Thanks very much for info. guys. Didn't know there was such a thing as old coins. Interesting.

So the larger the transaction, the larger the fees? From a miner's POV, they get a slice of the fees and new BTC are generated simultaneously? Coz I heard somewhere that after reaching about 20-30 Million, no more BTC will be created...

Hi All,

Great to be on the DB. I've been following the discussion through Twitter for a few weeks now and the discussions are a great resource to learn about BTC. Still have have some fundamental quesitons. Appreciate some education and apologies if it's already been asked.

(1) If I want to pay John 1.00 BTC, do I have to pay transaction fees to miners?

(2) Is there a fixed amount of fees per transaction?

(3) I had 0.01 BTC in instawallet which I transfered to my personal MacBook. The transaction was free. I tried transferring the 0.01 BTC from my MacBook back to Instawallet and the app says "over the limit...would you like to pay ~0.0005 BTC as fees?" Why was it free one way and costs the other way?