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Title: should i add a tx fee to a coldwallet? Post by: hikedoon on May 24, 2014, 07:04:45 PM I'm printing out my first cold wallet with 1BTC on it to keep long term.I plan to HODL for at least a few years.
Should I add extra to cover a future tx fee? If yes, then what tx fee would you recommend I add? Thanks. Title: Re: should i add a tx fee to a coldwallet? Post by: jonald_fyookball on May 24, 2014, 07:33:18 PM You can if it gives you piece of mind. Just make it like 1.0005
Title: Re: should i add a tx fee to a coldwallet? Post by: cp1 on May 24, 2014, 07:35:20 PM If you want that address to have exactly 1.00000 then you'll need to spend a total of 1.001.
Title: Re: should i add a tx fee to a coldwallet? Post by: keithers on May 24, 2014, 07:35:33 PM I would do it...adding that tiny transaction fee is probably less money than you could find if you lifted the cushions of your couch. There really isn't a reason not to...
Title: Re: should i add a tx fee to a coldwallet? Post by: jonald_fyookball on May 24, 2014, 07:42:01 PM If you want that address to have exactly 1.00000 then you'll need to spend a total of 1.001. Where did you get that figure ? Title: Re: should i add a tx fee to a coldwallet? Post by: byt411 on May 24, 2014, 07:44:50 PM If you want that address to have exactly 1.00000 then you'll need to spend a total of 1.001. Where did you get that figure ? I assume that was a typo, he means 1.0001BTC. Title: Re: should i add a tx fee to a coldwallet? Post by: fbueller on May 24, 2014, 07:46:41 PM 1BTC is above the relay limit, so you shouldn't even need to include a fee, depending on how recently you received the coins. I've made a few transactions lately with no fee, and it's not too long until it confirms. If it confirms in a few hours, who cares? its going to cold storage!
You could include a fee for when you're redeeming your money in a few years time, for the laugh, so you still have 1 whole bitcoin when you move it.. I wonder how much a tx fee now will be worth then! Title: Re: should i add a tx fee to a coldwallet? Post by: cp1 on May 24, 2014, 07:48:32 PM If you want that address to have exactly 1.00000 then you'll need to spend a total of 1.001. Where did you get that figure ? I assume that was a typo, he means 1.0001BTC. Oops, yes I made a typo. Title: Re: should i add a tx fee to a coldwallet? Post by: jonald_fyookball on May 24, 2014, 07:48:43 PM https://en.bitcoin.it/wiki/Transaction_fees
Fees are mostly optional, and I don't see that changing in the next 2-3 years. Maybe things will be different in 20 years. Title: Re: should i add a tx fee to a coldwallet? Post by: zimmah on May 24, 2014, 08:24:49 PM you don't really need transfer fees, as they are optional. Especially large transactions and coins that have been unspent for a long time are high-priority by default.
But if you really want to be 100% sure of a fast transaction you may include a small fee Title: Re: should i add a tx fee to a coldwallet? Post by: hikedoon on May 24, 2014, 08:27:33 PM Thanks for the replies people. I'll load an extra 0.0001 to the 1 BTC coldwallet. That should cover any future tx fee if I sell it.
I was thinking the same thing fbueller about how much a tx fee from now will be worth in the future. Title: Re: should i add a tx fee to a coldwallet? Post by: Meuh6879 on May 24, 2014, 09:19:48 PM You can if it gives you piece of mind. Just make it like 1.0005 same thing, i have added 0,5-0,6 mBTC for fee transaction at the whole amount of my cold storage ... in case of. Title: Re: should i add a tx fee to a coldwallet? Post by: bitebits on May 24, 2014, 09:30:45 PM You can if it gives you piece of mind. Just make it like 1.0005 same thing, i have added 0,5-0,6 mBTC for fee transaction at the whole amount of my cold storage ... in case of. In case of what exactly? You will just maybe be able to transfer <1BTC from your cold storage in case of a required transaction fee. That's all. Title: Re: should i add a tx fee to a coldwallet? Post by: byt411 on May 24, 2014, 09:33:12 PM You can if it gives you piece of mind. Just make it like 1.0005 same thing, i have added 0,5-0,6 mBTC for fee transaction at the whole amount of my cold storage ... in case of. In case of what exactly? You will just be able to transfer <1BTC into your hot wallet. That's all. To pay the transaction fee. Have you even bothered to read the post or the thread? Title: Re: should i add a tx fee to a coldwallet? Post by: Meuh6879 on May 24, 2014, 09:33:33 PM it's for RoooOOOUUUNNNnnnnd bitcoin ... like 10 000 000,0005 BTC ;D
when you transfer this, you have the 10 000 000 BTC ... and not 9 999 999, 9998 :D Title: Re: should i add a tx fee to a coldwallet? Post by: phillipsjk on May 24, 2014, 09:36:20 PM Cold wallets don't really need a fee. Old coins get priority when they move.
