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Author Topic: Transaction Fee  (Read 429 times)
turvarya (OP)
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March 06, 2013, 02:12:18 AM
 #1

Hi,

i tried to pay with bitcoins for the first time today. I got 0.1 BTC from mining and a lot of change from free bitcoin-sites. I am using Bitcoing-qt and when I tried to send 0.1 BTC,the client told me, it would be about 0.0045 transaction fee.
So, is there a way to avoid that fee? Seems like a lot for a starter

thanks in advance.

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helgabutters
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March 06, 2013, 02:21:23 AM
 #2

Bitcoin transaction fees are voluntary but they help promote the network and miners. Different wallets may require you to include a fee while others can be configured without one.
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March 06, 2013, 02:22:30 AM
 #3

The standard transaction fee, when the client requests it, is BTC0,0005 (50k satoshi or 500 µBTC). I suspect your client is trying to merge the smaller inputs in that transaction, and that involves more data, hence the higher fee (there is a formula based on "coin age" used to calculate the fee and need for a fee). It's still "only" 4,5%, not terrible. If you wish to economize, put it on hold until you want to make another transaction, click the Add Recipient button in Bitcoin-Qt -> Send coins, and send multiple transactions at the same time, for a similar-sized fee.

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Massage4BTC
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March 06, 2013, 03:31:11 AM
 #4

Yea, the transaction fees will probably need to be recalculated because BTC price is rising too fast  Smiley
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