Transaction fees

[uraliss1]

Hi Folks
Can someone help me with transaction fees please?

I thought it was possible to send bitcoins without any transaction fees. But it appears I am wrong. Is there something I am missing?

Thanks

[marcovaldo]

No, it is possible but it will take more time to get confirmed.
I have a transaction that is waiting for 2 days.

[Birdy]

It's explained here: http://bitcoinfees.com/

[uraliss1]

thanks for the update.
its more complicated than first appears!

[favdesu]

thanks for the update.
its more complicated than first appears!

indeed. online wallets and most alternative clients add the fee by default, just don't forget to use any

[Reaper3]

thanks for the update.
its more complicated than first appears!

indeed. online wallets and most alternative clients add the fee by default, just don't forget to use any

online wallets are very unsafe a lot of times.

[bogglns]

some wallet takes 0.001 fees

[b!z]

the fees are very low (almost zero) so it does not really matter

[marcovaldo]

Depends what you do ...
Imo they are way too high.

[Nigeria Prince]

Hi Folks
Can someone help me with transaction fees please?

I thought it was possible to send bitcoins without any transaction fees. But it appears I am wrong. Is there something I am missing?

Thanks

You can do.

Calculation is:

(BTC in Satoshi * confirmations)/size > 57600000

So you you want to send 5 BTC for free, size of transaction is 250 bytes.

(500000000*x)/250 > 57600000

--> x > 28.8

So you need 29 confirmations before sending 5 BTC without fee with immediate confirmation.

Remember, all inputs must be > 0.01 BTC as well.


Sincerely, Nigeria Prince (Bitcoin expert)

[MCZ]

Transaction fees are good because the support the miner. Thereof they support the whole network. And they also prevent 1 satoshi spamming. Imho they are exactly where they should be. Maybe they need to be lowered in the near future, as the price for 1BTC keeps rising.

[marcovaldo]

Transaction fees are good because the support the miner. Thereof they support the whole network. And they also prevent 1 satoshi spamming. Imho they are exactly where they should be. Maybe they need to be lowered in the near future, as the price for 1BTC keeps rising.

If you buy a car, you don't care about the fees, but if you are just moving money from one wallet to an other, you care.

[Nigeria Prince]

If you buy a car, you don't care about the fees, but if you are just moving money from one wallet to an other, you care.

Bitcoin transactions should be free, until a much bigger bitcoin adoption is acchieved.

Many people resist the bitcoin, because of the "mysteries" about the  transaction fees. Most people don't understand it is way too complicated for non-tech-people.

That's why I set all my miners and clients to -mintxfee=0.00000000  and -mintxrelayfee=0.00000000 to support 0 transaction fee.