Once you build a transaction and sign it, nobody can change it. They can refuse to relay it so it never gets to a miner, but they can't modify it.
So the worst that would happen if you broadcast a transaction with insufficient fee is that no peers will relay your transaction and it will never get confirmed.
Topic: Bitcoin transaction fee system (Read 514 times)
I am just worried that my specified fee would be overridden by the clients default.
Electrum lets you set whatever you want, IIRR... if it doesn't I could easily make a patch to fix that or perhaps enable it as an expert option.
For consolidation, you could setup a tiny fee for the transaction and just expect to wait a long time... but in personal finance management, time probably doesn't matter so much.
For consolidation, you could setup a tiny fee for the transaction and just expect to wait a long time... but in personal finance management, time probably doesn't matter so much.
Which client allows to override the suggested fee amount? I'd like to consolidate tens of µBTC transactions into a single coin and pay a much lower fee. I'm using 'Armory' as my wallet manager but I guess I could export private keys to another well-known client.
That's the behavior of the default/reference implementation, not all implementations follow this. In theory higher fee transactions should be prioritized but I'm not sure which software, if any, has implemented such a system. (Is it a net slowdown?)
Note to anyone reading this, I'm looking for my first bitcoin mining rig. My room is too cold so a good Radeon 6770 for 40 or so and the opportunity to pay it back in BTC would be nice.
And if anyone knows of a simple to script/encapsulated BTC client let me know. I may try implementing that myself. Also, functionally, fee's are optional, there may not even be a fee on some blocks.
Note to anyone reading this, I'm looking for my first bitcoin mining rig. My room is too cold so a good Radeon 6770 for 40 or so and the opportunity to pay it back in BTC would be nice.
And if anyone knows of a simple to script/encapsulated BTC client let me know. I may try implementing that myself. Also, functionally, fee's are optional, there may not even be a fee on some blocks.
I though I understood the fee system but I was so wrong. Take a look at this transaction http://blockchain.info/tx/f7e67a8236e1cfd38e5679f1cbd08e4d0f337a20947b4c001bdbadfe2fb1abb3. The fee paid was just BTC0.0002 which is less than the BTC0.0005 fee described on the https://en.bitcoin.it/wiki/Transaction_fees#Sending page. As I understood it, since one of the output was less than BTC0.01, the fee should have been BTC0.0005. So why wasn't this the case?
And a follow up question: if the fee is still obligatory and can be set lower like in this case, could the fee have been just 1 satoshi?
And a follow up question: if the fee is still obligatory and can be set lower like in this case, could the fee have been just 1 satoshi?
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