The transaction fee is just ridiculous.

[Walter Rothbard]

If I put up a sign that says you must do something, that doesn't actually mean you MUST do it.  It just means that's my opinion.

In this case, there's nothing forcing you to include a transaction fee.  There are numerous alternatives documented on this thread.

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[etotheipi]

The transaction fee logic implemented by Armory matches that of the Bitcoin Core client itself.  If you were to include a fee lower than the fee there, the transaction will be DOA when you try to broadcast it.  The Bitcoin network would never see it.  Therefore, if you want your transaction to be accepted by the network you really must include that fee.

The fee does not go to Armory or even Bitcoin Core developers.  The fees are set and collected by the miners that keep the network secure.  We simply must follow those fees, knowing that just about anyone can be a miner and thus there is built-in competition to keep fees low.

In this case, your fee is higher than normal, probably due to your transaction combining lots of inputs, and being very large in size (in terms of bytes, not BTC).  This is a defensive mechanism of the network, to make it expensive to fill up the blockchain with lots of data.  Unfortunately, most of the time you have no control over this parameter and you simply must follow it.  Most of the time it's negligible compared to the tx size, but not always.  This is one reason people believe that Bitcoin won't be good for microtransactions, because the cost of those transactions (in terms of fee) exceeds the value of the transactions themselves.

[CircusPeanut]

...

In this case, your fee is higher than normal, probably due to your transaction combining lots of inputs, and being very large in size (in terms of bytes, not BTC). ...

Actually, that is not necessarily true. If you are getting the message that you "must" pay specifically "0.001" that is probably an indication that your version of Armory is out of date. 0.001 was the old standard min fee, it's now 0.0001. Upgrade to the latest of Armory and you will save 90% on your taxes.

Another thing that might be lost in translation on this thread is that Armory should be allowing you to send transactions for free whenever the network will allow it. If not, your transaction outputs are probably not old enough or big enough to earn them a free trip.

[awesome31312]

The transaction fee logic implemented by Armory matches that of the Bitcoin Core client itself.  If you were to include a fee lower than the fee there, the transaction will be DOA when you try to broadcast it.  The Bitcoin network would never see it.  Therefore, if you want your transaction to be accepted by the network you really must include that fee.

The fee does not go to Armory or even Bitcoin Core developers.  The fees are set and collected by the miners that keep the network secure.  We simply must follow those fees, knowing that just about anyone can be a miner and thus there is built-in competition to keep fees low.

In this case, your fee is higher than normal, probably due to your transaction combining lots of inputs, and being very large in size (in terms of bytes, not BTC).  This is a defensive mechanism of the network, to make it expensive to fill up the blockchain with lots of data.  Unfortunately, most of the time you have no control over this parameter and you simply must follow it.  Most of the time it's negligible compared to the tx size, but not always.  This is one reason people believe that Bitcoin won't be good for microtransactions, because the cost of those transactions (in terms of fee) exceeds the value of the transactions themselves.

Hey, I wasn't actually expecting you to read this, or actually go as far as responding to it  

Armory's great, in fact, it's been the only client I use!

...Upgrade to the latest of Armory and you will save 90% on your taxes.

Needs to be a pop-up ad

[blumangroup]

The transaction fee logic implemented by Armory matches that of the Bitcoin Core client itself.  If you were to include a fee lower than the fee there, the transaction will be DOA when you try to broadcast it.  The Bitcoin network would never see it.  Therefore, if you want your transaction to be accepted by the network you really must include that fee.

There are plenty of TXs that are rebroadcast by the nodes that include less then the "required" fee. Individual TX fee policies are set by the miners who are solo mining and the pools that the other miners are mining on behalf of. If a miner wanted to include a TX that includes less then the "required" fee then they can do this and their block will confirm assuming that it would not otherwise be orphaned and does not contain any invalid TXs in the block

[zimmah]

We are FORCED to pay a tax upon every transaction, and they say Bitcoin doesn't have any taxes? That's just pure crap. Taxation is unconstitutional theft via armed extortion. In Bitcoin's case, it's unavoidable, and is without the armed extortion (YOU ARE FORCED TO PAY).

No one forces you to pay to fees.

If you want to do a transaction without fees you totally can. It just may take a little longer to confirm, but it will eventually go through.

[MultipliedCombo]

Well, if you think that Armory is enforcing unfair fees, then you can switch to a different wallet.

Each wallet has a different approach to fees. An example is that Bitcoin-QT has a compulsory 0.0025 BTC fee with each transaction (when I last checked), and Blockchain.info's wallet has a custom fee you can change, but the fees of previous transactions may build-up to hit you in a later date.

[redhawk979]

Well, if you think that Armory is enforcing unfair fees, then you can switch to a different wallet.

Each wallet has a different approach to fees. An example is that Bitcoin-QT has a compulsory 0.0025 BTC fee with each transaction (when I last checked), and Blockchain.info's wallet has a custom fee you can change, but the fees of previous transactions may build-up to hit you in a later date.

