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Author Topic: Litecoin p2pool... What to do about transaction fees?  (Read 832 times)
bustaballs
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May 26, 2013, 08:42:42 PM
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So I found out a while ago about how, because of getting many small transactions a day, the fees for transferring your litecoins increases as you use p2pool. I originally wanted to send all of my litecoins to my btc-e account but it wanted a fee of over 4 litecoins. I was astonished! I looked around and read that letting your wallet sit for a while should help deal with this issue. So I backed up that wallet and made a new one for litecoin mining while I let the old one sit. The old one has sat for over a week and now I just tried sending the coin to my btc-e account again and now it's wanting nearly 10 (TEN) litecoins for the transfer fee. Are you freaking kidding me?

Does anyone have any idea what I can do here? There's no way I'm paying 10 litecoins for a single transfer. That's absolutely nuts. If I don't pay it, the wallet will just sit there. Can anyone help? What can I do to avoid these crazy fees?

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laris2
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May 26, 2013, 09:56:20 PM
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Hello,
You must age your coins. Leave your wallet opened for a while, and the transaction fee should reduce over time upto 0,001.
In client version 0.8 the tx fees will be also lowered to accomodate high cost of litecoin on the market.
Hope that helps.
L2

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May 28, 2013, 03:38:47 AM
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I guess 10 days isn't enough? How long do I have to wait?

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May 30, 2013, 05:53:55 PM
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If it's more than 0.01, about two weeks. If it's less, the fee is never gonna go away.

So much for "faster" currency. Yeah, a block is solved in 2.5 minutes instead of 10 minutes, but you have to wait for weeks before you can actually send the coins. Brilliant thinking! A bank wire transfer is cheaper and faster than this crap!
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June 20, 2013, 08:04:47 AM
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same problem, ageing mine wallet mean that it must remain open 24/24?
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June 20, 2013, 08:44:21 AM
 #6

Updated the Litecoin wallet on  ltc.xpool.net:9327  to 0.6.9 as requested by the Litecoin developers.

0.6.9 reduces the mintxfee by 5x down to 0.02 LTC.

0.6.9 will be released on litecoin.org after most of the pools have updated.

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