Actual transfer fees? | Bitcointalksearch.org

deluxeCITY

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Quote from: SaltySpitoon on December 29, 2014, 01:22:41 AM

There was an 80 million dollar transaction recently, and the transaction fee was around 4 cents. Had a lot of people grinning.

As others have said, the individual sending the coins sets how much of a fee they want to set. You can set 0 transaction fee, however most miners require the "standard" 0.0001 BTC fee to place your transaction into a block. So if you cheap it up and don't include a fee, you could be waiting some time to find a miner willing to confirm your transaction.

The transaction you are referring to likely could have included no fee and would probably have gotten confirmed just as quickly (due to enough bitcoin days were destroyed). I would say that they included such a fee because many people include the "standard" fee of .0001 on every transaction, regardless of if it is actually needed

SaltySpitoon

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Welcome to the SaltySpitoon, how Tough are ya?

There was an 80 million dollar transaction recently, and the transaction fee was around 4 cents. Had a lot of people grinning.

As others have said, the individual sending the coins sets how much of a fee they want to set. You can set 0 transaction fee, however most miners require the "standard" 0.0001 BTC fee to place your transaction into a block. So if you cheap it up and don't include a fee, you could be waiting some time to find a miner willing to confirm your transaction.

Ingatqhvq

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The Min fees is only 0.0001 BTC, you can send any amount of btc at one time.

Willisius

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Quote from: Remember remember the 5th of November on December 28, 2014, 07:13:44 PM

Quote from: ik_do on December 27, 2014, 11:47:02 AM

Hey,
Just trying to figure out what the transfer fees would be for a range of sums ranging from $1000-$100,000 USD (i.e. 3.18-318.22 BTC) from wallet>wallet.

What would the lowest/highest possible fees be (or worst case/best case if you want to call it that)?

Thanks.

(I did try and google this using a range of keywords but couldn't find a concrete answer)

Look at this TX https://blockchain.info/tx/8f1d3a8ef6b2d4a25d2f499279e01518b4770819ccbc39a765c4c326170c61b3

Fee:0.0001.

That TX is way way bigger than what you want to transfer(217,517 BTC). And if they chose to, they could have sent it with a ZERO fee and it would still have confirmed due to the priority being higher.

One thing that most people are not used to is the fact that the bitcoin protocol gives higher priority (and a lower default cost) to transactions that spend more bitcoin (all else being equal) as transactions with more bitcoin days destroyed are given priority

Remember remember the 5th of November

legendary

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Quote from: ik_do on December 27, 2014, 11:47:02 AM

Hey,
Just trying to figure out what the transfer fees would be for a range of sums ranging from $1000-$100,000 USD (i.e. 3.18-318.22 BTC) from wallet>wallet.

What would the lowest/highest possible fees be (or worst case/best case if you want to call it that)?

Thanks.

(I did try and google this using a range of keywords but couldn't find a concrete answer)

Look at this TX https://blockchain.info/tx/8f1d3a8ef6b2d4a25d2f499279e01518b4770819ccbc39a765c4c326170c61b3

Fee:0.0001.

That TX is way way bigger than what you want to transfer(217,517 BTC). And if they chose to, they could have sent it with a ZERO fee and it would still have confirmed due to the priority being higher.

bf4btc

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Quote from: AFK on December 28, 2014, 07:32:33 AM

I use 0.000001 BTC as fee. It takes a few hours to confirm, but I don't hurry

Generally speaking if you use this fee it will have the same effect as pushing a no fee transaction, so you might as well not include a fee.

Quote from: wadili89 on December 28, 2014, 08:16:04 AM

The standard fee is 0.1 mBTC and its the same regardless of the amount of the transaction.

If the transaction size is big due to a lot of dust inputs then a higher transaction fee is necessary. All the transactions can be done with a 0 fee, but there is a chance that it may get and remain stuck.

It will not remain stuck if the miners do not confirm the transaction. If after 24 hours a tx is not confirmed then it will fall out of nodes' memory pool which will effectively make the inputs spendable again

Quote from: HeroCat on December 28, 2014, 08:32:40 AM

I think the lowest transfer fee would be 0.0001 BTC, and the highest is up to you Grin

the lowest fee is zero. The highest fee you will probably need is .0001 btc, however it may need to be higher if the transaction has a lot of inputs and/or outputs

SirChiko

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The bigger fee=the faster confirmation (atleast circa 10 minutes anyway) and you are not required to pay fee but your transaction may get stuck if you don't do so.

HeroCat

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I think the lowest transfer fee would be 0.0001 BTC, and the highest is up to you Grin

wadili89

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The standard fee is 0.1 mBTC and its the same regardless of the amount of the transaction.

