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Author Topic: bitcoind including transaction fees regardless of size?  (Read 1250 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)

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