Bitcoin Sending/Receiving Fee Question

[viking02]

So i have blockchain and electrum and will only use these 2 to send/receive btc from gambling sites.  First off, receiving btc is always free right?


For sending btc... i dont have any on blockchain or electrum but when i enter a number of btc in electrum it shows the btc fee as 0.0002 which is around 4 cents usd.  But with blockchain is it the same as in 0.0002 btc?  Im confused b/c i thought sending btc cost 5 or 10 cents... read that a while back.  So does using different way of sending it have different fee?  Such as multibit vs electrum or even hardware wallet?  I know its no big deal but curious on this.

[champbronc2]

Blockchain.info will charge 0.0001 BTC by default. Any wallet you use will charge you a minimum of 0.0001 BTC by default to ensure your transaction is processed in a timely fashion.

You can override the 0.0001 BTC fee in some wallets though and change it to 0. Keep in mind your transaction will then take a longer time to process though.

[ranochigo]

So i have blockchain and electrum and will only use these 2 to send/receive btc from gambling sites.  First off, receiving btc is always free right?


For sending btc... i dont have any on blockchain or electrum but when i enter a number of btc in electrum it shows the btc fee as 0.0002 which is around 4 cents usd.  But with blockchain is it the same as in 0.0002 btc?  Im confused b/c i thought sending btc cost 5 or 10 cents... read that a while back.  So does using different way of sending it have different fee?  Such as multibit vs electrum or even hardware wallet?  I know its no big deal but curious on this.

You can change the fee/kb. The default fee is 0.00001/KB for medium transaction time and 0.0001/kb for high confirmation speed. The size is dependent on the amount of input and output. A priority of 57,600,000 is required for medium-fast confirmation. Priority is determined by size, amount and coinage.

[Q7]

Usually the fees are auto calculated by the programs and there is a certain protocol put in place, to avoid the transaction getting stuck. The normal fee is usually 0.1mbtc unless there are certain conditions that warrants higher fee. the link here explains it very well https://en.bitcoin.it/wiki/Transaction_fees

If you are using electrum, there is an option to adjust the fee but I wouldn't advice you to do that. The program will automatically deny sending of funds if the conditions are not met.

But after having said all that, I just wonder, does additional 10cents fee going to make whole lot of difference?

[ranochigo]

Usually the fees are auto calculated by the programs and there is a certain protocol put in place, to avoid the transaction getting stuck. The normal fee is usually 0.1mbtc unless there are certain conditions that warrants higher fee. the link here explains it very well https://en.bitcoin.it/wiki/Transaction_fees

If you are using electrum, there is an option to adjust the fee but I wouldn't advice you to do that. The program will automatically deny sending of funds if the conditions are not met.

But after having said all that, I just wonder, does additional 10cents fee going to make whole lot of difference?

Probably, transactions are included in blocks based on the the transaction fees, the ones with high transaction fees and priority would be included very fast. If there are two transactions, one with high fees and one with lower fees but have the same priority, the one with higher fee would most likely be included first. It all depends on what the miner's rules are, the miner is free to choose which transaction to include in the block.

[Q7]

Usually the fees are auto calculated by the programs and there is a certain protocol put in place, to avoid the transaction getting stuck. The normal fee is usually 0.1mbtc unless there are certain conditions that warrants higher fee. the link here explains it very well https://en.bitcoin.it/wiki/Transaction_fees

If you are using electrum, there is an option to adjust the fee but I wouldn't advice you to do that. The program will automatically deny sending of funds if the conditions are not met.

But after having said all that, I just wonder, does additional 10cents fee going to make whole lot of difference?

Probably, transactions are included in blocks based on the the transaction fees, the ones with high transaction fees and priority would be included very fast. If there are two transactions, one with high fees and one with lower fees but have the same priority, the one with higher fee would most likely be included first. It all depends on what the miner's rules are, the miner is free to choose which transaction to include in the block.

My statement questions on whether adding more fees that amounts to extra 10 cents going to make any difference in terms of cost.

[Ingatqhvq]

So i have blockchain and electrum and will only use these 2 to send/receive btc from gambling sites.  First off, receiving btc is always free right?


