Bitcoin Forum
December 04, 2016, 12:38:32 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: BTC Transaction fee of 0.01 for a 0.02 Send?  (Read 1975 times)
alxs
Full Member
***
Offline Offline

Activity: 161


View Profile
June 13, 2011, 04:26:49 PM
 #1

I'm running latest windows client.  Sent 0.02 BTC to someone and couldn't get it to not charge .01 transaction fee.  Found this really odd...If I send 1.00BTC don't get charged a fee, but get charged if its less than 1.00?  Doesn't seem right...
1480855112
Hero Member
*
Offline Offline

Posts: 1480855112

View Profile Personal Message (Offline)

Ignore
1480855112
Reply with quote  #2

1480855112
Report to moderator
1480855112
Hero Member
*
Offline Offline

Posts: 1480855112

View Profile Personal Message (Offline)

Ignore
1480855112
Reply with quote  #2

1480855112
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1480855112
Hero Member
*
Offline Offline

Posts: 1480855112

View Profile Personal Message (Offline)

Ignore
1480855112
Reply with quote  #2

1480855112
Report to moderator
OggerMC
Member
**
Offline Offline

Activity: 93


View Profile
June 13, 2011, 04:35:36 PM
 #2

I dont understand that fee system either, I've read the wiki about it and all, But basicly i only want to pay fees if i MUST pay them.
But i cant confirm any transaction without paying that 0.01 fee. Did i do something wrong?
alxs
Full Member
***
Offline Offline

Activity: 161


View Profile
June 13, 2011, 04:43:30 PM
 #3

In options you can set fee to 0.00

Can send w/o paying a fee for anything +>1.00BTC but if its less, ie 0.02 I get charged the fee.

Which really doesn't seem right at all...

krom
Newbie
*
Offline Offline

Activity: 12


View Profile
June 13, 2011, 04:57:27 PM
 #4

Maybe this helps a bit:
https://en.bitcoin.it/wiki/Transaction_fees

But: According to that, it shouldn't have charged you a transaction fee, since the transaction is above 0.01 bc:
Quote
0.01 BTC fee if sending any transaction less than 0.01 BTC. This is to help prevent DoS attacks against the network.

On the wiki there's another part when you will be charged a fee, based on the kb size of the transaction - but i still don't get that part, so can't explain.
Thanak
Jr. Member
*
Offline Offline

Activity: 36


View Profile
June 13, 2011, 04:59:15 PM
 #5

I agree.

If bitcoin is to be usable as an every currency, you have to be able to give small amount without high charge cost.

With the ever increasing value of the coin, you are gonna see small transaction more and more

0,01 BTC is worth about 20-25 cents.  which is huge is you are buying something like a pack of gum. What's the point of getting rid of governement intervention in the money if it's shakel ourself with a "transaction tax".

Maybe a flat 1% fee would be better.

If can teach Go/Weichi/Baduk for BTC - I'm 1 kyu on KGS - 0.2 BTC for one hour lesson, 0.1 BTC for a game review - mail at Baduk4Bitcoin@gmail.com
honeybadger
Newbie
*
Offline Offline

Activity: 17



View Profile
June 13, 2011, 05:02:37 PM
 #6

I heard that if you send a bitcoin that hasn't 'matured' for a while, the fee gets imposed. I can't say if this is true or not.

I don't give a shit.
www.youtube.com/watch?v=4r7wHMg5Yjg
NLCJ
Newbie
*
Offline Offline

Activity: 17


View Profile WWW
June 13, 2011, 05:09:02 PM
 #7

I'm not sure how this system works. Sending something bigger than 0.01 (for example 0.10) it asks for a 0.01 fee (why?). And if I want to send 1 BTC it asks for a 0.04 fee, 2 BTC asks for a 0.05 fee. I've disabled it in options, so it's kind of weird in my opinion... Especially because the fee just will be added on top of the 50 BTC that is earned by finding a block.

BTC For.me - Big chance of winning BTC! Click here for more information. (http://btcfor.me/)
kjj
Legendary
*
Offline Offline

Activity: 1302



View Profile
June 13, 2011, 05:13:35 PM
 #8

The fee system is strange, and not very transparent.  It will probably improve soon.

