Bitcoin Forum
December 17, 2017, 03:57:27 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: What are the fees for  (Read 952 times)
CathalG
Full Member
***
Offline Offline

Activity: 182

Araneobit.io


View Profile WWW
November 27, 2013, 09:39:36 PM
 #1

Hi all

Can someone tell me why i have to pay fees when making a transaction?

What are they for?

And how much should they be??
1513483047
Hero Member
*
Offline Offline

Posts: 1513483047

View Profile Personal Message (Offline)

Ignore
1513483047
Reply with quote  #2

1513483047
Report to moderator
1513483047
Hero Member
*
Offline Offline

Posts: 1513483047

View Profile Personal Message (Offline)

Ignore
1513483047
Reply with quote  #2

1513483047
Report to moderator
1513483047
Hero Member
*
Offline Offline

Posts: 1513483047

View Profile Personal Message (Offline)

Ignore
1513483047
Reply with quote  #2

1513483047
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1513483047
Hero Member
*
Offline Offline

Posts: 1513483047

View Profile Personal Message (Offline)

Ignore
1513483047
Reply with quote  #2

1513483047
Report to moderator
LupinS
Newbie
*
Offline Offline

Activity: 14


View Profile
November 27, 2013, 10:15:26 PM
 #2

about what fees you are talking about?
nahtnam
Legendary
*
Offline Offline

Activity: 1078


nahtnam.com


View Profile WWW
November 27, 2013, 10:45:08 PM
 #3

Hi all

Can someone tell me why i have to pay fees when making a transaction?

What are they for?

And how much should they be??

They are to "reward" the miners, and the should be from 0.0005 - 0. The more you pay the faster your transaction confirms.

nahtnam
Legendary
*
Offline Offline

Activity: 1078


nahtnam.com


View Profile WWW
November 27, 2013, 10:45:24 PM
 #4

about what fees you are talking about?

He is talking about miners/tx fees.

odolvlobo
Legendary
*
Offline Offline

Activity: 1974



View Profile
November 27, 2013, 11:53:39 PM
 #5

The fees are designed to give miners a reason to process your transaction. It costs money to mine, why should they do it for free?

Right now, the block reward is much more than the transaction fees, but that will change as the block reward goes to 0. Eventually, the only reason that miners will process transactions will be for the transaction fees.

Buy bitcoins with cash from somebody near you: LocalBitcoins
Join an anti-signature campaign: DannyHamilton's ignore list
zeraTunerse
Hero Member
*****
Offline Offline

Activity: 546



View Profile
November 27, 2013, 11:59:10 PM
 #6

Eventually, the only reason that miners will process transactions will be for the transaction fees.

Next reason might be protecting their Bitcoin investment, so free transactions might still exist  Wink
CathalG
Full Member
***
Offline Offline

Activity: 182

Araneobit.io


View Profile WWW
November 28, 2013, 02:18:01 PM
 #7

Hi all

Can someone tell me why i have to pay fees when making a transaction?

What are they for?

And how much should they be??

They are to "reward" the miners, and the should be from 0.0005 - 0. The more you pay the faster your transaction confirms.

And Can I choose the fee or do I have to pay it?
nahtnam
Legendary
*
Offline Offline

Activity: 1078


nahtnam.com


View Profile WWW
November 28, 2013, 06:39:54 PM
 #8

Hi all

Can someone tell me why i have to pay fees when making a transaction?

What are they for?

And how much should they be??

They are to "reward" the miners, and the should be from 0.0005 - 0. The more you pay the faster your transaction confirms.

And Can I choose the fee or do I have to pay it?

You are able to choose it depending on what wallet you use. I recommend using coinbase if you are not rich because they pay the 0.0005 fee for you!

odolvlobo
Legendary
*
Offline Offline

Activity: 1974



View Profile
November 28, 2013, 07:19:27 PM
 #9

And Can I choose the fee or do I have to pay it?

The fee is completely optional; however, a transaction without a fee may take much longer to confirm than a transaction with a fee. Furthermore, most wallets decide for you what fee you will pay. If you don't like that you can always download the source code and change it.

