Transaction Fees

[Cheshyr]

I have questions about how they work.  I've had this issue in both Bitcoin and Litecoin Qt clients.

I joined a p2p pool that dumped my shares directly to my wallet.  I don't have a lot of horsepower, so after a few hours I had 50 transactions totaling about 1LTC.  I wanted to send them to BTC-e to add to my funds there.  I select it all, set the tx fee to 0.01, and hit go.  It comes back and tells me I don't have enough funds because of the 0.8 LTC tx fee.  I lower my optional tx fee, until i've eventually removed it entirely.  It's still demanding 80% of my transaction just to send it.

What part of the system am I missing?  Is there a baseline tx fee?  Doesn't this make p2p kinda worthless for LTC, since it doesn't aggregate your earnings before sending them?

[perhan007]

let your akked connected to the network and mature your ltc. the transaction fee will dissapear after a while.

[salfter]

I have questions about how they work.  I've had this issue in both Bitcoin and Litecoin Qt clients.

I joined a p2p pool that dumped my shares directly to my wallet.  I don't have a lot of horsepower, so after a few hours I had 50 transactions totaling about 1LTC.  I wanted to send them to BTC-e to add to my funds there.  I select it all, set the tx fee to 0.01, and hit go.  It comes back and tells me I don't have enough funds because of the 0.8 LTC tx fee.  I lower my optional tx fee, until i've eventually removed it entirely.  It's still demanding 80% of my transaction just to send it.

What part of the system am I missing?  Is there a baseline tx fee?  Doesn't this make p2p kinda worthless for LTC, since it doesn't aggregate your earnings before sending them?

Litecoin fees can be kinda steep.  I patched mine to allow transactions with lower fees (all the way down to zero, if you want).  In your Litecoin source-code tree, load src/main.h and search for this line:

Code:

static const int64 MIN_TX_FEE = 10000000;

Change the minimum to zero and recompile.  Use the settxfee API call (or the appropriate options in the Qt client) to set the fee you want to use.  If you're using Gentoo, you can use my litecoind and/or litecoin-qt ebuilds (part of my overlay); include the nofee USE flag to apply the patch.

Warning: Transactions may take longer to confirm if you do this.  I've had some take a day or so to get through.

[wmikrut]

Transaction fees are important as they were designed to go directly to the miners.
Now, this is not always the case.

If you're mining with P2Pool/Solo Mining you will receive a portion/all of the transaction fees associated with that block.  (Sometimes the reward is 50.4... that's transaction fees).

If you are mining in a pool, check to see if they keep/share transaction fees.

Transaction fees are what will ultimately keep the system alive once minting of new coins has completed.
After this point, mining will return funds from the transaction fees throughout the system.

[Cheshyr]

Thank you.  I think I get it now.  I'll dig around the source so I can get a better feel for it.  It just caught me off guard.

[erk]

Litecoin fees can be kinda steep.  I patched mine to allow transactions with lower fees (all the way down to zero, if you want).  In your Litecoin source-code tree, load src/main.h and search for this line:

Code:

static const int64 MIN_TX_FEE = 10000000;

Change the minimum to zero and recompile.  Use the settxfee API call (or the appropriate options in the Qt client) to set the fee you want to use.  If you're using Gentoo, you can use my litecoind and/or litecoin-qt ebuilds (part of my overlay); include the nofee USE flag to apply the patch.

Warning: Transactions may take longer to confirm if you do this.  I've had some take a day or so to get through.

I tried that it worked well, thanks for the tip. I didn't set it to zero, just way less than it was (same as bitcoin), so a more practical transaction fee still gets paid, and my test transfers went though quickly.

[JoeJacksonJr]

I have questions about how they work.  I've had this issue in both Bitcoin and Litecoin Qt clients.

I joined a p2p pool that dumped my shares directly to my wallet.  I don't have a lot of horsepower, so after a few hours I had 50 transactions totaling about 1LTC.  I wanted to send them to BTC-e to add to my funds there.  I select it all, set the tx fee to 0.01, and hit go.  It comes back and tells me I don't have enough funds because of the 0.8 LTC tx fee.  I lower my optional tx fee, until i've eventually removed it entirely.  It's still demanding 80% of my transaction just to send it.

What part of the system am I missing?  Is there a baseline tx fee?  Doesn't this make p2p kinda worthless for LTC, since it doesn't aggregate your earnings before sending them?

Litecoin fees can be kinda steep.  I patched mine to allow transactions with lower fees (all the way down to zero, if you want).  In your Litecoin source-code tree, load src/main.h and search for this line:

Code:

static const int64 MIN_TX_FEE = 10000000;

Change the minimum to zero and recompile.  Use the settxfee API call (or the appropriate options in the Qt client) to set the fee you want to use.  If you're using Gentoo, you can use my litecoind and/or litecoin-qt ebuilds (part of my overlay); include the nofee USE flag to apply the patch.

Warning: Transactions may take longer to confirm if you do this.  I've had some take a day or so to get through.

is there a way to patch the .EXE to do this without recompiling?

[dcc]

I have questions about how they work.  I've had this issue in both Bitcoin and Litecoin Qt clients.

I joined a p2p pool that dumped my shares directly to my wallet.  I don't have a lot of horsepower, so after a few hours I had 50 transactions totaling about 1LTC.  I wanted to send them to BTC-e to add to my funds there.  I select it all, set the tx fee to 0.01, and hit go.  It comes back and tells me I don't have enough funds because of the 0.8 LTC tx fee.  I lower my optional tx fee, until i've eventually removed it entirely.  It's still demanding 80% of my transaction just to send it.

What part of the system am I missing?  Is there a baseline tx fee?  Doesn't this make p2p kinda worthless for LTC, since it doesn't aggregate your earnings before sending them?

Litecoin fees can be kinda steep.  I patched mine to allow transactions with lower fees (all the way down to zero, if you want).  In your Litecoin source-code tree, load src/main.h and search for this line:

Code:

static const int64 MIN_TX_FEE = 10000000;

Change the minimum to zero and recompile.  Use the settxfee API call (or the appropriate options in the Qt client) to set the fee you want to use.  If you're using Gentoo, you can use my litecoind and/or litecoin-qt ebuilds (part of my overlay); include the nofee USE flag to apply the patch.

Warning: Transactions may take longer to confirm if you do this.  I've had some take a day or so to get through.

is there a way to patch the .EXE to do this without recompiling?

No there's no way to patch the .exe in the way u are thinking. U need to edit source and recompile, either on win or linux. Unless the wallet comes with this option embeded in the future.