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Title: How do I avoid high transaction fees? Post by: tsla on April 20, 2012, 01:09:16 PM Hi, i'm wondering because it says I have to pay 0.35 BTC in fee for sending my 20 bitcoins to MT.GOX. Isn't that a little much?
Is there any way to avoid high fees? Title: Re: How do I avoid high transaction fees? Post by: neo_rage on April 20, 2012, 02:12:40 PM Just wait. Fee for your btc will be lowered in 1-2 days.
Title: Re: How do I avoid high transaction fees? Post by: Foxpup on April 20, 2012, 02:44:58 PM The fee depends on how much data is needed to send your transaction, which in turn depends on where your coins came from (since a transaction is just a list of where the coins came from plus where they're going). If you received your 20 BTC in (let's say) 2000 separate payments of 0.01 BTC each, then sending them requires much more data (and thus a much higher fee) than if you received the 20 BTC in a single payment. This also means that if later on you withdraw all your bitcoins from Mt Gox in a single transaction, you'll be able to send them again with a much lower fee, since all the coins came from the same place and thus the transaction requires less data.
Title: Re: How do I avoid high transaction fees? Post by: tsla on April 20, 2012, 03:21:27 PM Oh, i think i get it now, thank you.
Title: Re: How do I avoid high transaction fees? Post by: Stephen Gornick on April 20, 2012, 09:28:30 PM Oh, i think i get it now, thank you. Make sure you are using the most recent release as well, as this issue has been addressed. Title: Re: How do I avoid high transaction fees? Post by: AngryCatfish on April 20, 2012, 10:13:49 PM Good info, didn't know... Thanks!
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