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Author Topic: About Transaction Fees  (Read 673 times)
vennali
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February 13, 2014, 12:10:29 AM
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Wheres the fees $ went ?

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stonerdyke
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February 13, 2014, 12:12:36 AM
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Wheres the fees $ went ?

Miners
vennali
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February 13, 2014, 12:22:18 AM
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Is there a list of trasaction that the fees went to miner ? wonder how much they are getting .

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February 13, 2014, 12:23:44 AM
 #4

Wheres the fees BTC went ?

Bitcoin transactions are confirmed by miners.
Miners let their hardware to work for bitcoin network.
As a reward - for using hardware, power, and time miners get rewards.

We - when we use bitcoin, for each transaction we (should) pay a fee (you don't have to pay a fee - if you are using Bitcoin-qt for ex. you can put 0 fee)

What your fee does : when you send a bitcoin transaction it's size depend on how much you send.
If for example you send 0.0001BTC and you will not pay a fee, your transaction is going to be smaller that for
example 0.02BTC. So to confirm your transaction without fee you will need to wait a much longer.

Minimum fee 0.0001BTC give you guaranty that your transaction is going to be confirmed in couple of minutes (in most cases)

So from your fee miners get rewards too. And they can mine better for BTCbitcoinBTC network.

You should support miners.

Minimum fee of 0.001BTC is like nothing.
Compare it to bank abroad moneytransfer or any moneytransfer company.

terrask13
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February 13, 2014, 12:33:18 AM
 #5

Is there an exchange or provider that actually charge zero transaction fee?

Just curious...  Smiley

Even blockchain charges 0,0001
Sonny
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February 13, 2014, 12:36:05 AM
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Is there a list of trasaction that the fees went to miner ? wonder how much they are getting .

When a block is found, the miner will get block reward (25btc at this moment) + tx fees of all the tx included in that block.

Take block #285523 as an example. https://blockchain.info/block-height/285523
Code:
Block Reward 25 BTC
Transaction Fees 0.01831 BTC
Sheldor333
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February 13, 2014, 12:37:12 AM
 #7

I do think that sometimes fees are too much for a transaction. They should be dependent on a transaction or on a value of btc. I mean if I want to send 0.01 to someone and I have to pay a fee of 0.001 then it seems too much, if I only have 0.1
What I telling is that is too much for those who have little, or course it doesn't mean anything if you have 1 btc and pay a fee of 0.001, that would be just 0.1% of the transactions and lowest I've seen banks ask is 0.5% of the value of the transaction, plus it takes days to complete. Still think btc is better, just not in favor of poor people, that is those without too much btc.

Sonny
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February 13, 2014, 12:37:43 AM
 #8

Is there an exchange or provider that actually charge zero transaction fee?

Just curious...  Smiley

Even blockchain charges 0,0001

The tx fee is not taken by exchanges/gambling sites/blockchain.info.
You can send your tx without any fee, but you may need to wait for a very long time to get it included in a block. For some case, it will never be confirmed.
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February 13, 2014, 12:39:42 AM
 #9

Is there an exchange or provider that actually charge zero transaction fee?

Just curious...  Smiley

Even blockchain charges 0,0001

Like I say - you can use Bitcoin-qt and pay 0.00000000BTC
but you might risk a very very long transaction confirmation time.

and again like I sad before: 0.0001BTC fee is like uhm 0.09$ ?

Sonny
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February 13, 2014, 12:43:03 AM
 #10

Is there an exchange or provider that actually charge zero transaction fee?

Just curious...  Smiley

Even blockchain charges 0,0001

Like I say - you can use Bitcoin-qt and pay 0.00000000BTC
but you might risk a very very long transaction confirmation time.


Well, with bitcoin-qt, you can't really send a zero-fee tx unless it is a high-priority one.
You will need to play with raw tx Cheesy

But, you can create a zero-fee tx very easily with Electrum Smiley
roslinpl
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February 13, 2014, 12:45:46 AM
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Well, with bitcoin-qt, you can't really send a zero-fee tx unless it is a high-priority one.
You will need to play with raw tx Cheesy

But, you can create a zero-fee tx very easily with Electrum Smiley

as I remember in december 2013 I was sending transaction from Bitcoin-qt with 0 fee.

I sent 0.0001 BTC to try how long does it take to trasfer.

Hmm it is going to be hard to find tx, because I had so many wallets ...

I haven't got qt installed, I can't give it a try Smiley

I might be wrong about this.



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February 13, 2014, 12:53:54 AM
 #12

Minimum fee of 0.001BTC is like nothing.
Compare it to bank abroad moneytransfer or any moneytransfer company.

Unfortunately, the fee only goes to the big solo miners or pool operators (the way I understand it).

And when 1BTC equals i.e. 1000$, 0.001BTC is not nothing - it's alot. Fully disqualifies it for micropayments or frequent small payments, additionally moving funds from one of your own wallets to another of your own (on your PC/Device) takes the very same fee structure.
Having the minimum amount set to 5460 Satoshis doesn't help either, which will only become worse should BTC conversion value take another rise.

Moving money from one of my bank accounts to another of mine (i.e. move from cashing acct to savings acct) doesn't cost me a single penny in comparison, neither does moving money around bank-to-bank on my entire continent.

IMHO a structural flaw that mathematically should have been forseeable (advantages the big miners/pool owners who already got their big rewards from finding blocks, the small guys only pay - outside of the little shares they mine). Such a system looks eerily familiar compared to the financial world we already got.
Also discourages a decentralized node structure, since there's no actual incentive to run one (outside enthusiasm, it's free sh*t for everyone else... thanks for the fish).

Not sure if everyone is up to the task of running their transactions ïn the manual Zero-fee "should I stay or should I go?" mode with random outcomes after hours or even days.

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francisp
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February 13, 2014, 12:56:26 AM
 #13

Quote
Well, with bitcoin-qt, you can't really send a zero-fee tx unless it is a high-priority one

I sent 0.1 BTC recently with no transaction fee using qt and it took about 4 hours to confirm.

Francis
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