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Author Topic: Payment fees, don't get it :(  (Read 781 times)
lvis
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June 14, 2011, 01:10:32 PM
 #1

Hi there,

I received yesterday my first 0.100xxxxx BTC's payout from a mining pool.
Today i wanted to send it to my 2nd BTC wallet, but he client give me a message like "this would cost 0.01 BTC transaction fee"

Can someone explain it to me? I found this article:

0.01 BTC fee if sending any transaction less than 0.01 BTC. This is to help prevent DoS attacks against the network. Remember: fees are not network-enforced, so it's still possible to send these small transactions without the fee -- you just have to generate the blocks that contain them yourself (after modifying Bitcoin).
0.01 BTC fee per kilobyte of transaction, but:
If the blocksize (size of all transactions currently waiting to be included in a block) is less than 27 kB, transactions are free.
If the blocksize is more than 250 kB, transactions get increasingly more expensive as the blocksize approaches the limit of 500 kB. Sending a transaction when the blocksize is 400 kB will cost 5 times the normal amount; sending when it's 499 kB will cost 500x, etc.
Transactions within each fee tier are prioritized based on several factors. Most importantly, a transaction has more priority if the coins it is using have a lot of confirmations. Someone spamming the network will almost certainly be re-using the same coins, which will lower the priority of their transactions. Priority is also increased for transactions with more BTC, and reduced for transactions with more data.
If the blocksize is over 4kB, free transactions in the above rules are only allowed if the transaction's priority is above a certain level.


Has it to do with this block size? If so, does it mean, that i will always have to pay the fee? or do i just need to wait?
Maybe you can bring some light into it, thanks!
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prolixus
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June 14, 2011, 02:20:46 PM
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The reason the client asked for that fee is because the bitcoins were recently generated. If you wait some time, perhaps a day or so, it should be free.
Hypert
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June 14, 2011, 04:45:10 PM
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How do you find out how big a block size is?
drrussellshane
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June 14, 2011, 06:22:06 PM
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The reason the client asked for that fee is because the bitcoins were recently generated. If you wait some time, perhaps a day or so, it should be free.

How long must one wait before one can send 0.02 BTC for free?

Buy a TREZOR! Premier BTC hardware wallet. If you're reading this, you should probably buy one if you don't already have one. You'll thank me later.
beginningbitcoin
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June 14, 2011, 06:37:24 PM
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As long as the transaction is more than 0.01 BTC there will be no fee
Hypert
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June 14, 2011, 07:02:26 PM
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I have sent like 1.5 bitcoins and it asked me to pay a fee. Do I have to do this or can I just say no?
allocater
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June 14, 2011, 07:18:01 PM
 #7

Same here, I just tried to send 0.5 to a friend for testing, but the client didn't let me. I have 3 confirmations on my account balance, so maybe I have to wait for more confirmation before being able to send it without fee?
Maged
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June 14, 2011, 09:25:40 PM
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I know it's not much consolation, but if you upgrade to 0.3.23, you'll only have to pay .0005 BTC fee instead of .01.
http://forum.bitcoin.org/index.php?topic=16553.msg215364#msg215364

torusJKL
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June 14, 2011, 09:52:14 PM
 #9

Great news.
Now that Bitcoins have gone up in value it makes sense to lower the fees.

If you find my post useful send some BTC: 167XM1Za8aG9CdbYuHFMpL2kvPsw6uC8da
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