When sending via Bitcoin QT, what amount is not subject to Transaction Fee?

[funmuster]

I just found out it costs 0.0005 BTC to send out 0.0005 BTC Totalling the amount to 0.001

I was wondering what is the minimum
BTC to send in order to avoid transaction fee? And who does it benefits?

[1714800559]

1714800559

[asciicat]

I just found out it costs 0.0005 BTC to send out 0.0005 BTC Totalling the amount to 0.001

I was wondering what is the minimum
BTC to send in order to avoid transaction fee? And who does it benefits?

If you make the transaction fee 0, it can take days to get verified. What's the incentive to do something for free when other people are paying a higher fee?

[lbr]

https://en.bitcoin.it/wiki/Transaction_fees

bitcoin is free is the future.. blah-blah ; ))

imagine if 1BTC = 10000$

[funmuster]

I just found out it costs 0.0005 BTC to send out 0.0005 BTC Totalling the amount to 0.001

I was wondering what is the minimum
BTC to send in order to avoid transaction fee? And who does it benefits?

If you make the transaction fee 0, it can take days to get verified. What's the incentive to do something for free when other people are paying a higher fee?

I see! It's recommended value transaction fee of .01 seems bit high for what current market value holds against USD. What do you think may be reasonable fee? Does it matter what amount as long as some? Or maybe a percentage?


By the way, thank you for the reply!

[deepceleron]

The default fee that Bitcoin-qt includes is adequate for inclusion in just a few blocks. A minimum fee of 0.0005 per KB is required for all transactions except those that send large values of aged bitcoins and do not have any outputs less than 0.01. This is what the transaction fee link above says too.

[BitHits]

The tx fee system is indeed horribly broken when it comes to microtransactions....

I've been struggling with this for MONTHS running my faucet site www.BitHits.info

Look thru my changelog at the BTC Sent links and you'll see all the absolutely insane fees I've been paying www.bithits.info/changelog.txt

Basically you need to somehow manage to keep the tx size UNDER 10k and yet keep the Input Value OVER 0.01BTC

On top of this all the inputs used must be from coins at least 24/48hrs old.

If you can somehow manage to meet all that criteria you can send without tx fee.

TL;DR: BTC TX Fee system is horribly broken. Requires Hard Fork to fix. Most likely will be the death of BitCoin as the price soars to 1BTC = $500 USD - Which would be a $2.50 tx fee...at a MINIMUM just to send..ANY BitCoins.

[deepceleron]

The tx fee system is indeed horribly broken when it comes to microtransactions....

I've been struggling with this posting all over the forum for MONTHS running my faucet site satoshi spam ad site www.BitHits.info

Please read the Satoshi paper and find the section where it promises cheap bloated transactions, even those that degrade network performance for all and create useless unspendable outputs and unprunable transactions. If you find it difficult to send such transactions, the fee system isn't broken, it's working.

[DannyHamilton]

The tx fee system is indeed horribly broken when it comes to microtransactions....

I've been struggling with this for MONTHS running my faucet site www.BitHits.info

Look thru my changelog at the BTC Sent links and you'll see all the absolutely insane fees I've been paying www.bithits.info/changelog.txt

Basically you need to somehow manage to keep the tx size UNDER 10k and yet keep the Input Value OVER 0.01BTC

On top of this all the inputs used must be from coins at least 24/48hrs old.

If you can somehow manage to meet all that criteria you can send without tx fee.

TL;DR: BTC TX Fee system is horribly broken. Requires Hard Fork to fix. Most likely will be the death of BitCoin as the price soars to 1BTC = $500 USD - Which would be a $2.50 tx fee...at a MINIMUM just to send..ANY BitCoins.

It sounds like the fee system is working exactly as intended.

[epilido]

I just found out it costs 0.0005 BTC to send out 0.0005 BTC Totalling the amount to 0.001

I was wondering what is the minimum
BTC to send in order to avoid transaction fee? And who does it benefits?

Fees are controlled at least 3 ways.  The block size limits.  If the block size limit is reached then only the transactions with large fees will be included.   the miner has the choice to include transactions that have zero fees but there is no profit for then and it is extra work so little motivation to include fee less transactions.  the user base could also agree to only use a much smaller fee.  I remember sending transactions last year with a .1 BTC fee.  seems ridiculous now but I suspect that the current .0005 fee will go down in the future and seem almost as ridiculous

Epi.

[deepceleron]

I just found out it costs 0.0005 BTC to send out 0.0005 BTC Totalling the amount to 0.001

I was wondering what is the minimum
BTC to send in order to avoid transaction fee? And who does it benefits?

I remember sending transactions last year with a .1 BTC fee.  seems ridiculous now but I suspect that the current .0005 fee will go down in the future and seem almost as ridiculous

Epi.

I remember sending transactions last year with a .1 .4 BTC fee, just for the fun of it.
https://blockchain.info/tx/9c299eaf502763c09bdf4ae6a147ba6548852f9008a5f0df0e4a57e8f22e4f3f

I've also given away more than that to forum members

[Gator-hex]

I'm all for the fee being automated at a set percentage to save confusion over "why my bitcoins not arrived yet!?"