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Author Topic: What's the largest transaction fee you were asked to pay?  (Read 1850 times)
bitlotto
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May 08, 2011, 09:41:17 PM
 #1

Ya, I know you don't have to if you don't want to, but I'm wondering for when the default client sets the fees.
I just sent 128 BTC only to find out the fee was 0.23. Yikes! Pretty much lost my whole take.  Cry
I guess it's not toooo bad as it had a whole bunch of 1 BTC coins together in a group.

What's the biggest you have paid in fees for one transaction?

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jmatson
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May 08, 2011, 11:26:02 PM
 #2

This morning I decided I wanted to play a certain bitcoin game.
When I tried to send a 0.10 BTC payment the client wanted a 0.01 fee!
That's a 10% fee!!! Paypal fees are starting to sound good compared to this BS!
Needless to say, I no longer was in the mood to play that bitcoin game!
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May 08, 2011, 11:29:59 PM
 #3

Considering that 0.01 is the minimum fee right now, what did you expect when attempting to send an amount 10x that?

Do you have a fee explicitly set in the client, or did it tell you that the transaction is oversized/too new?
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May 08, 2011, 11:40:35 PM
 #4

Fee is set to 0.00 in options. I don't remember, but I think it said something about it being oversized.
There is now way in hell that I will pay a 10% fee!
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May 08, 2011, 11:42:34 PM
 #5

Ok, good luck on transferring 0.10 USD across the world for less than 0.01 USD.
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May 08, 2011, 11:50:20 PM
 #6

Bitcoin used to be a great system for micropayments.
But these ridiculous fees have put an end to that.  Sad
bitlotto
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May 08, 2011, 11:52:15 PM
 #7

This has got me thinking. When transactions occur the coins get "broken up" if needed to make the payment with some change sent back to you. Wouldn't that mean that slowly the coins will get broken up smaller and smaller with time causing the kb for the transaction to go up, making the data required for transactions to slowly go up?

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May 09, 2011, 12:05:14 AM
 #8

This has got me thinking. When transactions occur the coins get "broken up" if needed to make the payment with some change sent back to you. Wouldn't that mean that slowly the coins will get broken up smaller and smaller with time causing the kb for the transaction to go up, making the data required for transactions to slowly go up?

They tend to get put back together when you send larger payments.

The algorithm that the current bitcoin client uses isn't the best possible algorithm for deciding when to combine or split coins; ideally, it would have some notion of how big your average transaction would be, and when sending coins it might split change or combine extra coins to make change that is about that big (so the next time you make a transaction there are old, previous, high-priority transactions it can use).

If you ask nicely, I bet tcatm or somebody else will create a little web service that could tell you how long you have to wait for a 0.10 (or whatever) coin to mature before you can send it without a fee.

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bitlotto
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May 09, 2011, 12:11:30 AM
 #9

If you ask nicely, I bet tcatm or somebody else will create a little web service that could tell you how long you have to wait for a 0.10 (or whatever) coin to mature before you can send it without a fee.
Would such feature be hard to implement in the client? When the client says it needs a fee, inform the user if they waited "x" amount of time. The fee is waived.

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Gavin Andresen
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May 09, 2011, 12:21:27 AM
 #10

When the client says it needs a fee, inform the user if they waited "x" amount of time. The fee is waived.

Good idea:  https://github.com/bitcoin/bitcoin/issues/206

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LightRider
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May 09, 2011, 01:00:53 AM
 #11

.05 on a 2.17 transaction. I switched over to the old client which doesn't enforce fees to get around that. Took nearly 36 hours to confirm.

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theymos
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May 09, 2011, 03:41:18 AM
 #12

I've never been asked to pay a fee.

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gigabytecoin
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May 09, 2011, 04:30:47 AM
 #13

I've never been asked to pay a fee.

Have you sent anything recently however? Using the latest Bitcoin client?
theymos
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May 09, 2011, 07:15:22 AM
 #14

Have you sent anything recently however? Using the latest Bitcoin client?

I send transactions all the time, though I'm still using 0.3.15 on my main wallet. This doesn't have the priority requirement, and the size limit for a required fee is higher. I do manually add a 0.01/kB fee for important transactions.

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