When you try to spend, your client gathers smaller amounts from your wallet to total more than you are trying to spend, then sends the amount you want to send to the recipient, and the change to a new address in your wallet.  The more transactions it has to gather, the bigger the block will be.  If the block is large, and the transactions are low priority (age increases priority), it will attempt to include a fee.

Other nodes also check incoming transactions, and they may refuse to relay your transaction if it is large (in bytes, not coins) and/or low priority and doesn't include a fee.

Nodes and miners are free to change their own local rules for accepting and relaying transactions, but this isn't currently easy since it involves recompiling the client, or using an alternative client.  Again, this will be improving soon.

p2pcoin: a USB/CD/PXE p2pool miner - 1N8ZXx2cuMzqBYSK72X4DAy1UdDbZQNPLf - todo
I routinely ignore posters with paid advertising in their sigs.  You should too.
alxs
Full Member
***
Offline Offline

Activity: 161


View Profile
June 13, 2011, 05:15:16 PM
 #9

Well, the BTC I have are definitely matured, so its not that.

I've read the wiki carefully.  In practice I can send 1.00 BTC or greater with no fee.

Less than 1.00 and I get charged a fee.  
phillipsjk
Legendary
*
Offline Offline

Activity: 1008

Let the chips fall where they may.


View Profile WWW
June 13, 2011, 05:17:12 PM
 #10

The fee schedule is flexible. Individual miners can refuse to process transactions without fees, and clients can refuse to send transactions paying fees.

The default client has a 0.01 BTC limit. This is in the process of being changed to something like 0.0001 BTC. Bitcoins were worth only about a dollar US 2 months ago.

James' OpenPGP public key fingerprint: EB14 9E5B F80C 1F2D 3EBE  0A2F B3DE 81FF 7B9D 5160
NLCJ
Newbie
*
Offline Offline

Activity: 17


View Profile WWW
June 13, 2011, 05:18:54 PM
 #11

The fee system is strange, and not very transparent.  It will probably improve soon.

When you try to spend, your client gathers smaller amounts from your wallet to total more than you are trying to spend, then sends the amount you want to send to the recipient, and the change to a new address in your wallet.  The more transactions it has to gather, the bigger the block will be.  If the block is large, and the transactions are low priority (age increases priority), it will attempt to include a fee.

Other nodes also check incoming transactions, and they may refuse to relay your transaction if it is large (in bytes, not coins) and/or low priority and doesn't include a fee.

Nodes and miners are free to change their own local rules for accepting and relaying transactions, but this isn't currently easy since it involves recompiling the client, or using an alternative client.  Again, this will be improving soon.

I've been cashing out my mining earnings a lot, and all are kind of below 0.10. Do you recommend to cashout bigger amounts to prevent the fees? (For example 0.50?).

Also, what is called 'mature'. When it has 1000 verifications? Or 500? Etc.

Thanks for clearing something up though. Wink

BTC For.me - Big chance of winning BTC! Click here for more information. (http://btcfor.me/)
allocater
Newbie
*
Offline Offline

Activity: 29


View Profile
June 13, 2011, 06:44:39 PM
 #12

I have an incoming transaction for 0.01157234 bitcoins from a mining pool. I guess the mining pool did not put a fee in it to send it out. So now no one is processing this payment and it is sitting there for hours as unconfirmed. I thought bitcoins was an instant transaction system. And now even if I get the 0.01157234 I can not even send 0.00001000 to a friend as test?? Very disappointing.
alxs
Full Member
***
Offline Offline

Activity: 161


View Profile
June 13, 2011, 08:16:42 PM
 #13

http://www.youtube.com/watch?v=E_4wqNLE5TY
extracool
Newbie
*
Offline Offline

Activity: 15


View Profile
June 13, 2011, 08:48:16 PM
 #14

I believe the enforced fee for lower amounts is to prevent spamming the system with large amounts of tiny transactions. The next version of the client will allow the minimum fee to be 0.0005.

