Bitcoin Forum

Hey
I just wanted to send 20BTC and I get this :

http://img151.imageshack.us/img151/5124/transaction.jpg

Isn't that too much for 20BTC transaction??

are this recently received funds?

yes

Then you will have to wait a few blocks for it to get higher priority.

but my last transaction was on 24 May ...

You must have received a ton of very small transactions. As a result, sending them all requires a lot of data. The fees are usually not so high.

That's pretty ridiculous. Should he get a different version so he can save some?

He's going to produce a transaction that's like 160 kB. He should pay a fee. No version of Bitcoin will pay a lower fee for a transaction this large.

I have had 13 transatcions at all with amount like 0,5-3BTC per each ... Isn't taht too much for this kind of transactions? :/

If the total number of transactions you've sent/received is only 13, that fee is too high. Did you ever configure Bitcoin to pay a transaction fee above 0.01?

This 13 transactions was received and I have not configured fee until now. I have started with 0.01 BTC fee but when I wanted to send bitcoins I've got the messege like this in this thread that at least 0.02 fee is needed so I configure to 0.02 and then I received that the 0.18 BTC fee is needed so I configure it and then I've got that the 0.58 is needed and in the end I stoped at "1.62". I am very upset with that situation, is there any solution for this ?

the fee that you're configuring is PER KB. not a flat fee. leave it at 0.01, and you will be fine

ok thanks PROBLEM SOLVED ... I misunderstand that mechanism :)

I don't think the problem is really solved... 0.3.21 calculates the (EDIT: necessity of) fees wrongly. I had the same problem (popup saying i need a fee when trying to send ~10 BTC received within last hour ), i downgraded to 0.3.20 and it let me send immediately.
After that, i got 3 confirmations after about 45 minutes. So fee was not really neded at all.

Sorry guys, but the new "newbie friendly" fee algorithm is totally crap to say the least.

I'm a newbie here, but this sets off a red flag in my mind.  If bitcoins really take off and end up being used for micro-transactions all over, won't this occur more and more often?  It just seems to me that as time goes on bitcoins will get more and more "fragmented" and split into tiny chunks, such that when you do need to spend a large amount it's going to be a "lot of data".  

It seems that transaction fees will inexhaustibly increase without bound as time goes on and the data required just goes up and up.  Is there something I am missing that handles this issue?

transaction fees reflect the cost to process each transaction, so it will be adjusted over updates.

More importantly, they are client specific. If you want a client that can send regardless of wait time or fee suggested by the reference client, make it.

Additionally, bitcoin isn't meant for micropayments.

Transactions can also be combined. This is what the OP did: he combined ~13 inputs into one output. If the recipient wants to send that same amount later, the transaction will only be about 220 bytes.

Do you mean that even if we start to use UTC, the transaction fee won't be too much?

So there was never an issue to begin with?

Seems crazy that so much can be charged!

Also: Who decides how much is charged? What if you can't even pay the fee?

The miners decide whether they include a transaction in their block based on the fee. By default, miners ask for a 0.01 BTC fee per KB.
It was my understanding that it was, in fact, meant for micropayments, especially since 1 BTC exceeds $10 now.

The fee structure just seems to be a complete mess.

It seems unpredictable and generally too expensive to send small payments.

Also it is like impossible to get any of the fees back without super hardware. The fee income to the mining pools is pitiful.

Can't people just trade confirmations with eachother or something instead of paying fees that are added to an impossible race for a 50BC block? Does generating coins in the client at 2000khash actually do squat to confirm other peoples transactions? If it helps is should at least give me some free confirmations back...

Depends on your definition of "micropayment".  Bitcoin is not suitable for transactions of less than a US penny, because of its fixed costs of processing transactions.

Well, the thing is. Bitcoin is advertised as "having many decimal points",to me (and my team) this suggests that Microtransactions are encouraged. Also, there is a big niche in the on-line virtual goods transaction market for micro payments.

If Bitcoins is every to be adopted by a larger non-geek audience, something should really be done about the complexity of these transactions.  Millions of gamers are waiting eagerly.

It seems crazy to me that the client even lets you choose how a fee by selecting a global variable paytxfee.  Nobody wants to pay a greater fee than they have to.  Rather than setting a global fee parameter I suggest the following:

1. On a transaction by transaction basis the client will calculate the minimum fee possible and report it to the user before the user confirms the transaction.
2. If the transaction includes recently spent coins that may cause the transaction to be postponed using the minimum fee the client should advise the user of this and provide them with alternatives to paying the minimum fee to make the transaction occur earlier.