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axel2078 (OP)
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October 12, 2014, 04:35:37 PM |
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I just installed bitcoin core on my mac a few days ago and it finally finished syncing. I have a question though. Can someone explain the "transanction" fee portion that you can set within the options? I know there is a low default value that is set, but you have the ability to increase the transaction fees. Why would you do this?
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BitcoinExchangeIndia.com
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October 12, 2014, 04:38:52 PM |
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I just installed bitcoin core on my mac a few days ago and it finally finished syncing. I have a question though. Can someone explain the "transanction" fee portion that you can set within the options? I know there is a low default value that is set, but you have the ability to increase the transaction fees. Why would you do this?
Standard Tx fee at the moment is 0.0001 BTC. There is a provision to modify it because higher tx fee will ensure quicker inclusion of your Tx in a block. On the other side, u may not give any Tx fee at all, but that will risk the confirmation time of your Tx. So it is recommended to carry the standard. |
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SirLolicon
Sr. Member
 Offline
Activity: 322
Merit: 250
Sound Engineer for Hire
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October 12, 2014, 04:42:36 PM |
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I just installed bitcoin core on my mac a few days ago and it finally finished syncing. I have a question though. Can someone explain the "transanction" fee portion that you can set within the options? I know there is a low default value that is set, but you have the ability to increase the transaction fees. Why would you do this?
Standard Tx fee at the moment is 0.0001 BTC. There is a provision to modify it because higher tx fee will ensure quicker inclusion of your Tx in a block. On the other side, u may not give any Tx fee at all, but that will risk the confirmation time of your Tx. So it is recommended to carry the standard. This, and sometimes if the amount is too low and without a transaction fee, it may not be confirmed at all |
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axel2078 (OP)
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October 12, 2014, 04:47:48 PM |
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I just installed bitcoin core on my mac a few days ago and it finally finished syncing. I have a question though. Can someone explain the "transanction" fee portion that you can set within the options? I know there is a low default value that is set, but you have the ability to increase the transaction fees. Why would you do this?
Standard Tx fee at the moment is 0.0001 BTC. There is a provision to modify it because higher tx fee will ensure quicker inclusion of your Tx in a block. On the other side, u may not give any Tx fee at all, but that will risk the confirmation time of your Tx. So it is recommended to carry the standard. Thank you very much for the info. I see that right now 0.0001 BTC translates into roughly $0.0364 USD. Is there a recommended minimum transaction fee to ensure quicker inclusion of your transaction in a block? Would 0.0008252 BTC ($0.30 USD) be sufficient? |
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BitcoinExchangeIndia.com
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October 12, 2014, 04:51:55 PM |
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I just installed bitcoin core on my mac a few days ago and it finally finished syncing. I have a question though. Can someone explain the "transanction" fee portion that you can set within the options? I know there is a low default value that is set, but you have the ability to increase the transaction fees. Why would you do this?
Standard Tx fee at the moment is 0.0001 BTC. There is a provision to modify it because higher tx fee will ensure quicker inclusion of your Tx in a block. On the other side, u may not give any Tx fee at all, but that will risk the confirmation time of your Tx. So it is recommended to carry the standard. Thank you very much for the info. I see that right now 0.0001 BTC translates into roughly $0.0364 USD. Is there a recommended minimum transaction fee to ensure quicker inclusion of your transaction in a block? Would 0.0008252 BTC ($0.30 USD) be sufficient? 0.0008252 BTC is more than sufficient in my opinion. |
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axel2078 (OP)
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October 12, 2014, 05:00:25 PM |
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Thanks again. I'm not yet familiar with the bitcoin-qt client because it just now finished syncing. Can you buy bitcoins using the client, or do you still have to go through an exchange?
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BitcoinExchangeIndia.com
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October 12, 2014, 05:25:45 PM |
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Thanks again. I'm not yet familiar with the bitcoin-qt client because it just now finished syncing. Can you buy bitcoins using the client, or do you still have to go through an exchange?
No, you cant buy bitcoin within bitcoin-QT. U can use it to accept bitcoins bought from an exchange. |
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axel2078 (OP)
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October 12, 2014, 05:27:18 PM |
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Thanks again. I'm not yet familiar with the bitcoin-qt client because it just now finished syncing. Can you buy bitcoins using the client, or do you still have to go through an exchange?
No, you cant buy bitcoin within bitcoin-QT. U can use it to accept bitcoins bought from an exchange. Gotcha. Thanks again! |
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axel2078 (OP)
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October 12, 2014, 05:33:53 PM |
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One more question. Is bitcoin-qt just another bitcoin wallet, or does the client also make your computer a node on the Bitcoin network, thus offering your computing power and memory as peer-to-peer resources for the network and extending its backbone?
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SirLolicon
Sr. Member
Offline
Activity: 322
Merit: 250
Sound Engineer for Hire
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October 12, 2014, 05:38:16 PM |
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One more question. Is bitcoin-qt just another bitcoin wallet, or does the client also make your computer a node on the Bitcoin network, thus offering your computing power and memory as peer-to-peer resources for the network and extending its backbone?
Bitcoin-QT is a wallet, a very secure wallet. It downloads the entire blockchain has a stronger backbone compared to other wallets. It is not a node though. |
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Pony789
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October 13, 2014, 02:51:31 PM |
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One more question. Is bitcoin-qt just another bitcoin wallet, or does the client also make your computer a node on the Bitcoin network, thus offering your computing power and memory as peer-to-peer resources for the network and extending its backbone?
Bitcoin-QT is a wallet, a very secure wallet. It downloads the entire blockchain has a stronger backbone compared to other wallets. It is not a node though. If you want to run a full node, just run bitcoin-qt and forward port 8333 on your machine. https://bitcointalk.org/index.php?topic=128122.0The CPU usage and RAM usage would be pretty low, but then you should notice a big jump in your bandwidth usage.  |
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micheline
Newbie
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Activity: 42
Merit: 0
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October 13, 2014, 06:48:08 PM |
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If you want to run a full node, just run bitcoin-qt and forward port 8333 on your machine. https://bitcointalk.org/index.php?topic=128122.0The CPU usage and RAM usage would be pretty low, but then you should notice a big jump in your bandwidth usage. CPU usage is substantial on my laptop during synchronization and on incoming transactions. Of course it's an older model. If you want to help the network the CPU should be able to validate transactions quickly enough. |
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Salmon1989
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October 13, 2014, 07:07:51 PM |
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If you want to run a full node, just run bitcoin-qt and forward port 8333 on your machine. https://bitcointalk.org/index.php?topic=128122.0The CPU usage and RAM usage would be pretty low, but then you should notice a big jump in your bandwidth usage. CPU usage is substantial on my laptop during synchronization and on incoming transactions. Of course it's an older model. If you want to help the network the CPU should be able to validate transactions quickly enough. When you are doing initial sync, your CPU is handling 5 years' tx in a day or two, and so it is normal to have a busy CPU. But for running a full node, your CPU just need to handle a few tx a second, and so the CPU usage should be lower. |
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