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Title: Transaction Fee question Post by: gigalew on June 16, 2014, 04:18:04 AM Ok can someone explain how the transaction fees work?
I see things for sale that cost less than the fee it charges me. Title: Re: Transaction Fee question Post by: BillyBobJoe on June 16, 2014, 04:22:02 AM Ok can someone explain how the transaction fees work? I see things for sale that cost less than the fee it charges me. The last fee I noticed was about $0.06USD, maybe a bit more, yes 6 cents. What are you seeing? Title: Re: Transaction Fee question Post by: gigalew on June 16, 2014, 04:30:10 AM Ug sorry. I figured it out, you have to have money on deposit in order to purchase things for 1 satoshi.
Title: Re: Transaction Fee question Post by: nwfella on June 16, 2014, 04:42:38 AM Ug sorry. I figured it out, you have to have money on deposit in order to purchase things for 1 satoshi. What in the heck could you possibly have been considering purchasing for a single satoshi may I ask? 1 satoshi at today's rate isn't even 1/10,000th of a single US penny! Anyhoo, wouldn't make much sense paying transaction fee's in this case.Title: Re: Transaction Fee question Post by: Lieji on June 16, 2014, 07:52:01 AM Ok can someone explain how the transaction fees work? I see things for sale that cost less than the fee it charges me. Bitcoin tx fee depends on the tx size in KB, not the amount of btc transacted. The standard fee is 0.001 btc per KB. Title: Re: Transaction Fee question Post by: Angela8488 on June 16, 2014, 02:25:55 PM Just buy some coins and wait two years then come back and see
Title: Re: Transaction Fee question Post by: ranochigo on June 16, 2014, 05:12:10 PM It depends on the age of the coin. (Number of days it have not been moved)
Amount. (Transactions below 0.01 is considered as low priority) Size of transactions ( it also depends on how big your transaction size is for example, it have many inputs or outputs, then you will have to pay a higher transaction fees as the size is bigger) Title: Re: Transaction Fee question Post by: polynesia on June 16, 2014, 05:17:52 PM Transaction fees explained in detail....
http://www.bitcoinfees.com/ Title: Re: Transaction Fee question Post by: Domino on June 16, 2014, 05:20:47 PM Just buy some coins and wait two years then come back and see How is that related to OP's question "can someone explain how the transaction fees work?" Title: Re: Transaction Fee question Post by: DannyElfman on June 16, 2014, 05:47:37 PM Standard fee for a simple transaction will usually be .0001 BTC. More inputs = more data = higher fee.
Title: Re: Transaction Fee question Post by: DubFX on June 16, 2014, 05:50:15 PM Also please don't spam the blockchain with useless transactions that have no real intentions it only makes it harder to download, it's big enought already.
Title: Re: Transaction Fee question Post by: scribbles on June 16, 2014, 05:52:50 PM Not trying to hijack this thread, but my question is directly related and I didn't want to start a separate thread. I recently sent 2 BTC from one of my addresses to another of my addresses. The transaction fee was .00009 but I still have 2 BTC in my new wallet (not 1.99991 BTC) and blockchain.info shows 2 BTC received as well. Is there some rounding in how the blockchain displays the amounts and my new address actually has slightly less than 2 BTC in it? If not, where did the fee come from? Title: Re: Transaction Fee question Post by: DannyElfman on June 16, 2014, 05:55:22 PM Also please don't spam the blockchain with useless transactions that have no real intentions it only makes it harder to download, it's big enought already. I think at some point in the near future, devs are going to really have to deal with the issue of blockchain bloat. It won't be solved by users trying to cut back on data. Title: Re: Transaction Fee question Post by: Domino on June 16, 2014, 06:20:36 PM Not trying to hijack this thread, but my question is directly related and I didn't want to start a separate thread. I recently sent 2 BTC from one of my addresses to another of my addresses. The transaction fee was .00009 but I still have 2 BTC in my new wallet (not 1.99991 BTC) and blockchain.info shows 2 BTC received as well. Is there some rounding in how the blockchain displays the amounts and my new address actually has slightly less than 2 BTC in it? If not, where did the fee come from? When you send 2 btc out and pay .00009 tx fee, the receiver should receive 2 btc while the sender should have spent 2.00009 btc. :) Title: Re: Transaction Fee question Post by: Essex343 on June 16, 2014, 07:15:04 PM How do you know when your coins are old enough to send without a fee?