For sending btc... i dont have any on blockchain or electrum but when i enter a number of btc in electrum it shows the btc fee as 0.0002 which is around 4 cents usd.  But with blockchain is it the same as in 0.0002 btc?  Im confused b/c i thought sending btc cost 5 or 10 cents... read that a while back.  So does using different way of sending it have different fee?  Such as multibit vs electrum or even hardware wallet?  I know its no big deal but curious on this.

The  minimum  fee is 0.0001

[Collymore]

It's always free to recieve, though you can try send a transaction without a fee and it'll usually work though it may take a while to confirm and you should try send a small fee to help the miners.

[erikalui]

There is fee charged by Blockchain per transaction and I don't think you can override the fee though but there is an option available for that. The process though will be longer and it depends on how much BTC are you sending and receiving as well.

[Brewins]

So i have blockchain and electrum and will only use these 2 to send/receive btc from gambling sites.  First off, receiving btc is always free right?


For sending btc... i dont have any on blockchain or electrum but when i enter a number of btc in electrum it shows the btc fee as 0.0002 which is around 4 cents usd.  But with blockchain is it the same as in 0.0002 btc?  Im confused b/c i thought sending btc cost 5 or 10 cents... read that a while back.  So does using different way of sending it have different fee?  Such as multibit vs electrum or even hardware wallet?  I know its no big deal but curious on this.

you can change the fee in blockchain and in other wallets. And even send without fees on blockchain and on bitcoin core.

But if you send without fee your transaction might get stuck forever.

[michinzx]

electrum allows you to edit that fee lower

[sifter]

So i have blockchain and electrum and will only use these 2 to send/receive btc from gambling sites.  First off, receiving btc is always free right?


For sending btc... i dont have any on blockchain or electrum but when i enter a number of btc in electrum it shows the btc fee as 0.0002 which is around 4 cents usd.  But with blockchain is it the same as in 0.0002 btc?  Im confused b/c i thought sending btc cost 5 or 10 cents... read that a while back.  So does using different way of sending it have different fee?  Such as multibit vs electrum or even hardware wallet?  I know its no big deal but curious on this.

you can change the fee in blockchain and in other wallets. And even send without fees on blockchain and on bitcoin core.

But if you send without fee your transaction might get stuck forever.

Won't you get it back once it drops from the memory pool? 

[ranochigo]

So i have blockchain and electrum and will only use these 2 to send/receive btc from gambling sites.  First off, receiving btc is always free right?


For sending btc... i dont have any on blockchain or electrum but when i enter a number of btc in electrum it shows the btc fee as 0.0002 which is around 4 cents usd.  But with blockchain is it the same as in 0.0002 btc?  Im confused b/c i thought sending btc cost 5 or 10 cents... read that a while back.  So does using different way of sending it have different fee?  Such as multibit vs electrum or even hardware wallet?  I know its no big deal but curious on this.

you can change the fee in blockchain and in other wallets. And even send without fees on blockchain and on bitcoin core.

But if you send without fee your transaction might get stuck forever.

Won't you get it back once it drops from the memory pool? 

It really depends on the client's behaviour, sometime the client would rebroadcast it continuously and it won't be dropped, thus you can't respend it. Also, your transaction will not get stucked, it will stay there till the priority reaches 57,600,000 as your coin age increases and will be included in the block depending on what is the miners transaction policy of the next block.

[pooya87]

So i have blockchain and electrum and will only use these 2 to send/receive btc from gambling sites.  First off, receiving btc is always free right?

yes! the sender pays the fee not the receiver

For sending btc... i dont have any on blockchain or electrum but when i enter a number of btc in electrum it shows the btc fee as 0.0002 which is around 4 cents usd.  But with blockchain is it the same as in 0.0002 btc?  Im confused b/c i thought sending btc cost 5 or 10 cents... read that a while back.  So does using different way of sending it have different fee?  Such as multibit vs electrum or even hardware wallet?  I know its no big deal but curious on this.

technically the amount of fee suggestion if the settings are the default value should be the same but you can always change it. not in electrum though, electrum doesnt let you send bitcoin with lower fee than suggested

[Herbert2020]

Im confused b/c i thought sending btc cost 5 or 10 cents... read that a while back.  So does using different way of sending it have different fee?  Such as multibit vs electrum or even hardware wallet?  I know its no big deal but curious on this.

price of bitcoin changes from time to time so when you read about the fee in $ a while back it probably was the time when 1 BTC was worth 500$