Buy bitcoins with cash from somebody near you: LocalBitcoins
Join an anti-signature campaign: DannyHamilton's ignore list
CathalG
Full Member
***
Offline Offline

Activity: 182

Araneobit.io


View Profile WWW
November 30, 2013, 04:16:12 PM
 #10

Thanks for the info guys  this really helps me... I will use coinbase
omega33
Sr. Member
****
Offline Offline

Activity: 392



View Profile
November 30, 2013, 04:26:39 PM
 #11

If I am not in urgent use of btc, I would prefer to receive btc without any fees.

CathalG
Full Member
***
Offline Offline

Activity: 182

Araneobit.io


View Profile WWW
November 30, 2013, 07:18:50 PM
 #12

If I am not in urgent use of btc, I would prefer to receive btc without any fees.

Think i would have to agree with you on this....i hate the idea of fees on top of your transactions although now i have a better understanding as to why they exist
nahtnam
Legendary
*
Offline Offline

Activity: 1078


nahtnam.com


View Profile WWW
November 30, 2013, 07:21:21 PM
 #13

If I am not in urgent use of btc, I would prefer to receive btc without any fees.

Think i would have to agree with you on this....i hate the idea of fees on top of your transactions although now i have a better understanding as to why they exist

Coinbase pays the fees for you!

domainerrors
Newbie
*
Offline Offline

Activity: 2


View Profile
November 30, 2013, 07:28:15 PM
 #14

You can customize tx fees with blockchain, electrum etc.,

I don't think coinbase takes care of the 0.0005 fees. The fees will be deducted from your transaction.
nahtnam
Legendary
*
Offline Offline

Activity: 1078


nahtnam.com


View Profile WWW
November 30, 2013, 07:29:12 PM
 #15

You can customize tx fees with blockchain, electrum etc.,

I don't think coinbase takes care of the 0.0005 fees. The fees will be deducted from your transaction.

No they do. But since there are sooooo many transactions going to coinbase, they kicked it down to 0.0002.

Peter882
Hero Member
*****
Offline Offline

Activity: 544



View Profile
December 01, 2013, 10:52:24 AM
 #16

You can customize tx fees with blockchain, electrum etc.,

I don't think coinbase takes care of the 0.0005 fees. The fees will be deducted from your transaction.

No they do. But since there are sooooo many transactions going to coinbase, they kicked it down to 0.0002.

Using the official bitcoin-qt, the fee would be just 0.0001/KB.

Itun
Full Member
***
Offline Offline

Activity: 238


View Profile
December 01, 2013, 11:02:54 AM
 #17

Coinbase did not pay the fee for me before.

I haven't done transactions much with btc, but I use coinbase and I have paid that fee a few times.
HFPowerful
Newbie
*
Offline Offline

Activity: 28


View Profile
December 01, 2013, 11:06:39 AM
 #18

In my experience with Coinbase(I use it all the time) they pay the fee. That might make using it as a wallet worthwhile, but it's also online which isn't secure.

 ✰ If You Risk Nothing, You Risk Everything | PrimeDice.com | The New Way To Roll |  (https://PrimeDice.com) *Thread* (https://bitcointalk.org/index.php?topic=208986.0)
Itun
Full Member
***
Offline Offline

Activity: 238


View Profile
December 01, 2013, 11:20:30 AM
 #19

Actually, I take it back, in my last transaction, I didn't pay a fee which I saw that as weird.

Maybe they do pay the fee for their customers.

I think of Coinbase as one of the more secure online wallets for btc.
HFPowerful
Newbie
*
Offline Offline

Activity: 28


View Profile
December 01, 2013, 11:56:59 AM
 #20

Actually, I take it back, in my last transaction, I didn't pay a fee which I saw that as weird.

Maybe they do pay the fee for their customers.

I think of Coinbase as one of the more secure online wallets for btc.
Blockchain.info is the most secure, since the Blockchain.info doesn't hold your private keys. Well either way, it's best not to use a online wallet when you are handling large amounts of Bitcoins since it's not worth the risk.

 ✰ If You Risk Nothing, You Risk Everything | PrimeDice.com | The New Way To Roll |  (https://PrimeDice.com) *Thread* (https://bitcointalk.org/index.php?topic=208986.0)
Pages: [1] 2 »  All
  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!