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Author Topic: Litecoin 1% Fee from Wallet ?  (Read 2335 times)
PoorGirl
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June 10, 2012, 07:30:14 AM
 #1

Hi Guys,

testing the Litecoin Wallet I send 1 LTC to BTC-E. I set the transaction fee to 0,1 LTC so 1,1 LTC left my wallet. OK, got it so far.

But .. I got a popup before I could send it which asked me if I want to add a 1% fee for whatever. Guess this 1% fee is cos my transaction value is so small. Fine. Confirmed and 1,1 LTC left my wallet and 1.00 LTC arrived at BTC-E.

Questions:

1) What happened with the 1% fee ? It has not been taken from me as otherwise 0,99 LTC should have arrived at BTC-E. So were the 1% taken from the 0,10 LTC I had set as a general fee already ?

2) Besides the 1% .. where did the 0,1 LTC went to which I configured in the settings ?

BTC-E.com API C++ Code: http://pastebin.com/YvxmCRL9
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deepceleron
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June 10, 2012, 09:42:29 AM
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Transaction fees are extra money that are earned by the Bitcoin miner that creates the transaction block that contains your Bitcoin transaction. You have to know a few things about how stuff works, so here's a "Bitcoin fees for dummies":

- Outstanding Bitcoin transactions are "packaged up" in to blocks about every 10 minutes by Bitcoin miners,
- Creating a transaction block takes solving a difficult computational challenge, this high difficulty makes it hard to counterfeit the blockchain record of all Bitcoin balances, and the harder it is, the better,
- Miners are rewarded 50BTC when they find a block solution, and it is hard because so many miners are computing trying to get that 50 BTC,
- A miner who create a transaction block also receive all the transaction fees of transactions they include in the block.
- Minimum fees are required for small transactions to discourage spam, the sending of many insignificant amounts that create blockchain bloat,
- A bitcoin transaction consists of inputs and outputs, an input is your bitcoin address, and an output is the recipient of your payment,
- each input and output has an amount of Bitcoins assigned to it; when the input is larger than the output, the remainder is the transaction fee that the miner earns when they include your transaction in the blockchain.
-The fees are not calculated as a percentage by either the client or the minimum fee for small transactions, so I don't know where you get that. They are set amounts.
-The minimum fee for small transaction amounts is a certain amount based on transaction data size, not money amount (currently .0005BTC per KB in Bitcoin). 1 KB is the size of the data in your transaction; you can usually send to several people at once in one transaction before the size grows over 1KB.
-The fee you set in your client is an amount you want to include with every payment you send. This is like a "donation", a way to ensure that your transaction is promptly included in a block by rewarding the miners.
-Only the smaller of the minimum fee and the fee you set in the client is used, they aren't combined.
-Litecoin is dumb, it's one of many Bitcoin knock-offs with little change to the code, usually created for selfish reasons.

legolouman
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July 02, 2012, 08:36:59 PM
 #3

Transaction fees are extra money that are earned by the Bitcoin miner that creates the transaction block that contains your Bitcoin transaction. You have to know a few things about how stuff works, so here's a "Bitcoin fees for dummies":

- Outstanding Bitcoin transactions are "packaged up" in to blocks about every 10 minutes by Bitcoin miners,
- Creating a transaction block takes solving a difficult computational challenge, this high difficulty makes it hard to counterfeit the blockchain record of all Bitcoin balances, and the harder it is, the better,
- Miners are rewarded 50BTC when they find a block solution, and it is hard because so many miners are computing trying to get that 50 BTC,
- A miner who create a transaction block also receive all the transaction fees of transactions they include in the block.
- Minimum fees are required for small transactions to discourage spam, the sending of many insignificant amounts that create blockchain bloat,
- A bitcoin transaction consists of inputs and outputs, an input is your bitcoin address, and an output is the recipient of your payment,
- each input and output has an amount of Bitcoins assigned to it; when the input is larger than the output, the remainder is the transaction fee that the miner earns when they include your transaction in the blockchain.
-The fees are not calculated as a percentage by either the client or the minimum fee for small transactions, so I don't know where you get that. They are set amounts.
-The minimum fee for small transaction amounts is a certain amount based on transaction data size, not money amount (currently .0005BTC per KB in Bitcoin). 1 KB is the size of the data in your transaction; you can usually send to several people at once in one transaction before the size grows over 1KB.
-The fee you set in your client is an amount you want to include with every payment you send. This is like a "donation", a way to ensure that your transaction is promptly included in a block by rewarding the miners.
-Only the smaller of the minimum fee and the fee you set in the client is used, they aren't combined.
-Litecoin is dumb, it's one of many Bitcoin knock-offs with little change to the code, usually created for selfish reasons.

As stated in a bullet, Litecoin is similar to the Bitcoin chain. The Litecoin fee protocol works similarly to Bitcoin.

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