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Author Topic: Newbies, don't forget to include fees when sending money.  (Read 738 times)
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November 22, 2013, 04:50:17 PM
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Otherwise you would be making threads here and there asking why your transaction has not confirmed after 8 or even 24 hours(even more). I recommend a fee of at least(and I mean the very least) of 0.0001 bitcoins, more is better obviously to increase your transaction priority and more likely for it to get included in the next block as fast as possible.

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CarrieUnderwood
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November 22, 2013, 06:27:14 PM
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Is this the recommended fee for anytime you transfer BTC? Even wallet to wallet?
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November 22, 2013, 06:29:03 PM
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Is this the recommended fee for anytime you transfer BTC? Even wallet to wallet?

Wallet to wallet is no difference so yes 0.0001 at least unless you are happy to wait for a long time (i.e. > 24 hours).

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November 22, 2013, 06:35:18 PM
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Thanks for the tip. That's a small price to pay to possibly expedite a transfer.
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November 22, 2013, 06:41:30 PM
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Would paying a higher fee increase the confirmation drasticly?
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November 22, 2013, 07:31:58 PM
 #6

Would paying a higher fee increase the confirmation drasticly?

The way I understand it, the miners get the fees when the transaction is included in the blockchain. The higher the fee, the more incentive for miners to include the transaction in the next block. So a higher fee will increase your chance of getting confirmed in the next block.
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November 22, 2013, 07:43:18 PM
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Thanks for the heads up! What's the longest wait someone has seen if they haven't included a fee when sending money? Just kind of curious because in some cases I'm sure it's not a big deal, but other times you would actually like your coins transferred quicker.
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November 22, 2013, 08:34:39 PM
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Thanks for the heads up! What's the longest wait someone has seen if they haven't included a fee when sending money? Just kind of curious because in some cases I'm sure it's not a big deal, but other times you would actually like your coins transferred quicker.
I'm not sure what the longest is. I think I read that it would usually be confirmed within a few hours, but could take a day (or more). I also read that some clients "cancel" a transaction if it is not confirmed within 3 days.
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November 22, 2013, 08:43:03 PM
 #9

Would paying a higher fee increase the confirmation drasticly?

https://en.bitcoin.it/wiki/Transaction_fees

All the specifics behind transaction fees.
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November 22, 2013, 09:22:11 PM
 #10

Thanks for the heads up! What's the longest wait someone has seen if they haven't included a fee when sending money? Just kind of curious because in some cases I'm sure it's not a big deal, but other times you would actually like your coins transferred quicker.
Easily days, sometimes even never. Of course, once miners "forget" about the transaction(when it doesn't go through) after a small tweak you can put your coins back in your wallet and re-spend them. It means your coins don't get lost if your transaction doesn't get confirmed.

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November 22, 2013, 09:46:29 PM
 #11

Otherwise you would be making threads here and there asking why your transaction has not confirmed after 8 or even 24 hours(even more). I recommend a fee of at least(and I mean the very least) of 0.0001 bitcoins, more is better obviously to increase your transaction priority and more likely for it to get included in the next block as fast as possible.

I would recommend a fee of at least 0.0002 per kB. The "per kilobyte" part is because each input and output in your transaction adds to it's size. The fee is evaluated in terms of the data size of your transaction, a 0.0020 fee 20kB transaction would be lower-ranked by miners than a 0.0003 fee 1kB transaction.

In Bitcoin-Qt, the optional transaction fee that you set is per kB of transaction size. For example, if you send a payment that uses 7 previous payments, it may be 1.7kB in data size, and you would be prompted about the 0.0004 fee that will be included when the optional fee is set to 0.0002.

Besides outspending other transactions to get them confirmed fast, minimum fee rules of 0.0001 BTC/kB rules also apply for most transactions when they send smaller amounts of bitcoin, to discourage spam. Transactions without this minimum fee will be discarded by the network. While Bitcoin-Qt will always include the minimum fee when it is required and calculate it correctly, other wallets, including a particular web service, don't seem to make this calculation correctly for you; blindly adding 0.0001 may be insufficient if your wallet doesn't tell you how big the transaction will be, you may need to add much more to be safe.

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November 22, 2013, 11:00:09 PM
 #12

Yep! dont forget the fee! I had a bad experience which i had to wait several days just for a small transaction Undecided

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November 22, 2013, 11:35:23 PM
 #13

if you're earning your BTC over faucets and PTCs don't use this option, you're requesting a low amount of BTC and it isn't worth to pay a transaction fee on such a small amount, better wait a few days, it's not like you're going to need 0.001BTC urgently Cheesy

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November 23, 2013, 01:07:23 AM
 #14

I see your saying 0.0001 all over here, but my armory wallet always charge 0.0005 fee when I send. I doing it wrong I guess
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November 23, 2013, 03:10:07 AM
 #15

Would paying a higher fee increase the confirmation drasticly?
The way I understand it, the miners get the fees when the transaction is included in the blockchain. The higher the fee, the more incentive for miners to include the transaction in the next block. So a higher fee will increase your chance of getting confirmed in the next block.

The mining pool gets the transaction fee, it's up to the pool owner to work out how to share it with the miners, or not!  Wink

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November 23, 2013, 09:19:01 AM
 #16

Exchanges dont let you put in a fee... so it might be slow to do your transfers
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