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Author Topic: bitcoin transfer fees?  (Read 1294 times)
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Gerald Davis

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May 24, 2014, 02:20:53 PM

he default transaction fee is 0.0001 BTC
Well the default transaction fee is not 0.0001btc, its just an amount that is generally sufficient for making tx, but sometimes to prioritize your tx the sometimes automatically cuts 0.0002btc or more as a tx fee.

No the min fee to relay for low priority transactions is 100 bits (0.1 mBTC) per KB.  This is being reduced to 10 bits (0.01 mBTC) per KB.  Transactions can be larger than 1000 bytes.  Tx size is rounded up to the next KB for the purpose of computing the required fee.
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June 10, 2014, 12:41:22 AM

First of all I'm no computer wizz so maybe its something I'm doing wrong but I always read articles that say it only costs a tiny percentage to send bitcoins, today I sent $0.05 from my blockchain wallet to a different wallet I have just as a test and it cost me $0.11 in fees, WTF, and I thought banks were ripping me off.

If your transaction is too small (under .01 BTC or ~$6.50) then the TX fee will be a larger portion of your transaction then normal. Generally speaking the most a TX fee will be is .0005 BTC which comes out to ~32 cents, but a more common TX fee is .0001 BTC which comes out to around ~6.5 cents.

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