Bitcoin Forum

Other => Beginners & Help => Topic started by: nmat on July 12, 2011, 04:11:31 PM



Title: Bitcoin transfer fees
Post by: nmat on July 12, 2011, 04:11:31 PM
So I got by first bitcents in my wallet and I wanted to transfer them somewhere else, but the client says that I must pay a fee of 0.0005 because the transaction is over a file size limit. Is this because the amount is too small, because the bitcents are too recent or because of something else? I have nearly 200 confirmations...


Title: Re: Bitcoin transfer fees
Post by: nafai on July 12, 2011, 05:19:03 PM
It's a combination of many things, but how many coins you're sending and how recently you acquired them are big factors. I think sending anything .01 or below will trigger a .0005 tx fee in the current version of the client, it used to be .01 fee but was reduced.


Title: Re: Bitcoin transfer fees
Post by: nmat on July 12, 2011, 06:33:10 PM
I was trying to send 0.04 btc that I got a few days ago. So the best option is to make large transfers of old coins, right?


Title: Re: Bitcoin transfer fees
Post by: nafai on July 28, 2011, 05:05:02 AM
Yes, small amounts or new coins can make the transaction "expensive" in kilobyes which means it has a lower priority, and some miners will not accept transactions with too low of a priority. Providing a fee along with it raises the priority to offset the fact that the coins are new.

But really, 0.0005 is a pretty small fee.  If you're gonna send someone 0.04 btc and it asks for a fee, 0.0405 is not that much more.  If 0.04 btc is all you have, you can send 0.0395 with a 0.0005 fee.


Title: Re: Bitcoin transfer fees
Post by: JoelKatz on July 28, 2011, 07:13:16 AM
So I got by first bitcents in my wallet and I wanted to transfer them somewhere else, but the client says that I must pay a fee of 0.0005 because the transaction is over a file size limit. Is this because the amount is too small, because the bitcents are too recent or because of something else? I have nearly 200 confirmations...
Most likely, it's because you are trying to "gather" a large number of small payments into one pile. Try to avoid large numbers of small payments if possible.