Title: Bitcoin transaction fee system Post by: Mikko8 on May 01, 2013, 11:58:04 AM I though I understood the fee system but I was so wrong. Take a look at this transaction http://blockchain.info/tx/f7e67a8236e1cfd38e5679f1cbd08e4d0f337a20947b4c001bdbadfe2fb1abb3 (http://blockchain.info/tx/f7e67a8236e1cfd38e5679f1cbd08e4d0f337a20947b4c001bdbadfe2fb1abb3). The fee paid was just BTC0.0002 which is less than the BTC0.0005 fee described on the https://en.bitcoin.it/wiki/Transaction_fees#Sending (https://en.bitcoin.it/wiki/Transaction_fees#Sending) page. As I understood it, since one of the output was less than BTC0.01, the fee should have been BTC0.0005. So why wasn't this the case?
And a follow up question: if the fee is still obligatory and can be set lower like in this case, could the fee have been just 1 satoshi? Title: Re: Bitcoin transaction fee system Post by: Minotaur on May 01, 2013, 01:33:48 PM That's the behavior of the default/reference implementation, not all implementations follow this. In theory higher fee transactions should be prioritized but I'm not sure which software, if any, has implemented such a system. (Is it a net slowdown?)
Note to anyone reading this, I'm looking for my first bitcoin mining rig. My room is too cold so a good Radeon 6770 for 40 or so and the opportunity to pay it back in BTC would be nice. And if anyone knows of a simple to script/encapsulated BTC client let me know. I may try implementing that myself. Also, functionally, fee's are optional, there may not even be a fee on some blocks. Title: Re: Bitcoin transaction fee system Post by: Mikko8 on May 01, 2013, 01:43:53 PM Which client allows to override the suggested fee amount? I'd like to consolidate tens of µBTC transactions into a single coin and pay a much lower fee. I'm using 'Armory' as my wallet manager but I guess I could export private keys to another well-known client.
Title: Re: Bitcoin transaction fee system Post by: nango on May 01, 2013, 02:54:18 PM Electrum lets you set whatever you want, IIRR... if it doesn't I could easily make a patch to fix that or perhaps enable it as an expert option.
For consolidation, you could setup a tiny fee for the transaction and just expect to wait a long time... but in personal finance management, time probably doesn't matter so much. Title: Re: Bitcoin transaction fee system Post by: Mikko8 on May 01, 2013, 03:00:14 PM I am just worried that my specified fee would be overridden by the clients default.
Title: Re: Bitcoin transaction fee system Post by: DannyHamilton on May 01, 2013, 03:14:27 PM Once you build a transaction and sign it, nobody can change it. They can refuse to relay it so it never gets to a miner, but they can't modify it.
So the worst that would happen if you broadcast a transaction with insufficient fee is that no peers will relay your transaction and it will never get confirmed. |