FREE bitcoin spreadsheet - watch your bitcoins value go up and down - whoo
go to Google Docs, File -> New -> From template...
Then search for 'yourBitcoins'

Donations: 1ENTx3dEUE1KPhWYiAceEEYjnT7GWXeAjp
Ricochet
Sr. Member
****
Offline Offline

Activity: 373



View Profile
June 13, 2011, 09:15:43 PM
 #15

As someone mentioned, back when the transaction fee was imposed, 0.01 BTC was a mere fraction of a penny in USD.  You'll have to wait for the next version of the client to come out to send the new 0.0005 free, and I suspect the big pooled miners might also have to switch to the new bitcoind.exe daemon.  The transaction fee issue is one of the growing pains of Bitcoin, so we just have to be patient.

Allocator, the transaction is instantly *broadcasted* and thus we can see it on http://bitcoincharts.com/bitcoin/ right now if we want to.  As it ages, it'll get higher priority, and someone is likely to accept it soon.  For comparison, debit/credit transactions can take several days to confirm, even though the merchant treats it as if it was already confirmed so you can go about your way with your purchase.
Economics
Jr. Member
*
Offline Offline

Activity: 35


View Profile
June 13, 2011, 09:17:27 PM
 #16

I heard you can switch to an older version of the client (0.3.20?) to get around some of the currently imposed transaction fees.

--E
cc5alive
Member
**
Offline Offline

Activity: 93



View Profile WWW
June 13, 2011, 09:18:55 PM
 #17

I believe the enforced fee for lower amounts is to prevent spamming the system with large amounts of tiny transactions. The next version of the client will allow the minimum fee to be 0.0005.

Glad that this is in effect, actually.

Now accepting Bitcoin for the children's book "How to Keep Your Helicopter"
http://altanimus.com/product/how-to-keep-your-helicopter
allocater
Newbie
*
Offline Offline

Activity: 29


View Profile
June 13, 2011, 09:32:18 PM
 #18

yeah, my transaction now has 2 confirms and it shows up here http://blockexplorer.com/address/15tDuX1PnEAT7jL7LJFmJPgSEgmUMQapfK

I tried to send 0.01 to my friend, but it said I need to pay 0.01 fee, because I just got it. Maybe after some time it will work.
djproject
Jr. Member
*
Offline Offline

Activity: 30



View Profile
June 13, 2011, 09:49:43 PM
 #19

One thing's for sure.  I am not going to begin offering anything for bitcoin until the fees are fixed.  It would discredit me because the way it is set up right now is so unprofessional.  I have written before about fees and I'll recap real quick:

* The previous system was awesome, where users could optionally add a fee, and there was a notice about how if you don't pay the fee, you'll have low priority.

* Fees do not prevent an attacker from spamming.  A determined attacker will simply use a different client.  By putting this ineffective measure in the official client, we only punish legitimate users.

* Fees of any size are extremely chilling to micro-transactions.  This defeats one of the huge selling points of bitcoin.  Changing from .01 to .005 or .0001 is just a bandaid fix and doesn't truly address this issue.

* Fees act as an unfair tax on people who use the default client.  We are essentially punishing people for using the frontpage client from bitcoin.org!

* Fees prevent people from "test driving" bitcoins when they first get them.  Many users' very first experience with a real live bitcoin is a scary popup message with a draconian fee rule.

I strongly urge the developers to release an emergency update to the client to remove fees and return to the old optional fee input box.
kjj
Legendary
*
Offline Offline

Activity: 1302



View Profile
June 13, 2011, 10:49:27 PM
 #20

* Fees do not prevent an attacker from spamming.  A determined attacker will simply use a different client.  By putting this ineffective measure in the official client, we only punish legitimate users.

Please direct me to this other client that can cause other nodes on the network to accept and relay my fee-less spam transactions.

p2pcoin: a USB/CD/PXE p2pool miner - 1N8ZXx2cuMzqBYSK72X4DAy1UdDbZQNPLf - todo
I routinely ignore posters with paid advertising in their sigs.  You should too.
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!