Bitcoin Forum
July 25, 2017, 04:56:35 AM *
News: BIP91 seems stable: there's probably only slightly increased risk of confirmations disappearing. You should still prepare for Aug 1.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Bitcoin transfer fees  (Read 767 times)
nmat
Hero Member
*****
Offline Offline

Activity: 602


View Profile
July 12, 2011, 04:11:31 PM
 #1

So I got by first bitcents in my wallet and I wanted to transfer them somewhere else, but the client says that I must pay a fee of 0.0005 because the transaction is over a file size limit. Is this because the amount is too small, because the bitcents are too recent or because of something else? I have nearly 200 confirmations...
1500958595
Hero Member
*
Offline Offline

Posts: 1500958595

View Profile Personal Message (Offline)

Ignore
1500958595
Reply with quote  #2

1500958595
Report to moderator
1500958595
Hero Member
*
Offline Offline

Posts: 1500958595

View Profile Personal Message (Offline)

Ignore
1500958595
Reply with quote  #2

1500958595
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1500958595
Hero Member
*
Offline Offline

Posts: 1500958595

View Profile Personal Message (Offline)

Ignore
1500958595
Reply with quote  #2

1500958595
Report to moderator
1500958595
Hero Member
*
Offline Offline

Posts: 1500958595

View Profile Personal Message (Offline)

Ignore
1500958595
Reply with quote  #2

1500958595
Report to moderator
nafai
Member
**
Offline Offline

Activity: 112



View Profile
July 12, 2011, 05:19:03 PM
 #2

It's a combination of many things, but how many coins you're sending and how recently you acquired them are big factors. I think sending anything .01 or below will trigger a .0005 tx fee in the current version of the client, it used to be .01 fee but was reduced.

1HQiS9PLHPcoQMgN8ZdcGwhoMHWh2Hp37p
nmat
Hero Member
*****
Offline Offline

Activity: 602


View Profile
July 12, 2011, 06:33:10 PM
 #3

I was trying to send 0.04 btc that I got a few days ago. So the best option is to make large transfers of old coins, right?
nafai
Member
**
Offline Offline

Activity: 112



View Profile
July 28, 2011, 05:05:02 AM
 #4

Yes, small amounts or new coins can make the transaction "expensive" in kilobyes which means it has a lower priority, and some miners will not accept transactions with too low of a priority. Providing a fee along with it raises the priority to offset the fact that the coins are new.

But really, 0.0005 is a pretty small fee.  If you're gonna send someone 0.04 btc and it asks for a fee, 0.0405 is not that much more.  If 0.04 btc is all you have, you can send 0.0395 with a 0.0005 fee.

1HQiS9PLHPcoQMgN8ZdcGwhoMHWh2Hp37p
JoelKatz
Legendary
*
Offline Offline

Activity: 1568


Democracy is vulnerable to a 51% attack.


View Profile WWW
July 28, 2011, 07:13:16 AM
 #5

So I got by first bitcents in my wallet and I wanted to transfer them somewhere else, but the client says that I must pay a fee of 0.0005 because the transaction is over a file size limit. Is this because the amount is too small, because the bitcents are too recent or because of something else? I have nearly 200 confirmations...
Most likely, it's because you are trying to "gather" a large number of small payments into one pile. Try to avoid large numbers of small payments if possible.

I am an employee of Ripple. Follow me on Twitter @JoelKatz
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!