Hello,
I'm trying to send 0.1 BTC from the official client (Version 0.3.21 beta) but I get an error message suggesting (or rather forcing) me to pay 0.01 BTC for transaction fees since the transaction is over the size limit. I find this strange since I can send this amount from MyBitcoin.com without a problem and furthermore the wiki states that only transaction less than 0.01 BTC or bigger than 27 Kb should incur transaction fee (https://en.bitcoin.it/wiki/Transaction_fees).
Can anyone explain this error message?
Thanks in advance,
Mosh.
I'm trying to send 0.1 BTC from the official client (Version 0.3.21 beta) but I get an error message suggesting (or rather forcing) me to pay 0.01 BTC for transaction fees since the transaction is over the size limit. I find this strange since I can send this amount from MyBitcoin.com without a problem and furthermore the wiki states that only transaction less than 0.01 BTC or bigger than 27 Kb should incur transaction fee (https://en.bitcoin.it/wiki/Transaction_fees).
Can anyone explain this error message?
Thanks in advance,
Mosh.
"There are no transaction fees" is not quite right - there's a cost for every transaction.
You do a transaction - It has to be verified.
This requires computing power by other partakers and electricity with it.
To prevent transaction spam and overloading the network with "worthless" transactions the client ( I suppose ) has a lock on too small transactions.