Yeah but i wonder why does it say that transaction size is 1K if currently one transaction takes averagely ~275 bytes of storage ?
Does it take more bandwidth than storage or what ?
Don't read it too literally. The fee is per kilobyte
, but that does not dictate or say anything about transaction size.
The actual formula is
nBytes = number of bytes in your transaction (e.g. 259 bytes or whatever)
CENT = 1000000
nMinFee = (1 + nBytes / 1000) * CENT
("CENT" is a multiplier used to convert a fixed-point decimal number, such as 50.44 BTC, into a 64-bit number of "nanocoins", 5044000.)
So, nMinFee==0.01 for small transactions.