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Author Topic: How to avoid Bitcoin Wallet .0005 fee ???  (Read 6609 times)
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July 02, 2012, 02:22:19 AM
 #1

Using deepbit, wait until .10 BTC send to my empty wallet, try to send the .10 in one chunk and it asks for a fee

WHY??? I only received the BTC from ONE source how is the transactin over the size limit?

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July 02, 2012, 02:24:58 AM
 #2

The "age" of the coins is another factor in the calculation of the tx fee (this is to stop people from creating a DoS attack by constantly spamming the network with very small amounts).

If you wait long enough you'll find that the fee is no longer required.

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July 02, 2012, 03:46:20 AM
 #3

0.10* BTC will need to sit in your wallet for about 10 days before it has aged enough to be sent without a fee.

*corrected

The quality of posts has dropped to such a low level that all users who are participating in a paid signature campaign are added to my ignore list. If you'd like a copy of the list to improve your browsing experience, you can find it here: https://bitcointalk.org/index.php?topic=973843.0 (Updated 2016-1-4)
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July 02, 2012, 04:09:59 AM
 #4

One way that might be feasible to avoid fees would be simply to do this: send your entire wallet balance to yourself once in a while, particularly after receiving small amounts of coins, and then don't send out any coins immediately after doing so.

Sending your entire wallet balance to yourself is usually fee-free, because if you have a mix of older and newer coins, the age will be averaged out.

After you do that, outgoing transactions are usually fee-free if they not too close together in time, because if all your incoming coins are consolidated into a single transaction on the block chain, they'll mature to "fee-free" status the fastest.

Doing this sort of impacts anonymity, it makes your activity less anonymous on the block chain.  As an example, this is how I do my Casascius Coin business, and I pretty much never pay transaction fees, although on the flip side, someone would probably have an easy time identifying all of my activity on the block chain.  The funding of Casascius coins sticks out like a sore thumb on the block chain, and then from there, the rest of my activity is easily found.  (That is, if I don't have a separate wallet that doesn't touch the one I use for my coins!)

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
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July 02, 2012, 06:13:05 AM
 #5

0.01 BTC will need to sit in your wallet for about 10 days before it has aged enough to be sent without a fee.

okay so how long for .10 BTC?

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July 02, 2012, 07:01:11 AM
 #6

If I understand correctly there is a formula for calculating transaction fee's. 

Code:
priority = sum(input_value_in_base_units * input_age)/size_in_bytes

It's at the bottom of this page:

https://en.bitcoin.it/wiki/Transaction_fees

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July 02, 2012, 10:54:28 AM
 #7

okay so how long for .10 BTC?
Typo. Corrected my post.

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July 02, 2012, 01:49:07 PM
 #8

You don't want to send a 50 thousandths of a bitcoin fee, that's about 0.0033 dollars at the current rate (3.3 thousandths of a dollar)?  Huh

It was a cunning plan to have the funny man be the money fan of the punning clan.
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July 02, 2012, 02:03:07 PM
 #9

quit being so cheap.... you should set your client to pay the .001 everytime.....
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July 02, 2012, 02:32:27 PM
 #10

You don't want to send a 50 thousandths of a bitcoin fee, that's about 0.0033 cents Dollars at the current rate (3.3 thousandths of a cent)?  Huh
I think you oops'd a little on your math there...

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420
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July 02, 2012, 04:18:42 PM
 #11

I get it. I just assumed there was a way to avoid who would not save money when they can

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July 02, 2012, 04:20:50 PM
 #12

Well it's still a fraction of what a bank would charge you, it goes towards helping the network.
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July 02, 2012, 04:21:16 PM
 #13

One way that might be feasible to avoid fees would be simply to do this: send your entire wallet balance to yourself once in a while, particularly after receiving small amounts of coins, and then don't send out any coins immediately after doing so.

Sending your entire wallet balance to yourself is usually fee-free, because if you have a mix of older and newer coins, the age will be averaged out.

After you do that, outgoing transactions are usually fee-free if they not too close together in time, because if all your incoming coins are consolidated into a single transaction on the block chain, they'll mature to "fee-free" status the fastest.

Doing this sort of impacts anonymity, it makes your activity less anonymous on the block chain.  As an example, this is how I do my Casascius Coin business, and I pretty much never pay transaction fees, although on the flip side, someone would probably have an easy time identifying all of my activity on the block chain.  The funding of Casascius coins sticks out like a sore thumb on the block chain, and then from there, the rest of my activity is easily found.  (That is, if I don't have a separate wallet that doesn't touch the one I use for my coins!)

When sending bitcoins back to yourself Does it matter if I use a new receiving address or not? (different from what I got the original small transactions to)

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EhVedadoOAnonimato
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July 02, 2012, 04:47:10 PM
 #14

quit being so cheap.... you should set your client to pay the .001 everytime.....

Indeed, it is such a low value, but as we see here, people just don't want to pay an extra transaction fee. People want to feel it's free, even if it isn't. No wonder why hidden fees work so well.

Once someone told me about a psychological study some people conducted. They went to a grocery store and were giving away one subsidized chocolate bar for each person. You could choose among a "high quality chocolate" for $0.15, or the "low quality" chocolate (the brands were well known) for $0.01. Under this scenario, the majority of people would prefer to pay only 15 cents to the high quality chocolate bar.
Another day they repeated the experiment, but decreasing one cent from each price. So, $0,14 for the high quality chocolate, or the low quality chocolate for free. Results switched, most people preferred the free one.

I believe merchants and e-wallets would be more successful if they hide transaction fees from customers somehow. Merchants could get the free transaction and resend it, while paying a fee. E-Wallets could aggregate many transactions in a send-many and eat the fee.
But while bitcoind keeps this hardcoded fee policy, at least the "send free tx to merchant" will not always be possible.
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July 02, 2012, 04:56:49 PM
 #15

If you send 1 transaction with multiple recipients that transaction fee would be hidden sorta Smiley

I set my client to pay .001 fee with every tx. I feel it's very little to pay to help the network... miners/pools Smiley
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July 02, 2012, 05:44:50 PM
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I set my client to pay .001 fee with every tx. I feel it's very little to pay to help the network... miners/pools Smiley

True... except for one thing.

Most of the current pools, pool operator keeps all transaction fees & none goes to miners. only thing miners currently get (in a pool) is their share of mined, freshly generated BTC.

(the fees don't help the majority miners since so few are solo-mining)
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July 03, 2012, 01:36:58 AM
 #17

It takes me about 2 days to be able to move BTC after getting about 15 .1's in a row.
I know I know, it was to test my hot wallet setup though.
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July 03, 2012, 01:48:32 AM
 #18

When sending bitcoins back to yourself Does it matter if I use a new receiving address or not? (different from what I got the original small transactions to)

Not for the purpose of fee avoidance.  Anonymity will be lessened further, that's about the only difference.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
punningclan
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July 03, 2012, 09:46:16 AM
 #19

You don't want to send a 50 thousandths of a bitcoin fee, that's about 0.0033 cents Dollars at the current rate (3.3 thousandths of a dollar)?  Huh
I think you oops'd a little on your math there...
Just slightly but you probably get the point. Embarrassed

It was a cunning plan to have the funny man be the money fan of the punning clan.
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July 03, 2012, 08:06:19 PM
 #20

So where does the .0005 fee go when it is collected?

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