bitcoind including transaction fees regardless of size?

Bitcoin Forum

May 10, 2024, 03:46:55 PM

Welcome, Guest. Please login or register.

News: Latest Bitcoin Core release: 27.0 [Torrent]

Home

Help

Bitcoin Forum > Bitcoin > Bitcoin Technical Support > bitcoind including transaction fees regardless of size?

Pages: [1]

« previous topic next topic »

Author

Topic: bitcoind including transaction fees regardless of size? (Read 1417 times)

GoldInThemGPUs (OP)

Newbie

Offline

Activity: 7
Merit: 0

bitcoind including transaction fees regardless of size?

May 11, 2011, 01:40:31 AM

I sent a few transactions out recently through bitcoind, and every single one has produced a 0.01 fee, even when the average size of the transactions is 250 bytes (they almost always only had 1 input).

How can I disable the transaction fee when sending smaller amounts? I'm not that concerned about speed, and I don't like the idea of having a payout of 0.25-0.3 BTC being sent with a 4-5% fee attached.

1715356015

Hero Member

Offline

Posts: 1715356015

Ignore

1715356015

1715356015


	Report to moderator

Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!

Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.

Gavin Andresen

Legendary

Offline

Activity: 1652
Merit: 2216

Chief Scientist

Re: bitcoind including transaction fees regardless of size?

May 11, 2011, 02:12:54 AM
Last edit: May 11, 2011, 12:38:49 PM by gavinandresen

Wait a while and they will be free again.

If you are sending 1 BTC (that you just received) in a 250 byte transaction, you need to wait 24 hours (1 day).
Send 0.25 BTC, you'll need to wait 4 days.
Send just 0.01 BTC as a 250 byte transaction, and you need to wait 100 days before you'll be allowed to send it for free.

priority is calculated as: #BTC * #confirmations / transaction size.
Very-low-priority is defined as less than 1 * 144 / 250 (1 BTC, 144 confirmations == 24 hours, 250 bytes), and they require a fee.

The tentative plan is for fees to be reduced to ~~5 mils (0.005 BTC)~~ half a mil (0.0005 BTC) for the next release. Changing the definition of "very low priority" at the same time probably makes sense.

(corrected proposed fee)

How often do you get the chance to work on a potentially world-changing project?

PwrLeveld

Member

Offline

Activity: 336
Merit: 10

Computta Mine Your Own BTC

Re: bitcoind including transaction fees regardless of size?

May 11, 2011, 02:27:08 AM

What is the estimated release tme of the next client?

Dear GOD/GODS and/or MEMBERS OF SUPER-INTELLIGENT ALIEN CIVILIZATIONS: Please let CHAUL JHIN KIM win the NEW ZEALAND POWERBALL JACKPOT. He will use the money to set up his own RESEARCH LAB and find the CURES for CANCER and AGING! He will release the CURES into the PUBLIC DOMAIN! (a la Jonas Salk) EVERYONE regardless of wealth will no longer need to SUFFER! CHILDHOOD CANCER will also be HISTORY! Thank you! - A Faithful Believer. P.S. If anyone is reading this then please pray with me!

Pages: [1]

Bitcoin Forum > Bitcoin > Bitcoin Technical Support > bitcoind including transaction fees regardless of size?

« previous topic next topic »

Jump to: