[SOLVED] Why transaction fee is so big?

[742darek]

Hey
I just wanted to send 20BTC and I get this :

http://img151.imageshack.us/img151/5124/transaction.jpg

Isn't that too much for 20BTC transaction??

[vuce]

Hey
I just wanted to send 20BTC and I get this :



Isn't that too much for 20BTC transaction??

are this recently received funds?

[742darek]

yes

[vuce]

yes

Then you will have to wait a few blocks for it to get higher priority.

[742darek]

but my last transaction was on 24 May ...

[theymos]

You must have received a ton of very small transactions. As a result, sending them all requires a lot of data. The fees are usually not so high.

[FreeMoney]

That's pretty ridiculous. Should he get a different version so he can save some?

[theymos]

That's pretty ridiculous. Should he get a different version so he can save some?

He's going to produce a transaction that's like 160 kB. He should pay a fee. No version of Bitcoin will pay a lower fee for a transaction this large.

[742darek]

I have had 13 transatcions at all with amount like 0,5-3BTC per each ... Isn't taht too much for this kind of transactions? :/

[theymos]

If the total number of transactions you've sent/received is only 13, that fee is too high. Did you ever configure Bitcoin to pay a transaction fee above 0.01?

[742darek]

This 13 transactions was received and I have not configured fee until now. I have started with 0.01 BTC fee but when I wanted to send bitcoins I've got the messege like this in this thread that at least 0.02 fee is needed so I configure to 0.02 and then I received that the 0.18 BTC fee is needed so I configure it and then I've got that the 0.58 is needed and in the end I stoped at "1.62". I am very upset with that situation, is there any solution for this ?

[grue]

This 13 transactions was received and I have not configured fee until now. I have started with 0.01 BTC fee but when I wanted to send bitcoins I've got the messege like this in this thread that at least 0.02 fee is needed so I configure to 0.02 and then I received that the 0.18 BTC fee is needed so I configure it and then I've got that the 0.58 is needed and in the end I stoped at "1.62". I am very upset with that situation, is there any solution for this ?

the fee that you're configuring is PER KB. not a flat fee. leave it at 0.01, and you will be fine

[742darek]

ok thanks PROBLEM SOLVED ... I misunderstand that mechanism

[ShadowOfHarbringer]

ok thanks PROBLEM SOLVED ... I misunderstand that mechanism

I don't think the problem is really solved... 0.3.21 calculates the (EDIT: necessity of) fees wrongly. I had the same problem (popup saying i need a fee when trying to send ~10 BTC received within last hour ), i downgraded to 0.3.20 and it let me send immediately.
After that, i got 3 confirmations after about 45 minutes. So fee was not really neded at all.

Sorry guys, but the new "newbie friendly" fee algorithm is totally crap to say the least.

[chiropteran]

You must have received a ton of very small transactions. As a result, sending them all requires a lot of data. The fees are usually not so high.

I'm a newbie here, but this sets off a red flag in my mind.  If bitcoins really take off and end up being used for micro-transactions all over, won't this occur more and more often?  It just seems to me that as time goes on bitcoins will get more and more "fragmented" and split into tiny chunks, such that when you do need to spend a large amount it's going to be a "lot of data".  

It seems that transaction fees will inexhaustibly increase without bound as time goes on and the data required just goes up and up.  Is there something I am missing that handles this issue?

[grue]

You must have received a ton of very small transactions. As a result, sending them all requires a lot of data. The fees are usually not so high.

I'm a newbie here, but this sets off a red flag in my mind.  If bitcoins really take off and end up being used for micro-transactions all over, won't this occur more and more often?  It just seems to me that as time goes on bitcoins will get more and more "fragmented" and split into tiny chunks, such that when you do need to spend a large amount it's going to be a "lot of data". 

It seems that transaction fees will inexhaustibly increase without bound as time goes on and the data required just goes up and up.  Is there something I am missing that handles this issue?

transaction fees reflect the cost to process each transaction, so it will be adjusted over updates.

[Garrett Burgwardt]

You must have received a ton of very small transactions. As a result, sending them all requires a lot of data. The fees are usually not so high.

I'm a newbie here, but this sets off a red flag in my mind.  If bitcoins really take off and end up being used for micro-transactions all over, won't this occur more and more often?  It just seems to me that as time goes on bitcoins will get more and more "fragmented" and split into tiny chunks, such that when you do need to spend a large amount it's going to be a "lot of data". 

It seems that transaction fees will inexhaustibly increase without bound as time goes on and the data required just goes up and up.  Is there something I am missing that handles this issue?

transaction fees reflect the cost to process each transaction, so it will be adjusted over updates.

More importantly, they are client specific. If you want a client that can send regardless of wait time or fee suggested by the reference client, make it.

Additionally, bitcoin isn't meant for micropayments.

[theymos]

I'm a newbie here, but this sets off a red flag in my mind.  If bitcoins really take off and end up being used for micro-transactions all over, won't this occur more and more often?  It just seems to me that as time goes on bitcoins will get more and more "fragmented" and split into tiny chunks, such that when you do need to spend a large amount it's going to be a "lot of data".  

It seems that transaction fees will inexhaustibly increase without bound as time goes on and the data required just goes up and up.  Is there something I am missing that handles this issue?

Transactions can also be combined. This is what the OP did: he combined ~13 inputs into one output. If the recipient wants to send that same amount later, the transaction will only be about 220 bytes.

[qikaifu]

I'm a newbie here, but this sets off a red flag in my mind.  If bitcoins really take off and end up being used for micro-transactions all over, won't this occur more and more often?  It just seems to me that as time goes on bitcoins will get more and more "fragmented" and split into tiny chunks, such that when you do need to spend a large amount it's going to be a "lot of data".  

It seems that transaction fees will inexhaustibly increase without bound as time goes on and the data required just goes up and up.  Is there something I am missing that handles this issue?

Transactions can also be combined. This is what the OP did: he combined ~13 inputs into one output. If the recipient wants to send that same amount later, the transaction will only be about 220 bytes.

Do you mean that even if we start to use UTC, the transaction fee won't be too much?

[Dansker]

So there was never an issue to begin with?

Seems crazy that so much can be charged!

Also: Who decides how much is charged? What if you can't even pay the fee?