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Author Topic: How do I avoid high transaction fees?  (Read 650 times)
tsla
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April 20, 2012, 01:09:16 PM
 #1

Hi, i'm wondering because it says I have to pay 0.35 BTC in fee for sending my 20 bitcoins to MT.GOX. Isn't that a little much?

Is there any way to avoid high fees?
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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neo_rage
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April 20, 2012, 02:12:40 PM
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Just wait. Fee for your btc will be lowered in 1-2 days.

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April 20, 2012, 02:44:58 PM
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The fee depends on how much data is needed to send your transaction, which in turn depends on where your coins came from (since a transaction is just a list of where the coins came from plus where they're going). If you received your 20 BTC in (let's say) 2000 separate payments of 0.01 BTC each, then sending them requires much more data (and thus a much higher fee) than if you received the 20 BTC in a single payment. This also means that if later on you withdraw all your bitcoins from Mt Gox in a single transaction, you'll be able to send them again with a much lower fee, since all the coins came from the same place and thus the transaction requires less data.

Will pretend to do unverifiable things (while actually eating an enchilada-style burrito) for bitcoins: 1K6d1EviQKX3SVKjPYmJGyWBb1avbmCFM4
tsla
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April 20, 2012, 03:21:27 PM
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Oh, i think i get it now, thank you.
Stephen Gornick
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April 20, 2012, 09:28:30 PM
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Oh, i think i get it now, thank you.

Make sure you are using the most recent release as well, as this issue has been addressed.

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April 20, 2012, 10:13:49 PM
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Good info, didn't know... Thanks!
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