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Topic: Bitcoin transfer fees (Read 952 times)

legendary
Activity: 1596
Merit: 1012
Democracy is vulnerable to a 51% attack.
July 28, 2011, 02:13:16 AM
#5
So I got by first bitcents in my wallet and I wanted to transfer them somewhere else, but the client says that I must pay a fee of 0.0005 because the transaction is over a file size limit. Is this because the amount is too small, because the bitcents are too recent or because of something else? I have nearly 200 confirmations...
Most likely, it's because you are trying to "gather" a large number of small payments into one pile. Try to avoid large numbers of small payments if possible.
member
Activity: 112
Merit: 10
July 28, 2011, 12:05:02 AM
#4
Yes, small amounts or new coins can make the transaction "expensive" in kilobyes which means it has a lower priority, and some miners will not accept transactions with too low of a priority. Providing a fee along with it raises the priority to offset the fact that the coins are new.

But really, 0.0005 is a pretty small fee.  If you're gonna send someone 0.04 btc and it asks for a fee, 0.0405 is not that much more.  If 0.04 btc is all you have, you can send 0.0395 with a 0.0005 fee.
hero member
Activity: 602
Merit: 502
July 12, 2011, 01:33:10 PM
#3
I was trying to send 0.04 btc that I got a few days ago. So the best option is to make large transfers of old coins, right?
member
Activity: 112
Merit: 10
July 12, 2011, 12:19:03 PM
#2
It's a combination of many things, but how many coins you're sending and how recently you acquired them are big factors. I think sending anything .01 or below will trigger a .0005 tx fee in the current version of the client, it used to be .01 fee but was reduced.
hero member
Activity: 602
Merit: 502
July 12, 2011, 11:11:31 AM
#1
So I got by first bitcents in my wallet and I wanted to transfer them somewhere else, but the client says that I must pay a fee of 0.0005 because the transaction is over a file size limit. Is this because the amount is too small, because the bitcents are too recent or because of something else? I have nearly 200 confirmations...
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