Blockchain miners fee | Bitcointalksearch.org

Mayuyu48

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Quote from: s1ng on June 23, 2014, 02:26:55 AM

yes i earn from faucet (freebitcoin & zebra )
my trx size : 4576 (bytes)

it's reasonable to pay 60k satoshi when your tx size is 4576 bytes
i suggest you are not often to withdraw your faucet balance if you want small tx fee
or use another bitcoin address as your main address (not address whose use for faucet withdrawal)

s1ng

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Quote from: ranochigo on June 23, 2014, 01:23:10 AM

You can set the fee yourself, however, if you have alot of inputs or outputs, you will need a higher fee as the size is bigger. The calculation method is stated below.

Code:

Transaction priority is calculated as a value-weighted sum of input age, divided by transaction size in bytes:

priority = sum(input_value_in_base_units * input_age)/size_in_bytes

Transactions need to have a priority above 57,600,000 to avoid the enforced limit (as of client version 0.3.21). This threshold is written in the code as COIN * 144 / 250, suggesting that the threshold represents a one day old, 1 btc coin (144 is the expected number of blocks per day) and a transaction size of 250 bytes.

So, for example, a transaction that has 2 inputs, one of 5 btc with 10 confirmations, and one of 2 btc with 3 confirmations, and has a size of 500bytes, will have a priority of

(500000000 * 10 + 200000000 * 3) / 500 = 11,200,000

well i must learn more about this, thanks

Quote from: Mayuyu48 on June 23, 2014, 01:25:05 AM

Quote from: s1ng on June 23, 2014, 01:15:01 AM

recently i send BTC 0.132 to another wallet
The Fee must be 10k satos, but they charge me 60k satos !
Is that depend on how big the transaction ?
Can you tell me the example of the transaction that cost big fee ?
thanks

care to share your tx link here?
i'm sure this is because your tx is more than 1 KB
1 KB tx = 10k satoshi fee
60k satoshi fee means you have around 5 KB tx
i think this is because too many small input transaction. are you using faucet to earn bitcoin?

yes i earn from faucet (freebitcoin & zebra )
my trx size : 4576 (bytes)

Mayuyu48

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Activity: 644

Merit: 500

Quote from: s1ng on June 23, 2014, 01:15:01 AM

recently i send BTC 0.132 to another wallet
The Fee must be 10k satos, but they charge me 60k satos !
Is that depend on how big the transaction ?
Can you tell me the example of the transaction that cost big fee ?
thanks

care to share your tx link here?
i'm sure this is because your tx is more than 1 KB
1 KB tx = 10k satoshi fee
60k satoshi fee means you have around 5 KB tx
i think this is because too many small input transaction. are you using faucet to earn bitcoin?

Quote from: ranochigo on June 22, 2014, 10:19:11 PM

You can try using coinbase, They pay transaction fees for transactions above 0.001. But still, it is a centralised wallet does have a higher chance of your coins getting stolen.

coinbase is bad idea since we can't control our private key there Sad

ranochigo

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Quote from: s1ng on June 23, 2014, 01:15:01 AM

recently i send BTC 0.132 to another wallet
The Fee must be 10k satos, but they charge me 60k satos !
Is that depend on how big the transaction ?
Can you tell me the example of the transaction that cost big fee ?
thanks

You can set the fee yourself, however, if you have alot of inputs or outputs, you will need a higher fee as the size is bigger. The calculation method is stated below.

Code:

Transaction priority is calculated as a value-weighted sum of input age, divided by transaction size in bytes:

priority = sum(input_value_in_base_units * input_age)/size_in_bytes

Transactions need to have a priority above 57,600,000 to avoid the enforced limit (as of client version 0.3.21). This threshold is written in the code as COIN * 144 / 250, suggesting that the threshold represents a one day old, 1 btc coin (144 is the expected number of blocks per day) and a transaction size of 250 bytes.

So, for example, a transaction that has 2 inputs, one of 5 btc with 10 confirmations, and one of 2 btc with 3 confirmations, and has a size of 500bytes, will have a priority of

(500000000 * 10 + 200000000 * 3) / 500 = 11,200,000

s1ng

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Merit: 1001

recently i send BTC 0.132 to another wallet
The Fee must be 10k satos, but they charge me 60k satos !
Is that depend on how big the transaction ?
Can you tell me the example of the transaction that cost big fee ?
thanks

ranochigo

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You can try using coinbase, They pay transaction fees for transactions above 0.001. But still, it is a centralised wallet does have a higher chance of your coins getting stolen.

Mayuyu48

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Activity: 644

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I see many big amount of transactions don't include fee for its transaction
and still get confirmed, why?

Quote from: Habeler876 on June 22, 2014, 06:51:29 PM

Quote from: roslinpl on June 22, 2014, 06:47:26 PM

a fee is 0.0001BTC - is that too much?
You can always install Bitcoin Core and set your fee at 0.0000BTC - not recommended.

You can also set a 0 fee with Blockchain.info -- but again not recommended. Unless you are sending tiny, tiny micro-payments, the fee is actually quite small. I hardly even think about it.

hmm, i think hard to get confirmed if we send tiny micro payment if we don't add fee

ranochigo

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It is calculated by your coin age, your size of transaction and the amount of outputs and inputs. If you have a lot of outputs or inputs, you have to pay a fee since the size of your transaction is bigger. If your outputs have a minimum of 0.01 and you have little input transaction and output transaction, you need not pay a fee. Your priority depends on your amount of fees, coin age, size of transaction and dust transaction have a low priority than higher amounts of transactions.

polynesia

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The fees is what you pay to ensure that your transactions get confirmed quickly.
Please refer to the below website for detailed information on transaction fees.

http://bitcoinfees.com/

Habeler876

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Quote from: roslinpl on June 22, 2014, 06:47:26 PM

a fee is 0.0001BTC - is that too much?
You can always install Bitcoin Core and set your fee at 0.0000BTC - not recommended.

