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Author Topic: Transaction fees for transfering BITCOINS -- WTF  (Read 3409 times)
bitcoingod
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June 19, 2011, 06:36:43 PM
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Transaction fees for transfering BITCOINS  -- WTF

I have been testing transfering BITCOINS from web based to my wallet client. However I have noticed that if I try to transfer from my wallet client to a web based site the local wallet client prompts me for a "Transaction fees"

WTF... i understood the concept behind BITCOIN was FREE. 

CAN someone explain on a BASIC LEVEL... i do not need buzz words in the explain. why a fee Huh
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JTaBitCoinKing
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June 19, 2011, 06:39:10 PM
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This system needs money to sustain itself.

No currency will ever be tax free.
Gabi
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June 19, 2011, 06:46:12 PM
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bitcoingod, go and read the wiki...
gigitrix
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June 19, 2011, 06:48:04 PM
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Transaction fees for transfering BITCOINS  -- WTF

I have been testing transfering BITCOINS from web based to my wallet client. However I have noticed that if I try to transfer from my wallet client to a web based site the local wallet client prompts me for a "Transaction fees"

WTF... i understood the concept behind BITCOIN was FREE. 

CAN someone explain on a BASIC LEVEL... i do not need buzz words in the explain. why a fee Huh

#1 Paying Miners once the 21million "seed" coins have been generated.

#2 Preventing a Denial of Service attack: where someone would flood the bitcoin network with tons of "junk" transactions, using up tons of CPU resources and bandwidth.
bitcoingod
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June 19, 2011, 06:49:34 PM
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I understood that the system was decentralized and hence NO FEES,   I am glad I started small with the BITCOIN.... now seems more like a SCAM !!

pyramid scheme

YELL OUT SCAM !!!
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There's no way to "pre-calculate" fees as miners are free to set the fee policy they want. This standard policy that's being followed by most miners is a set of arbitrary rules that were coded into the standard client, but these are not carved on stone or anything. Miners are free to come up with their own policies.

pyramid scheme


I AM GLAD I SOLD A LARGE !!! AMOUNT OF BITCOIN over the last few hours then
Shox
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June 19, 2011, 06:59:02 PM
 #6

I understood that the system was decentralized and hence NO FEES,   I am glad I started small with the BITCOIN.... now seems more like a SCAM !!

pyramid scheme

YELL OUT SCAM !!!
Quote
There's no way to "pre-calculate" fees as miners are free to set the fee policy they want. This standard policy that's being followed by most miners is a set of arbitrary rules that were coded into the standard client, but these are not carved on stone or anything. Miners are free to come up with their own policies.

pyramid scheme


I AM GLAD I SOLD A LARGE !!! AMOUNT OF BITCOIN over the last few hours then

Yaaaawn, someone's over-reacting.  Grow up.
Gabi
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June 19, 2011, 06:59:56 PM
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It seems we have a troll  Grin
bitcoingod
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June 19, 2011, 07:01:50 PM
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tHANKS for the feed back ... I need to blog more about this .... and DUMP my lemons (BITCOIN) on the trading market.   

what a waste.
bitcoingod
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June 19, 2011, 07:04:34 PM
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It seems we have a troll  Grin

CHECK THIS CLOWNS (  Shox  )  comments ... zit face telling a 40 year old...

sure, great comments clown,  check the market over the next few days ..  
Shox
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June 19, 2011, 07:06:57 PM
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It seems we have a troll  Grin

CHECK THIS CLOWNS comments ... zit face telling a 40 year old...

sure, great comments clown,  check the market over the next few days .. 

You're taking it personally against other people because you can't understand the concept behind a 0.65% fee? Dumb.
bitcoingod
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June 19, 2011, 07:09:29 PM
 #11

It seems we have a troll  Grin
Shox
Yaaaawn, someone's over-reacting.  Grow up.

You're taking it personally against other people because you can't understand the concept behind a 0.65% fee? Dumb.

SON YOU MADE IT PERSONAL.... with your comment and a disgrace to the forum help and derogatory comment

Was asking for help and clearification. 
luxgladius
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June 19, 2011, 07:14:12 PM
 #12

For what it's worth, you don't have to generate transactions with fees. However, transactions without fees might not be processed by the miners until they reach a certain age. The priority of a transaction is based on its inputs' age, values, and the overall transaction size as sum(age*value)/size, at least in the default client. Once that reaches a certain threshold of block age from the inputs, it will be allowed by the default mining code to be processed as a free transaction, as long as there aren't many higher priority transactions ahead of it.
Shox
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June 19, 2011, 07:16:04 PM
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SON YOU MADE IT PERSONAL.... with your comment and a disgrace to the forum help and derogatory comment

Was asking for help and clearification. 

Derogatory comments like clown and zitface? But wait I didn't say those things, SON.  You were looking for a fight apparently.
bitcoingod
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June 19, 2011, 07:18:00 PM
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For what it's worth, you don't have to generate transactions with fees. However, transactions without fees might not be processed by the miners until they reach a certain age. The priority of a transaction is based on its inputs' age, values, and the overall transaction size as sum(age*value)/size, at least in the default client. Once that reaches a certain threshold of block age from the inputs, it will be allowed by the default mining code to be processed as a free transaction, as long as there aren't many higher priority transactions ahead of it.


Outstanding reply, and thanks for the clarification and intelligent help.
vulgata
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June 19, 2011, 09:21:21 PM
 #15

You're taking it personally against other people because you can't understand the concept behind a 0.65% fee? Dumb.

Eh, it can be as high as 5% or more.

OP, I just figured out how to get around this on my thread: http://forum.bitcoin.org/index.php?topic=19066.0

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