Bitcoin Forum
December 09, 2016, 11:58:03 AM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Bitcoin Transaction Charges  (Read 784 times)
royalecraig
Jr. Member
*
Offline Offline

Activity: 56


View Profile WWW
June 19, 2011, 09:12:15 PM
 #1

What are they, I thought bitcoin transactions were free, if this is because individuals are contributing processing power to the network, I'd prefer to offer that free than have charges.
If there must be charges, maybe there must I don't know, but if there must, why not 0.0000001BTC on every transaction, over time this might amount to significant amounts and could fund full time developers and maintenence.
Who gets these charges anyway, not that it bothers me that much at the moment with no BTCs to trade with.

Sign Up at TradeHill with code TH-R14804
1481284683
Hero Member
*
Offline Offline

Posts: 1481284683

View Profile Personal Message (Offline)

Ignore
1481284683
Reply with quote  #2

1481284683
Report to moderator
Goat says: "Bitcoin is NOT Illegal in Thailand. There is no law against Bitcoin in Thailand!"
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481284683
Hero Member
*
Offline Offline

Posts: 1481284683

View Profile Personal Message (Offline)

Ignore
1481284683
Reply with quote  #2

1481284683
Report to moderator
1481284683
Hero Member
*
Offline Offline

Posts: 1481284683

View Profile Personal Message (Offline)

Ignore
1481284683
Reply with quote  #2

1481284683
Report to moderator
1481284683
Hero Member
*
Offline Offline

Posts: 1481284683

View Profile Personal Message (Offline)

Ignore
1481284683
Reply with quote  #2

1481284683
Report to moderator
bji
Member
**
Offline Offline

Activity: 112


View Profile
June 19, 2011, 09:21:23 PM
 #2

What are they, I thought bitcoin transactions were free, if this is because individuals are contributing processing power to the network, I'd prefer to offer that free than have charges.
If there must be charges, maybe there must I don't know, but if there must, why not 0.0000001BTC on every transaction, over time this might amount to significant amounts and could fund full time developers and maintenence.
Who gets these charges anyway, not that it bothers me that much at the moment with no BTCs to trade with.

Every question you have asked is easily answered by reading either the bitcoin whitepaper, or the bitcoin wiki, or any of numerous posts on these forums.  I suggest you google for answers to your questions.
luxgladius
Newbie
*
Offline Offline

Activity: 28


View Profile
June 20, 2011, 02:55:43 PM
 #3

Fees are based on the size of the transaction in bytes. They can be avoided if you use funding from transactions that are very mature in the chain, or if a transaction is very large in bitcoins, preferably both. More detail than that is difficult because the client and the protocol somewhat diverge on what an appropriate fee is. The protocol will accept any correct block into the network, but most miners won't accept your transaction if the funding is too new or the transaction is too small for inclusion in a block.

The fees are generally a way to keep down spam transactions, so it's not easy to flood the network by issuing 1 billion transactions with 10 Bitcoins.

The fees go to the miner who solves the block.
JoelKatz
Legendary
*
Offline Offline

Activity: 1386


Democracy is vulnerable to a 51% attack.


View Profile WWW
June 21, 2011, 01:46:14 PM
 #4

IMO, the client needs to be modified to tell the user what the results of the transaction are going to be. The current method of silently doing something the user can't easily understand is, IMO, unacceptable.

I am an employee of Ripple.
1Joe1Katzci1rFcsr9HH7SLuHVnDy2aihZ BM-NBM3FRExVJSJJamV9ccgyWvQfratUHgN
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!