactions myself?(I don't know just spitting the little I could understand from my research) – RollRoll – 2017-08-15T16:56:24.120
No, that is not practical. The phrase "host a block" doesn't make sense - you could imagine doing your own mining, but the costs of doing that on any scale that would meaningfully speed up your transactions would be in the hundreds of thousands of dollars. As duckx says, you can consider using a different currency altogether, but this will be less convenient for your customers who will have to find somewhere to buy that other currency. – Nate Eldredge – 2017-08-15T17:05:30.300
0
Technically the lowest denomination of a bitcoin is a 100 millionth of a bitcoin or a Satoshi. That is 0.00000001 = 1 Satoshi so your value is greater than that and this possible, you would send/receive 6200 Satoshi. But some exchanges like coinbase won't allow small transactions.
sorry I didn't understand. Currently 0.25 cents of dollar is 0.000062 bitcoin. So there is no way I can use/create a system to have customer buying my digital content for 0.000062? forgive me, I am really new to this – RollRoll – 2017-08-15T14:00:47.080
Technically the lowest denomination of a bitcoin is a 100 millionth of a bitcoin or a Satoshi. That is 0.00000001 = 1 Satoshi so your value is greater than that and this possible, you would send/receive 6200 Satoshi. But some exchanges like coinbase won't allow small transactions. – marshal craft – 2017-08-15T14:29:56.543