You can also set a 0 fee with Blockchain.info -- but again not recommended. Unless you are sending tiny, tiny micro-payments, the fee is actually quite small. I hardly even think about it.

roslinpl

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Quote from: alex21btc on June 22, 2014, 03:20:06 PM

Hi,

Always when I send bitcoins from blockchain, I must pay miners fee too. Sad

What is miners fee? And I think that bitcoin decentralized value and no bank so doesnt should be no tax or fee?

1.Can I disable miners fee in blockchain?
2.And who are this miners who get my money?
3.And who confirms my transaction?

ad.2. and ad.3. Miners are confirming your transactions.

Quote from: Bitcoin WIki

Transaction fees may be included with any transfer of bitcoins from one address to another. At the moment, many transactions are typically processed in a way where no fee is expected at all, but for transactions which draw coins from many bitcoin addresses and therefore have a large data size, a small transaction fee is usually expected.

The transaction fee is processed by and received by the bitcoin miner. When a new bitcoin block is generated with a successful hash, the information for all of the transactions is included with the block and all transaction fees are collected by that user creating the block, who is free to assign those fees to himself.

Transaction fees are voluntary on the part of the person making the bitcoin transaction, as the person attempting to make a transaction can include any fee or none at all in the transaction. On the other hand, nobody mining new bitcoins necessarily needs to accept the transactions and include them in the new block being created. The transaction fee is therefore an incentive on the part of the bitcoin user to make sure that a particular transaction will get included into the next block which is generated.

It is envisioned that over time the cumulative effect of collecting transaction fees will allow somebody creating new blocks to "earn" more bitcoins than will be mined from new bitcoins created by the new block itself. This is also an incentive to keep trying to create new blocks even if the value of the newly created block from the mining activity is zero in the far future.

a fee is 0.0001BTC - is that too much?
You can always install Bitcoin Core and set your fee at 0.0000BTC - not recommended.

Quote

A transaction may be safely sent without fees if these conditions are met:

It is smaller than 1,000 bytes.
All outputs are 0.01 BTC or larger.
Its priority is large enough (see the Technical Info section below)

But you will wait quite long for confirmations ...

Cheers.

Habeler876

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There is a fee to incentivize the inclusion of your transaction in the next block. Think about when there are no more block rewards -- this fee will be the only incentive miners have to confirm your transactions!

newIndia

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Quote from: alex21btc on June 22, 2014, 03:20:06 PM

Hi,

Always when I send bitcoins from blockchain, I must pay miners fee too. Sad

What is miners fee? And I think that bitcoin decentralized value and no bank so doesnt should be no tax or fee?

Can I disable miners fee in blockchain?
And who are this miners who get my money?
And who confirms my transaction?

Have not you heard of a name GHash.IO is recent past ? Wink

Wusolini

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no need to carry heavy money bags anymore

Quote from: alex21btc on June 22, 2014, 03:20:06 PM

Hi,

Always when I send bitcoins from blockchain, I must pay miners fee too. Sad

What is miners fee? And I think that bitcoin decentralized value and no bank so doesnt should be no tax or fee?

Can I disable miners fee in blockchain?
And who are this miners who get my money?
And who confirms my transaction?

Hi,

Miners are quite important part, think I can say a vital part.

Simply: no you can't disable them (because then noone will confirm your transaction) & Miners are those who confirms your transactions.

find some video about mining on youtube (this is my first one which introduced me bitcoins some time ago https://www.youtube.com/watch?v=GmOzih6I1zs). Can help you understand.

or if you like to reading, trythis https://bitcoin.org/bitcoin.pdf

P.S. don't be so greedy, fees are not so big Wink

Anduck

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quack

You can adjust the miners fee (even when using blockchain.info web wallet (btw it's encouraged to NOT use web wallets because they're not as safe as local wallets.))

Miners fee will go to the miners. Miners fee is included in the block where the transaction is included. The miner gets the fee because he takes your transaction in to the block (and bigger the block gets, the probability for orphaning the block increases so miners must have incentive to include transactions.)

Bitcoin compared to banks has very low fees. Being decentralized doesn't mean it's free to use. Currently one can send transactions without a fee but it may take days or maybe never confirm. The fee for transactions is very low (0.0001 btc) - of course not for very small transactions.

Anyway,
You can disable the miners fee but it may not be very wise (your transactions may never confirm.)
Miners are parties who have hashing power and use it to solve Bitcoin blocks.
Transaction gets its first confirmation when it's included in to the block. When a new block after this is found and propogated to the network, the new block is added on top of the blockchain - and now the block containing your transaction is in the second last block in the blockchain - therefore having 2 confirmations.

alex21btc

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Hi,

Always when I send bitcoins from blockchain, I must pay miners fee too. Sad

What is miners fee? And I think that bitcoin decentralized value and no bank so doesnt should be no tax or fee?

Can I disable miners fee in blockchain?
And who are this miners who get my money?
And who confirms my transaction?

Topic: Blockchain miners fee (Read 1486 times)