Bitcoin Forum

The most know that in bitcoin there is no transaction fees but it's a lie  >:( >:( >:( ,right ?
that's what i've find here  :o : https://en.bitcoin.it/wiki/Transaction_fees




sorry for my english.

You can chose yourself to transact BTC without a fee, the downside is that it will never or will take forever be picked up by miners for confirmation.

It isn't no transaction fee, it's minimum fee and it's optional. If you don't pay fee you need to wait more time for block confirmation. That's possible with coin control feature.

the fee is literally pennies, a lot less in comparison to credit card fees and such; nothing to cry over. The fee pays the miners to carry out the transactions, and without paying a fee its highly likely your transaction will eventually get rejected from the network.


no.

You can send coins with zero fee without a problem, but they most likely need plenty of hours, or even more than a day to get a single confirmation.

If your coins have high enough priority, and you don't include any fee when seding them, then your coins will get confirmed much faster. But still, it's up to the pools to include your transaction.

Yes, Bitcoin does have transaction fees, and anyone who says otherwise is indeed lying. Who told you there are no transaction fees?

Where exactly u got this most known fact ? Can you please quote the source ?

I think for transactions of 0.01 you dont have to pay a fee as they are classified as high priority because of the large amount being sent, for transactions lower than that, what you can do (i also do it) is send your money at nights before you go to sleep with transaction fees of 2-5k sats, the savings add up over time

you need atleast .0001 transaction fee for your transaction to be confirmed on the very next block. however you may optionally set a minimal transaction fee of maybe .00001 but it may take upto 24 blocks before it may confirm and it depends if the network is busy

Huh, I never thought about that. I might start doing it from now on.

Who told you that it doesn't have a transaction fee? It does but the fee is so minimum, you can send thousands of dollars worth of bitcoin with fee as low as 0.0001 and by today's price it comes to 0.023 USD. Don't know why people don't even want to pay even that.

And the link you provided explains it pretty well how it works:


I never bothered to calculate the fee and it's just best to add atleast 10k Satoshi fee minimum and you can be rest assured that transaction will get included in upcoming blocks.

if you are referring to "free transactions", it needs to meet all the three conditions to be considered as high priority and don't need the fee:
1) It is smaller than 1,000 bytes.
2) All outputs are 0.01 BTC or larger.
3) Its priority is large enough (above 57,600,000)
this transaction doesn't need any fee to be included in a block.

on the other hand including fees are optional. but remember that miners might not include transactions with 0 or non standard fees in the block witch will result in your transaction to never be confirmed.

there is a misconception here, usually they say that bitcoin can move large quantity of money with a very small fee compared too fiat, not that you don't need fee at all, still 10k satoshi is a very ridiculous amount

You mean 0.0001BTC is high? It is very small fee compared to fiat. :-\

FYI, you can also send zero-fee teansactions.

Not all transactions, and not always.

A transaction may be safely sent without fees if these conditions are met:

    It is smaller than 1,000 bytes.
    All outputs are 0.01 BTC or larger.
    Its priority is large enough (see the Technical Info section below)

https://en.bitcoin.it/wiki/Transaction_fees

Of course if the network is too crowded it might not be so safe

what do you mean not safe?! :D

the only thing that can happen if you don't send a transaction with fees, is that it might take a very long time (even a week) to get confirmed.
you can double spend the coins if they are not confirmed anyways.

Yep, it is a ridiculously small fee compared to fiat, lets take Visa for example:
http://i.gyazo.com/d8d9b49e67858bb617e48d423c03ca52.png

1.51% plus 10 cents; 10k satoshi is just 2 cents, the base 10 cent fee is already 500% of what a bitcoin transaction would cost, add in the 1.51% of whatever you may be purchasing and it just gets higher. Anyone saying bitcoin has "high transaction fees" is plain wrong.

and not to mention the conversion fee(1.75% with my bank, and they are generous, i know that it should be bigger) and the additional fee required to move a higher amount, with bitcoin this is a non-issue

Are people really concerned about a 2 cent charge?  You could cut that in half to 1 cent and your transactions would still be confirmed but it might take longer.  But running nodes costs some money, and they get the transaction fees right?  Or part of it?  So why not throw them some pennies, it costs almost nothing and supports a healthy bitcoin ecosystem.

I do not think people are concerned about 2 cent or the very small bitcoin fee unless they have very btc to send it the first place. Example:
transaction: 19 BTC
fee:    0.0001 BTC

That's not a lot of fee. Other payment systems have much higher fee.

I believe people running nodes are doing so voluntarily (they get nothing), the transaction fee goes to the miners for confirming the transactions.

It's quite hard to double spend however. In the past, some nodes would relay whichever transaction with the most fees. However, in the recent versions, nodes have been starting to reject transaction which spends the same Unspent outputs (UXTO) with the transaction that they have in their mempool. The only way to resend it is to wait for the transaction to be forgotten by the node's mempool. Some clients re-relay your transactions after it has been forgotten however.