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Patel (OP)
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September 07, 2013, 05:14:11 PM
 #1
Just wondering,

Are transaction fees proportional to the amount?

Lets say I want to send 6 cents today at the price of $130 per BTC. So thats about .0005 BTC

What would be the transaction fee? Also how would it affect the speed of confirmations?
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Every time a block is mined, a certain amount of BTC (called the subsidy) is created out of thin air and given to the miner. The subsidy halves every four years and will reach 0 in about 130 years.
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September 07, 2013, 05:26:42 PM
 #2
You can send a transaction without any fee. It would take a couple of days to proceed if you're lucky Smiley
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September 07, 2013, 05:38:23 PM
 #3
the fee is also .0005 BTC. the current system is not made for micro transactions, better mechanisms on top of what we currently have will emerge.
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September 07, 2013, 05:40:40 PM
 #4
Quote from: Patel on September 07, 2013, 05:14:11 PM
Are transaction fees proportional to the amount?
no they are proportional to the size of the transaction, which is determined by how many inputs and outputs.
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September 08, 2013, 08:16:44 PM
 #5
Wasn't the fee lowered to 0.0001 BTC?
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