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Author Topic: Wallet Transaction Fees - From A Newbie  (Read 388 times)
WuLabsWuTecH
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April 12, 2013, 03:46:12 AM
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So I got a bitcoin wallet, MultiBit, and was getting ready to set up automatic mining transfers to my wallet.  But I saw on the preferences page that there is a 0.001 btc transaction fee!  Where did this come from?  And do all wallets charge a transaction fee?  In this case, since it's per transaction, does it make more financial sense to just leave the bitcoins in my miner's account until I get a large number of them so rather than paying a say 10% fee for transferring 0.01 btc, I only pay a 1% fee for transferring 0.1 btc?

Thanks in advance for any light you may be able to shed on this!

-WuLabsWuTecH
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April 12, 2013, 04:04:29 AM
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I think for what you're trying to do you can simply not pay the fee and be ok; the only thing that would happen is it'd take longer for your transaction to go through. 
WuLabsWuTecH
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April 12, 2013, 04:08:30 AM
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I think for what you're trying to do you can simply not pay the fee and be ok; the only thing that would happen is it'd take longer for your transaction to go through. 

Thank you for your answer,  How do I not pay the fee?  Anytime I set the number to less than 0.01 or 0, and hit apply, the MultiBit wallet resets it back to 0.01?
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April 15, 2013, 02:03:17 AM
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Or if there is not a way to set it to 0, can anyone recommend a wallet that can?
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April 16, 2013, 10:26:17 PM
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Transaction fees are required by the network if your transaction has any one or more of the following attributes:

  • Transaction size is greater than or equal to 10,000 bytes
  • Any output is less than 0.01 BTC
  • Transaction priority is less than or equal to 57,600,000

If you create a transaction without a fee that has any of those attributes, nearly all peers will refuse to relay the transaction. So it won't make it off your computer to the network.

Assuming your transaction passes that "spam test", you can attempt to send it without a fee.  It may take a very long time for any miners to include it in a block (generate a confirmation).  If you want to try, I believe that the blockchain.info "custom" transaction creation will allow you to specify no fee.  I think the Bitcoin-Qt wallet will also allow you to set the transaction fee to 0.  I'm not sure about Electrum.

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April 19, 2013, 10:28:20 PM
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Thank you sir.  It looks like there is no way to do it with MultiBit then huh?
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