Title: Re: should i add a tx fee to a coldwallet? Post by: byt411 on May 24, 2014, 09:37:48 PM Cold wallets don't really need a fee. Old coins get priority when they move. You don't know when you need the funds. You might suddenly need them tomorrow. Title: Re: should i add a tx fee to a coldwallet? Post by: bitebits on May 24, 2014, 09:40:37 PM Cold wallets don't really need a fee. Old coins get priority when they move. You don't know when you need the funds. You might suddenly need them tomorrow. The OP might get the misunderstanding that he can't transfer the 1BTC in case he does not add an additional amount as an transaction fee.. Title: Re: should i add a tx fee to a coldwallet? Post by: byt411 on May 24, 2014, 09:44:08 PM Cold wallets don't really need a fee. Old coins get priority when they move. You don't know when you need the funds. You might suddenly need them tomorrow. The OP might get the misunderstanding that he can't transfer the 1BTC in case he does not add an additional amount as an transaction fee.. If you had the ability to read the original post, you would understand that he knows that transaction fees are optional, and he is just asking how much he should add. Title: Re: should i add a tx fee to a coldwallet? Post by: phillipsjk on May 24, 2014, 09:46:16 PM You don't know when you need the funds. You might suddenly need them tomorrow. That may be enough time to make the transaction high priority, depending on the amount. Quote from: Transaction fees: Technical info Transaction priority is calculated as a value-weighted sum of input age, divided by transaction size in bytes: - Bitcoin Wiki: Transaction fees (https://en.bitcoin.it/wiki/Transaction_fees#Technical_info)Code: priority = sum(input_value_in_base_units * input_age)/size_in_bytes Title: Re: should i add a tx fee to a coldwallet? Post by: bitebits on May 24, 2014, 09:46:55 PM Cold wallets don't really need a fee. Old coins get priority when they move. You don't know when you need the funds. You might suddenly need them tomorrow. The OP might get the misunderstanding that he can't transfer the 1BTC in case he does not add an additional amount as an transaction fee.. If you had the ability to read the original post, you would understand that he knows that transaction fees are optional, and he is just asking how much he should add. Please read his post again, I dare to disagree. Title: Re: should i add a tx fee to a coldwallet? Post by: byt411 on May 24, 2014, 09:50:17 PM Cold wallets don't really need a fee. Old coins get priority when they move. You don't know when you need the funds. You might suddenly need them tomorrow. The OP might get the misunderstanding that he can't transfer the 1BTC in case he does not add an additional amount as an transaction fee.. If you had the ability to read the original post, you would understand that he knows that transaction fees are optional, and he is just asking how much he should add. Please read his post again, I dare to disagree. I don't agree with you. He is asking if he should, because he wants to get the entire bitcoin back, and he wants to know if he can send without fee in the future. Title: Re: should i add a tx fee to a coldwallet? Post by: bitebits on May 24, 2014, 09:54:19 PM Cold wallets don't really need a fee. Old coins get priority when they move. You don't know when you need the funds. You might suddenly need them tomorrow. The OP might get the misunderstanding that he can't transfer the 1BTC in case he does not add an additional amount as an transaction fee.. If you had the ability to read the original post, you would understand that he knows that transaction fees are optional, and he is just asking how much he should add. Please read his post again, I dare to disagree. I don't agree with you. He is asking if he should, because he wants to get the entire bitcoin back, and he wants to know if he can send without fee in the future. That really is your own interpretation. So please try to not judge too quickly about the ability to read of others. Title: Re: should i add a tx fee to a coldwallet? Post by: byt411 on May 24, 2014, 09:56:35 PM Cold wallets don't really need a fee. Old coins get priority when they move. You don't know when you need the funds. You might suddenly need them tomorrow. The OP might get the misunderstanding that he can't transfer the 1BTC in case he does not add an additional amount as an transaction fee.. If you had the ability to read the original post, you would understand that he knows that transaction fees are optional, and he is just asking how much he should add. Please read his post again, I dare to disagree. I don't agree with you. He is asking if he should, because he wants to get the entire bitcoin back, and he wants to know if he can send without fee in the future. That really is your own interpretation. So please try to not judge too quickly about the ability to read of others. If he thinks that he can't transfer the BTC without adding a fee, he would ask: "Do I have to add extra to cover a future transaction fee?" But he is asking: Should I add extra to cover a future tx fee? Should and Must are 2 very different things. Title: Re: should i add a tx fee to a coldwallet? Post by: phillipsjk on May 24, 2014, 10:00:28 PM The OP was also asking about storing 1BTC. Fees are not needed to move it again after waiting 1 day.
Title: Re: should i add a tx fee to a coldwallet? Post by: cp1 on May 25, 2014, 01:01:34 AM There's no way to know what the fee criteria will be in one or two years.
Title: Re: should i add a tx fee to a coldwallet? Post by: hystericG on May 25, 2014, 03:47:20 AM There's no way to know what the fee criteria will be in one or two years. Read an article that Bitcoin fees will probably be reduced with such current high prices. Title: Re: should i add a tx fee to a coldwallet? Post by: Ron~Popeil on May 25, 2014, 05:05:25 AM It isn't a lot to include. I might do .001 just to be certain. That would cover it even if fees somehow skyrocket.
Title: Re: should i add a tx fee to a coldwallet? Post by: Abdussamad on May 25, 2014, 11:19:32 AM I'm printing out my first cold wallet with 1BTC on it to keep long term.I plan to HODL for at least a few years. Should I add extra to cover a future tx fee? If yes, then what tx fee would you recommend I add? Thanks. No. Old coins don't need to pay any fee. Title: Re: should i add a tx fee to a coldwallet? Post by: odolvlobo on May 28, 2014, 12:02:10 AM There is no reason why the fee has to come out of the cold storage address. If he imports the cold storage private key, then there is no fee. If he later wants to send the imported 1 BTC, the fee could come from another address in the wallet.
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