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Author Topic: Transaction Fees. Someone please explain.  (Read 772 times)
BitCoinBarter
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June 24, 2011, 12:44:28 AM
 #1

I went to https://en.bitcoin.it/wiki/Transaction_fees to learn about transaction fees.

It was not to helpful for me.  Huh

I would like to know 2 things. Could someone (the more the better  Smiley) please explain it to me as if I was a 8 year old (who is in public school).

(1) How would I know it I was going to be charged a fee before I push the button to send BitCoins.
i.e., What are the current rules for fee (if any) and how can I determine if I would be charged or not.

(2) If I determine that I would have to pay a fee, then is there a way to not pay it?
I have access to two OSes. Unbuntu 11.04 and Windows 7. 

Remember, explain as if I was a 8 year old. No points by saying, "Get your Mom or Dad to do it for you."

Do no evil,

Smiley 12KYva8D2GT3C1wSD8wvgkFkP5TnBp3LPC Smiley
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Yatta99
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June 24, 2011, 01:41:57 AM
 #2

WARNING: I am probably wrong in whole or in part. (Translation: I might be full of poo. You are warned.)

This is how I understand it to be:

If you are sending a non-trivial amount of Bitcoins (something greater than 1.00 BTC) AND the Bitcoins that you are sending have enough confirmations (never nailed down a specific number for this, but probably 25 confirmations or more, maybe) THEN you can send your transaction without a fee (although, if you do include one, your transaction has a greater chance of being sent quicker).

NOW, IF you send a small amount of Bitcoins (for example 0.06) AND/OR your Bitcoins have few confirmations (for example they only have 3 confirmations) THEN the system will automatically add a fee to your transaction EVEN IF YOU HAVE THE FEE IN YOUR CLIENT SET TO 0.00 BTC.

The real simple version: Send large amounts of old Bitcoins and and it will be free.

At least that's how I understand it to be  Cool

Tips for new box to: 16s14wcsNo5TcdsGLttL7B1XWiCv8E4L6A
GriphZero
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June 24, 2011, 04:11:13 AM
 #3

That is how I basically understand it as well, but it is very unclear as to when a transaction will be charged a fee or not.  The fee was 0.01 BTC, but recently dropped with the new client version 0.3.23 to 0.0005 BTC.
https://en.bitcoin.it/wiki/Changelog
Yatta99
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June 24, 2011, 04:19:26 AM
 #4

That is how I basically understand it as well, but it is very unclear as to when a transaction will be charged a fee or not.  The fee was 0.01 BTC, but recently dropped with the new client version 0.3.23 to 0.0005 BTC.
https://en.bitcoin.it/wiki/Changelog

And a BIG Thank You for that link. I was looking all over the other day for an actual changelog and couldn't find squat  Undecided

Tips for new box to: 16s14wcsNo5TcdsGLttL7B1XWiCv8E4L6A
bal3wolf
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June 24, 2011, 05:12:42 AM
 #5

lol i understand it now to i think more coin you have and longer less fees you pay.  Kinda makes sence they promote users that are setup to stay with bitcoin and not users that get a few coins spend it and quit.


 
 
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BitCoinBarter
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June 24, 2011, 05:35:10 AM
 #6

Yatta99 & GriphZero,

Thanx.

My problem is (if you are correct) is that I don't have enough BitCoins  Cry.

Do no evil,

Smiley 12KYva8D2GT3C1wSD8wvgkFkP5TnBp3LPC Smiley
GriphZero
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June 24, 2011, 05:43:43 AM
 #7

No problem, happy to post something useful.  Smiley

0.0005 BTC is not so much, at $15/BTC that is less than 1 cent.
Yatta99
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June 24, 2011, 08:38:37 AM
 #8

Yatta99 & GriphZero,

Thanx.

My problem is (if you are correct) is that I don't have enough BitCoins  Cry.

Glad to help out. And I think we all have the problem of not enough Bitcoins  Wink About to hit a whole Bitdime in my mining account! Woot! I'll get a pack of gum and celebrate  Grin

Tips for new box to: 16s14wcsNo5TcdsGLttL7B1XWiCv8E4L6A
cyberPT
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June 24, 2011, 10:25:20 AM
 #9

yea its given to the miners ...
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