Hi all,
Currently in the process of creating a website that will be accommodating the deposits of Bitcoins, I've already achieved this via a blockchain wallet however I've noticed they charge a fee of 0.0001 per transaction which is to much for my liking.
How are other avoiding this? should I base my API off something else? suggestions?
Thanks in advance!
0.0001
BTC is at the moment ~$0.0048
Read and learn:
Transaction fees may be included with any transfer of bitcoins from one address to another. At the moment, many transactions are typically processed in a way where no fee is expected at all, but for transactions which draw coins from many bitcoin addresses and therefore have a large data size, a small transaction fee is usually expected.
The transaction fee is processed by and received by the bitcoin miner. When a new bitcoin block is generated with a successful hash, the information for all of the transactions is included with the block and all transaction fees are collected by that user creating the block, who is free to assign those fees to himself.
Transaction fees are voluntary on the part of the person making the bitcoin transaction, as the person attempting to make a transaction can include any fee or none at all in the transaction. On the other hand, nobody mining new bitcoins necessarily needs to accept the transactions and include them in the new block being created. The transaction fee is therefore an incentive on the part of the bitcoin user to make sure that a particular transaction will get included into the next block which is generated.
It is envisioned that over time the cumulative effect of collecting transaction fees will allow somebody creating new blocks to "earn" more bitcoins than will be mined from new bitcoins created by the new block itself. This is also an incentive to keep trying to create new blocks even if the value of the newly created block from the mining activity is zero in the far future.
What is also important is that:
Including in Blocks
This section describes how the reference implementation selects which transactions to put into new blocks, with default settings. All of the settings may be changed if a miner wants to create larger or smaller blocks containing more or fewer free transactions.
50,000 bytes in the block are set aside for the highest-priority transactions, regardless of transaction fee. Transactions are added highest-priority-first to this section of the block.
Then transactions that pay a fee of at least 0.00001 BTC/kb are added to the block, highest-fee-per-kilobyte transactions first, until the block is not more than 750,000 bytes big.
The remaining transactions remain in the miner's "memory pool", and may be included in later blocks if their priority or fee is large enough.
Avoiding transaction fee will extremely increase time to confirm your transactions.
0.0001
BTC is CHEAP... please.
Kind regards.
