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Author Topic: bitcoind including transaction fees regardless of size?  (Read 1170 times)
GoldInThemGPUs
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May 11, 2011, 01:40:31 AM
 #1

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.
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Gavin Andresen
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May 11, 2011, 02:12:54 AM
 #2

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)

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PwrLeveld
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May 11, 2011, 02:27:08 AM
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What is the estimated release tme of the next client?
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