Title: Re: Transaction Fee question Post by: ThomasCrowne on June 16, 2014, 07:49:38 PM Transaction fees explained in detail.... by far and away the best site ive been directed to that explains bitcoin transaction fee's.http://www.bitcoinfees.com/ thanks for sharing Title: Re: Transaction Fee question Post by: ajareselde on June 16, 2014, 08:04:09 PM How do you know when your coins are old enough to send without a fee? i want to know this too. is it even possible to send without fee? and wouldnt that make the transaction take way too long to confirm. cheers Title: Re: Transaction Fee question Post by: 2double0 on June 17, 2014, 08:12:52 AM Ug sorry. I figured it out, you have to have money on deposit in order to purchase things for 1 satoshi. What in the heck could you possibly have been considering purchasing for a single satoshi may I ask? 1 satoshi at today's rate isn't even 1/10,000th of a single US penny! Anyhoo, wouldn't make much sense paying transaction fee's in this case.Soon that will be worth 10,000x a dollar woooooop Title: Re: Transaction Fee question Post by: Domino on June 17, 2014, 10:56:27 AM How do you know when your coins are old enough to send without a fee? https://en.bitcoin.it/wiki/Transaction_fees#Technical_info You can calculate the "transaction priority" yourself. :) Title: Re: Transaction Fee question Post by: AuroraHF on June 17, 2014, 01:08:11 PM The fees are used to pay miners so that they can confirm your transactions! Make sure to pay a fee or else your transactions will have low priority, hence slower confirmation time.
Title: Re: Transaction Fee question Post by: polynesia on June 17, 2014, 02:26:44 PM Transaction fees explained in detail.... by far and away the best site ive been directed to that explains bitcoin transaction fee's.http://www.bitcoinfees.com/ thanks for sharing You are welcome. This site cleared a lot of my misconceptions. I initially thought transaction fees were optional for all transactions. Title: Re: Transaction Fee question Post by: gigalew on July 14, 2014, 07:18:53 PM Wow, great link thanks for that.
Title: Re: Transaction Fee question Post by: deebob on July 14, 2014, 09:42:59 PM In simple terms, its better to send bigger amounts = less fee or free
Title: Re: Transaction Fee question Post by: ranochigo on July 15, 2014, 07:25:17 AM In simple terms, its better to send bigger amounts = less fee or free Not necessary, if there are a lot of inputs or outputs to the transaction, the fees must still be imposed since the transaction size is bigger. It can also depend on coin age.Title: Re: Transaction Fee question Post by: polynesia on July 16, 2014, 12:49:27 AM Does it make sense to aggregate smaller inputs and send them to another address controlled by you?
If transaction size is one of the parameters, doesn't breaking up one transaction into many smaller transactions help avoid transaction fees? Title: Re: Transaction Fee question Post by: Skrillex on July 16, 2014, 02:42:33 AM Essentially make transaction faster with higher fee (I think).
So if you want say take advantage of an ongoing pump or dump and want to move coins quick at an exchange, you can pay an higher fee to not miss the party ;D Title: Re: Transaction Fee question Post by: KimNam on July 16, 2014, 03:08:43 AM is it right if i want to send big amount like 1 BTC, i can't leave transaction fee to 0?
and the network will confirm it? Title: Re: Transaction Fee question Post by: DubFX on July 16, 2014, 09:30:20 AM is it right if i want to send big amount like 1 BTC, i can't leave transaction fee to 0? It may take really long time, why are you so greedy?? You only need to spend like 10-20 cents on transaction fee if not less. and the network will confirm it? Title: Re: Transaction Fee question Post by: zetaray on July 16, 2014, 09:36:47 AM is it right if i want to send big amount like 1 BTC, i can't leave transaction fee to 0? and the network will confirm it? If your 1btc has more than 150 confirmations, you can send it for free. Same goes to 0.5btc with 300 confirmations. Title: Re: Transaction Fee question Post by: ranochigo on July 16, 2014, 11:09:55 AM is it right if i want to send big amount like 1 BTC, i can't leave transaction fee to 0? If you leave it to get old enough, your outputs must not be dust and your inputs must also not be dusts. The transaction size also matter other than the age.and the network will confirm it? Title: Re: Transaction Fee question Post by: Domino on July 16, 2014, 01:55:36 PM is it right if i want to send big amount like 1 BTC, i can't leave transaction fee to 0? and the network will confirm it? If your 1btc has more than 150 confirmations, you can send it for free. Same goes to 0.5btc with 300 confirmations. AFAIK, that general rule of 1 bitcoin-day works for tx with a size of about 250 bytes only, but not larger tx (with more inputs and outputs). Title: Re: Transaction Fee question Post by: DannyElfman on July 17, 2014, 05:00:13 AM is it right if i want to send big amount like 1 BTC, i can't leave transaction fee to 0? and the network will confirm it? If your 1btc has more than 150 confirmations, you can send it for free. Same goes to 0.5btc with 300 confirmations. Title: Re: Transaction Fee question Post by: ezreal on July 17, 2014, 08:08:25 PM I think its retarded to pay any form of fee unless its a third party.
Title: Re: Transaction Fee question Post by: ranochigo on July 18, 2014, 07:48:34 AM I think its retarded to pay any form of fee unless its a third party. I don't think it's fair for any miner to get no fee. People work for a reason, you obviously have to pay a bit of service or goods tax. If not, they wouldn't earn a lot. For bitcoin, in 130+ years, there will be little mining rewards, if people don't pay fees, miners are literally mining for no profit.Title: Re: Transaction Fee question Post by: KimNam on July 18, 2014, 09:13:39 AM It may take really long time, why are you so greedy?? You only need to spend like 10-20 cents on transaction fee if not less. it's just an example for the question, i always add fee for miners ;Di saw some big amount of tx not include fee, like my current signature payment did If your 1btc has more than 150 confirmations, you can send it for free. Same goes to 0.5btc with 300 confirmations. where i can get this information? it's only take 25 hours to get 150 confirmationIf you leave it to get old enough, your outputs must not be dust and your inputs must also not be dusts. The transaction size also matter other than the age. what's parameter to described old enough?for one day? for 150 confirmations? Title: Re: Transaction Fee question Post by: ranochigo on July 18, 2014, 09:20:39 AM It may take really long time, why are you so greedy?? You only need to spend like 10-20 cents on transaction fee if not less. it's just an example for the question, i always add fee for miners ;Di saw some big amount of tx not include fee, like my current signature payment did If your 1btc has more than 150 confirmations, you can send it for free. Same goes to 0.5btc with 300 confirmations. where i can get this information? it's only take 25 hours to get 150 confirmationIf you leave it to get old enough, your outputs must not be dust and your inputs must also not be dusts. The transaction size also matter other than the age. what's parameter to described old enough?for one day? for 150 confirmations? Quote Transactions need to have a priority above 57,600,000 to avoid the enforced limit (as of client version 0.3.21). This threshold is written in the code as COIN * 144 / 250, suggesting that the threshold represents a one day old, 1 btc coin (144 is the expected number of blocks per day) and a transaction size of 250 bytes. So, for example, a transaction that has 2 inputs, one of 5 btc with 10 confirmations, and one of 2 btc with 3 confirmations, and has a size of 500bytes, will have a priority of |