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Title: Transaction fees for transfering BITCOINS -- WTF Post by: bitcoingod on June 19, 2011, 06:36:43 PM Transaction fees for transfering BITCOINS -- WTF
I have been testing transfering BITCOINS from web based to my wallet client. However I have noticed that if I try to transfer from my wallet client to a web based site the local wallet client prompts me for a "Transaction fees" WTF... i understood the concept behind BITCOIN was FREE. CAN someone explain on a BASIC LEVEL... i do not need buzz words in the explain. why a fee ??? Title: Re: Transaction fees for transfering BITCOINS -- WTF Post by: JTaBitCoinKing on June 19, 2011, 06:39:10 PM This system needs money to sustain itself.
No currency will ever be tax free. Title: Re: Transaction fees for transfering BITCOINS -- WTF Post by: Gabi on June 19, 2011, 06:46:12 PM bitcoingod, go and read the wiki...
Title: Re: Transaction fees for transfering BITCOINS -- WTF Post by: gigitrix on June 19, 2011, 06:48:04 PM Transaction fees for transfering BITCOINS -- WTF I have been testing transfering BITCOINS from web based to my wallet client. However I have noticed that if I try to transfer from my wallet client to a web based site the local wallet client prompts me for a "Transaction fees" WTF... i understood the concept behind BITCOIN was FREE. CAN someone explain on a BASIC LEVEL... i do not need buzz words in the explain. why a fee ??? #1 Paying Miners once the 21million "seed" coins have been generated. #2 Preventing a Denial of Service attack: where someone would flood the bitcoin network with tons of "junk" transactions, using up tons of CPU resources and bandwidth. Title: Re: Transaction fees for transfering BITCOINS -- WTF Post by: bitcoingod on June 19, 2011, 06:49:34 PM I understood that the system was decentralized and hence NO FEES, I am glad I started small with the BITCOIN.... now seems more like a SCAM !!
pyramid scheme YELL OUT SCAM !!! Quote There's no way to "pre-calculate" fees as miners are free to set the fee policy they want. This standard policy that's being followed by most miners is a set of arbitrary rules that were coded into the standard client, but these are not carved on stone or anything. Miners are free to come up with their own policies. pyramid scheme I AM GLAD I SOLD A LARGE !!! AMOUNT OF BITCOIN over the last few hours then Title: Re: Transaction fees for transfering BITCOINS -- WTF Post by: Shox on June 19, 2011, 06:59:02 PM I understood that the system was decentralized and hence NO FEES, I am glad I started small with the BITCOIN.... now seems more like a SCAM !! pyramid scheme YELL OUT SCAM !!! Quote There's no way to "pre-calculate" fees as miners are free to set the fee policy they want. This standard policy that's being followed by most miners is a set of arbitrary rules that were coded into the standard client, but these are not carved on stone or anything. Miners are free to come up with their own policies. pyramid scheme I AM GLAD I SOLD A LARGE !!! AMOUNT OF BITCOIN over the last few hours then Yaaaawn, someone's over-reacting. Grow up. Title: Re: Transaction fees for transfering BITCOINS -- WTF Post by: Gabi on June 19, 2011, 06:59:56 PM It seems we have a troll ;D
Title: Re: Transaction fees for transfering BITCOINS -- WTF Post by: bitcoingod on June 19, 2011, 07:01:50 PM tHANKS for the feed back ... I need to blog more about this .... and DUMP my lemons (BITCOIN) on the trading market. what a waste. Title: Re: Transaction fees for transfering BITCOINS -- WTF Post by: bitcoingod on June 19, 2011, 07:04:34 PM It seems we have a troll ;D CHECK THIS CLOWNS ( Shox ) comments ... zit face telling a 40 year old... sure, great comments clown, check the market over the next few days .. Title: Re: Transaction fees for transfering BITCOINS -- WTF Post by: Shox on June 19, 2011, 07:06:57 PM It seems we have a troll ;D CHECK THIS CLOWNS comments ... zit face telling a 40 year old... sure, great comments clown, check the market over the next few days .. You're taking it personally against other people because you can't understand the concept behind a 0.65% fee? Dumb. Title: Re: Transaction fees for transfering BITCOINS -- WTF Post by: bitcoingod on June 19, 2011, 07:09:29 PM It seems we have a troll ;D ShoxYaaaawn, someone's over-reacting. Grow up. You're taking it personally against other people because you can't understand the concept behind a 0.65% fee? Dumb. SON YOU MADE IT PERSONAL.... with your comment and a disgrace to the forum help and derogatory comment Was asking for help and clearification. Title: Re: Transaction fees for transfering BITCOINS -- WTF Post by: luxgladius on June 19, 2011, 07:14:12 PM For what it's worth, you don't have to generate transactions with fees. However, transactions without fees might not be processed by the miners until they reach a certain age. The priority of a transaction is based on its inputs' age, values, and the overall transaction size as sum(age*value)/size, at least in the default client. Once that reaches a certain threshold of block age from the inputs, it will be allowed by the default mining code to be processed as a free transaction, as long as there aren't many higher priority transactions ahead of it.
Title: Re: Transaction fees for transfering BITCOINS -- WTF Post by: Shox on June 19, 2011, 07:16:04 PM SON YOU MADE IT PERSONAL.... with your comment and a disgrace to the forum help and derogatory comment Was asking for help and clearification. Derogatory comments like clown and zitface? But wait I didn't say those things, SON. You were looking for a fight apparently. Title: Re: Transaction fees for transfering BITCOINS -- WTF Post by: bitcoingod on June 19, 2011, 07:18:00 PM For what it's worth, you don't have to generate transactions with fees. However, transactions without fees might not be processed by the miners until they reach a certain age. The priority of a transaction is based on its inputs' age, values, and the overall transaction size as sum(age*value)/size, at least in the default client. Once that reaches a certain threshold of block age from the inputs, it will be allowed by the default mining code to be processed as a free transaction, as long as there aren't many higher priority transactions ahead of it. Outstanding reply, and thanks for the clarification and intelligent help. Title: Re: Transaction fees for transfering BITCOINS -- WTF Post by: vulgata on June 19, 2011, 09:21:21 PM You're taking it personally against other people because you can't understand the concept behind a 0.65% fee? Dumb. Eh, it can be as high as 5% or more. OP, I just figured out how to get around this on my thread: http://forum.bitcoin.org/index.php?topic=19066.0 |