Transaction Fee

[houseo]

I just transferred some bitcoins to a wallet for the first time.

I noticed a fee of .0005 BTC was taken. This equates to about 40 cents right now. I thought this was weird so I looked at my wallet settings. I changed the rate to 0 BTC and send another transaction. Again .0005 BTC was taken.

I looked at the support section of my exchange.
It says .0005 BTC will be taken for each transaction and that it's not a fee charged by them, but a network fee for making a transaction over a particular currency's network.

Is this true? I thought trading BTC was free.

[empoweoqwj]

Which wallet are you using?

But no, in general, you are supposed to pay a fee. Its there to keep the bitcoin network running. Bitcoin is meant to be "very low fees" not "free"

[houseo]

Which wallet are you using?

But no, in general, you are supposed to pay a fee. Its there to keep the bitcoin network running. Bitcoin is meant to be "very low fees" not "free"

I agree, but my research shows it should be 4 cents a transaction or so, not 40 cents. Electrum

I don't think it's the wallet that's charging me the fee, it's the exchange. The exchange explicitly says a fee of .0005 will be charged per transaction. I'm just trying to figure out if this is standard or not.

[empoweoqwj]

Which wallet are you using?

But no, in general, you are supposed to pay a fee. Its there to keep the bitcoin network running. Bitcoin is meant to be "very low fees" not "free"

I agree, but my research shows it should be 4 cents a transaction or so, not 40 cents. Electrum

I don't think it's the wallet that's charging me the fee, it's the exchange. The exchange explicitly says a fee of .0005 will be charged per transaction. I'm just trying to figure out if this is standard or not.

Yep that's the standard. Bitcoin trading was never designed to be free. Nodes don't run off "air"

[goldenpay]

same when i send btc from blockchain online wallet

[empoweoqwj]

same when i send btc from blockchain online wallet

Same "what"?

[act now]

same when i send btc from blockchain online wallet

Same "what"?

+1
It's just a rule that makes Bitcoin going. .0005 fee is really not that much. It definitely does not make you poor or anything.

[roslinpl]

I just transferred some bitcoins to a wallet for the first time.

I noticed a fee of .0005 BTC was taken. This equates to about 40 cents right now. I thought this was weird so I looked at my wallet settings. I changed the rate to 0 BTC and send another transaction. Again .0005 BTC was taken.

I looked at the support section of my exchange.
It says .0005 BTC will be taken for each transaction and that it's not a fee charged by them, but a network fee for making a transaction over a particular currency's network.

Is this true? I thought trading BTC was free.

what app do you use?

bitcoin wallet for android
blockchain for android

BOTH takin 0.0001 BTC per transfer.
and they work gr8

[houseo]

it's not the wallet. it's the exchange. the wallet for wallet to wallet xfers takes .0001 but the exchange takes .0005 to 'speed up' transactions.

[empoweoqwj]

Every wallet / exchange has its own rules. Sending from a wallet with zero fees is (depending on wallet) still possible, just don't expect your coins to arrive anywhere in a hurry.

[Sonny]

FYR: https://en.bitcoin.it/wiki/Transaction_fees
Generally speaking, the min fee is 0.0001 btc / KB, but you can make free high-priority tx as well.
Of course, you can always make a zero fee tx using raw transaction, but it is easy to get screwed up.