Literally this thread:

"Nobody is FORCING you to get to the city by using your car, you can totally just take a bike and NOT pay for gas but it will take you a bit longer to get there."

Thats technically true, but its not practical in the slightest, which is pretty much the OP's argument.

[ellen_me]

I always thought that it the BTC, it will be a fees free world. :p
Oh okay, just little fees compared to others.

[vm89]

You can not pay but of course you would pay by the extremely long wait time to get confirmations, I agree the standard fee is high however.

[jbreher]

An example is that Bitcoin-QT has a compulsory 0.0025 BTC fee with each transaction (when I last checked)

It must have been a while since you checked.

Bitcoin-QT>Preferences>Wallet>'Pay transaction fee' allows being set to 0.00000000.

[Dabs]

Seriously, what's the rush? It's not like I'm paying for emergency services (which by the way, are not feasible to pay for using Bitcoin and is therefore the reason Bitcoin can never replace fiat)

If I were a doctor, and some guy sent me bitcoin to have me operate on him and save his life, I wouldn't even need to wait for a confirmation or block to see in 10 seconds that the transaction will probably get included in the chain.

But since, if I were a doctor, I'd probably work on saving your ass anyway first and worry later about how you are going to pay. Maybe by the time the surgery is done, I'd already have 6 confirmations and it won't be an issue anymore.


Bitcoin is, in my opinion, the safest way I can accept a large payment where I am sure it won't be reversed, bounce, or declined.

I'm selling a car for 10 BTC. Once I see the transaction on the network, I wait 20 seconds, then I hand over the keys to you. Go away and drive. Have fun!

[R2D221]

Literally this thread:

"Nobody is FORCING you to get to the city by using your car, you can totally just take a bike and NOT pay for gas but it will take you a bit longer to get there."

Thats technically true, but its not practical in the slightest, which is pretty much the OP's argument.

So, do you want free gas? Somebody has to pay for it.

[torry28]

The transaction fee logic implemented by Armory matches that of the Bitcoin Core client itself.  If you were to include a fee lower than the fee there, the transaction will be DOA when you try to broadcast it.  The Bitcoin network would never see it.  Therefore, if you want your transaction to be accepted by the network you really must include that fee.

Actually if you have old coins, you can send with no fee and the transaction broadcast fine. Not sure if Armory allow no fee transactions, but the point of this thread is every wallet should allow no fee transactions if it meets no fee rules...

[Walter Rothbard]

Well, if you think that Armory is enforcing unfair fees, then you can switch to a different wallet.

Each wallet has a different approach to fees. An example is that Bitcoin-QT has a compulsory 0.0025 BTC fee with each transaction (when I last checked), and Blockchain.info's wallet has a custom fee you can change, but the fees of previous transactions may build-up to hit you in a later date.

Literally this thread:

"Nobody is FORCING you to get to the city by using your car, you can totally just take a bike and NOT pay for gas but it will take you a bit longer to get there."

Thats technically true, but its not practical in the slightest, which is pretty much the OP's argument.

And the point of the rest of us is that other people are not obligated to make things more practical for you at their expense.

When you get your way at the expense of other people, that's the opposite of freedom.  It's not much good to get "freedom" if it comes by taking it away from other people.

[RustyNomad]

Just though I would post this here seeing as this thread is about the miner fees.

I reported an 'error' to Circle earlier as no miner fee was taken on my tx's. They informed me that Circle pays all the miner fees on behalf of their customers. Not sure for how long they will be doing this and or if this is a permanent arrangement or just a promotion.

[Walter Rothbard]

Just though I would post this here seeing as this thread is about the miner fees.

I reported an 'error' to Circle earlier as no miner fee was taken on my tx's. They informed me that Circle pays all the miner fees on behalf of their customers. Not sure for how long they will be doing this and or if this is a permanent arrangement or just a promotion.

That's how Coinbase has also worked as long as I've used them.

[keithers]

I'm not so sure why anyone would be so against the fee when it is as small as it is.   You seriously don't even notice it.  IMO  it helps the system keep moving, if everyone decides to remove the transaction fees completely, we would probably be taking a big step back...

[jbrnt]

The lack of knowledge on this thread is mind blowing.
http://www.coindesk.com/bitcoin-core-floating-transaction-fees/

I am interested in this new floating fee mechanism. I managed to find a few articles on it but none had any details on the new rules. This one mentioned a new setting "txconfirmtarget":
http://www.bitcoinx.com/bitcoin-core-update-to-include-floating-fees

Where can I find more details on this new fee system?

[sealberrder]

The zero fees are usefull when joining dust with your aged coin. You doing this way favor to the blockchain because you reduce network unspent inputs and thus lowering memory and CPU cycles requirements for Bitcoin core. But using zero fee tx for creating more outputs from fever inputs should be not allowed...