Just wanted to point out:

"Historically it was not required to include a fee for every transaction. A large portion of miners would mine transactions with no fee given that they had enough "priority". Today, low priority is mostly used as an indicator for spam transactions and almost all miners expect every transaction to include a fee. Today miners choose which transactions to mine only based on fee-rate.

Transaction priority was calculated as a value-weighted sum of input age, divided by transaction size in bytes:

priority = sum(input_value_in_base_units * input_age)/size_in_bytes
Transactions needed to have a priority above 57,600,000 to avoid the enforced limit (as of client version 0.3.21). This threshold was 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

(500000000 * 10 + 200000000 * 3) / 500 = 11,200,000
Historic rules for free transactions
A transaction was safe to send without fees if these conditions were met:

It is smaller than 1,000 bytes.
All outputs are 0.01 BTC or larger.
Its priority is large enough (see above)"

This one is a good suggestion. You do not want to risk all and get rich in one day, as you will fail 999999999 times first...

Look for lower risk and invest there. You will get low return, yet you will get it quite many times before failing, so you will be ok when that happens.
Try to become rich slowly, as this way you will stay rich in the long term

no hard feeling, but just wanted to correct you a little bit:
Mt.Gox was not hacked. It was inside job, just like Cryptsy...
And they both knew exactly what they did...

As for the OP - if this is for a school project - go ahead and do it. What you want to do is good for educational purposes... (this way I learned php back in the days - creating torrent sites on my internal network, yet I was able to learn from there php and work afterwords for companies and create their websites..) So it is a good start to learn how to make sites and services
But if it is something you want to run as business => please DO NOT!!! as you will most probably fail and that will be bad for you and for the people who trusted you.

You will need to read a lot and most probably be ready to hire professionals to do this work for you...


btw good luck

you should allays do your homework!
0. Never invest more then you are ready to loose!
1. Read all the materials carefully;
2. Read the whitepaper few times and try to understand the concept.
if you think you like the idea:
3. Check the supporting team that backs the project.
4. Look into the timeline of expected dedvelopment
5. be careful as if it is too good to be true, most definitely it is!
6. Never invest more then you are ready to loose!
7. Look into the contract source-code - if it is legit it must be public!
8. See what companies are supporting the project as well
9. Look if the team that runs the ICO has any other projects and try to research them to get the feel what they are capable of doing.
10. Never invest more then you are ready to loose!

This are the 10 simple steps you need to take in order to be successful in investing into ICO.


You will need to do much more actually in order to master this skill, but this is good for start

Ahh and until I have not forgotten: Never invest more then you are ready to loose!!!!

Good Luck

P.S.: Usually they do not get listed in big exchanges fast, as that costs money and they need the money for development.. (if they get listed, then this is even better)

Sorry but you have misunderstood the idea of fees and how the rewarding of the mining is done.
Once the block reward is 0 (near 2140) the fee will be forced (now it is forced just for the fact that if no fee your transaction may not get into the blockchain, as there are plenty of transaction that pay fees).
So when the block size is bigger there will be more transactions per block thus more fees in total will be collected.
So let's say today the normal fee for a fairly fast transaction is: 119435 satoshi, but one block can have only 1mb in this moment (average 2500 transactions, depends on size not number of transactions, so I took the day with most transactions 350k and devided it to see the average transactions per block for that day).
so 2500*0.00119435=2.985875BTC in fees.
If the size gets bigger, then much more transactions will get into one block => more money for miners.
example: BCH has 8x limit, so if by then BTC has made the size that bit (there must be consistent amount of transactions to force it to grow that much, but let's say it has happened)
then we will have 23.887 BTC reward...
And here is how increasing "supply" will increase profits.

Just like if you are fare service and you got only one bus with 10 seats, you will make less money then having 10 buses with 40 seats...

This is the only valuable answer so far.

btw was wondering what you mean that you are noob?
1. New to programming?
2. New to mining?
3. New to cryptography?
4. New to crypto currency at all?

Do you have a team of developers and IT engineers who will back you up?
As creating a successful coin will take lots of efforts:
1. Devs
2. QAs
3. Marketing
4. Designers
and most importantly:
5. new unique idea


As if you are lacking any of these you will not be able to do it by yourself

Hope this will help you understand what you needed...

Well, the transaction fee is not taken by the service provider, so it does not matter how big it is for the quality of the service.
Most wallet providers take big fees, because want to send the transaction fast, and that is the reason the fee is big.
Other wallets have the option to use lower fee in this case the transaction may take some more time to get into the blockchain.
If the protocol is not changed it is possible to send transactions with no fee, but due to the big traffic of transactions, it will not be included into the new blocks, as transactions are ordered by transaction fee => bigger fee first in line. There is a limit of how many transactions can be stored in one block.
So as the pending transactions are much more then the space available no fee transactions will not fill for days, or even never...
btw there is a way to monitor this and choose to send transactions when fees are lowest, but that will take lots of work to monitor it as there is no service that I know of.



As stated above the fee is not for the service provider, but for the miners, so the scam or not the fee is ther



You can send transaction with no fee, but as there is BIG trafic now, the transaction may take several days to go, or it may expire before there is less transactions with fees then the block size.
Miners confirm transactions anyways, as they get block reward (different then transaction fee). But because the total reward for miners is: block reward (12.5BTC) + sum of all transaction fees (even if they low or 0), the miners sort transactions for their fees.


In final words: If you do not need fast transaction (you will not want to exchange it now for alt coin to catch good ratio), or you want to buy access to some services that they give access once transaction has passed => you are probably ok to try and do send the transactions with no fee.
But if you need to transfer it fast or relevantly fast you have to pay fee

Hope this will help you all