If the transaction size is big due to a lot of dust inputs then a higher transaction fee is necessary. All the transactions can be done with a 0 fee, but there is a chance that it may get and remain stuck.

AFK

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I use 0.000001 BTC as fee. It takes a few hours to confirm, but I don't hurry

Jerrietg

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0.0001 fee is enough to get the 1 confirm quickly

0 fee also can transfer but you will need a long time to get 1 confirm
maybe 1 hour 1day 1week .....

panju1

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The minimum acceptable bitcoin fees is a function of the priority (age) of your coins, number of inputs and number of outputs.
Old and high value coins have higher priority.
I would suggest you go through this link to get an idea of the exact calculations involved.
http://bitcoinfees.com/

shorena

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Quote from: ik_do on December 27, 2014, 12:29:01 PM

Quote from: Soros Shorts on December 27, 2014, 12:19:43 PM

The highest possible fee could be significant if your transaction consists of dust inputs. If all the dust does not fit into a 1MB block you will need to do multiple transactions. In practical terms the the monetary value of the transaction has only a small impact on fee if dust is not involved. In the old days when fees were higher people often consolidated smaller inputs over time for a minimal/zero fees into a single address so that they can spend the larger amount with standard fees.

Thanks for the reply. I did read a fair amount about the dust inputs but still felt a little confused.

So essentially what you're saying is that if someone really wanted to, they could transfer large sums (provided they organized it as per what you wrote) with minimal fees?

The amount of value does matter very little. The size of the transaction in bytes as well es the age and size (in btc) for each input used determines the priority. The higher the priority the faster the TX gets confirmed. A fee adds an incentive for the miners to confirm the TX even though it has a low priority.

E.g. a single input and a single output with a value of 1 BTC where the input was confirmed 24 hours prior to broadcasting the TX should confirm fast even without a fee.

Meuh6879

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Quote from: ik_do on December 27, 2014, 11:47:02 AM

What would the lowest/highest possible fees be (or worst case/best case if you want to call it that)?

Accordly to this chart : http://btc.blockr.io/charts

Min = normal fees = 0,0001 BTC
Max = sum of all fees in 1 block = 0,1 BTC

So, the only problem is the sum of transactions ... in your wallet. Grin

Tstar

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minimum fees is 0.000000
but it can take long time to confirm your transaction
it is always recommended to pay atleast 0.0001 fees if you want to confirm your transaction fast and don't want to wait longer
higher fees = fastest possible transaction confirmation

slacknation

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agree with above,
0.0001 fee and you will have no problems with the transaction

ik_do

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Quote from: Soros Shorts on December 27, 2014, 12:19:43 PM

The highest possible fee could be significant if your transaction consists of dust inputs. If all the dust does not fit into a 1MB block you will need to do multiple transactions. In practical terms the the monetary value of the transaction has only a small impact on fee if dust is not involved. In the old days when fees were higher people often consolidated smaller inputs over time for a minimal/zero fees into a single address so that they can spend the larger amount with standard fees.

Thanks for the reply. I did read a fair amount about the dust inputs but still felt a little confused.

So essentially what you're saying is that if someone really wanted to, they could transfer large sums (provided they organized it as per what you wrote) with minimal fees?

Soros Shorts

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The highest possible fee could be significant if your transaction consists of dust inputs. If all the dust does not fit into a 1MB block you will need to do multiple transactions. In practical terms the the monetary value of the transaction has only a small impact on fee if dust is not involved. In the old days when fees were higher people often consolidated smaller inputs over time for a minimal/zero fees into a single address so that they can spend the larger amount with standard fees.

mikewirth

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Quote from: ik_do on December 27, 2014, 11:47:02 AM

Hey,
Just trying to figure out what the transfer fees would be for a range of sums ranging from $1000-$100,000 USD (i.e. 3.18-318.22 BTC) from wallet>wallet.

What would the lowest/highest possible fees be (or worst case/best case if you want to call it that)?

Thanks.

(I did try and google this using a range of keywords but couldn't find a concrete answer)

Lowest fee is ZERO (presently, fees less than zero are not allowed by the bitcoin protocol) for $100,000.

You can chose whatever fee you like higher than zero to improve the time (reduce) your transaction will confirm. Pretty simple!

If you'd like your transaction to confirm in a short time, I'd recommend at least .0001 fee.

ik_do

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Hey,
Just trying to figure out what the transfer fees would be for a range of sums ranging from $1000-$100,000 USD (i.e. 3.18-318.22 BTC) from wallet>wallet.

What would the lowest/highest possible fees be (or worst case/best case if you want to call it that)?

Thanks.

(I did try and google this using a range of keywords but couldn't find a concrete answer)

Topic: Actual transfer fees? (Read 1283 times)