So fees may apply to some transaction !!

BlackMachine

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Quote from: Herbert2020 on June 06, 2015, 06:50:38 AM

Quote from: catena5260 on June 06, 2015, 02:14:40 AM

Quote from: Digital_Lord on June 05, 2015, 07:48:19 PM

I think for transactions of 0.01 you dont have to pay a fee as they are classified as high priority because of the large amount being sent, for transactions lower than that, what you can do (i also do it) is send your money at nights before you go to sleep with transaction fees of 2-5k sats, the savings add up over time

Not all transactions, and not always.

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)

https://en.bitcoin.it/wiki/Transaction_fees

Of course if the network is too crowded it might not be so safe

what do you mean not safe?! Cheesy

the only thing that can happen if you don't send a transaction with fees, is that it might take a very long time (even a week) to get confirmed.
you can double spend the coins if they are not confirmed anyways.

It's quite hard to double spend however. In the past, some nodes would relay whichever transaction with the most fees. However, in the recent versions, nodes have been starting to reject transaction which spends the same Unspent outputs (UXTO) with the transaction that they have in their mempool. The only way to resend it is to wait for the transaction to be forgotten by the node's mempool. Some clients re-relay your transactions after it has been forgotten however.

subSTRATA

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Quote from: jeannemadrigal2 on June 07, 2015, 01:49:35 AM

Are people really concerned about a 2 cent charge? You could cut that in half to 1 cent and your transactions would still be confirmed but it might take longer. But running nodes costs some money, and they get the transaction fees right? Or part of it? So why not throw them some pennies, it costs almost nothing and supports a healthy bitcoin ecosystem.

I believe people running nodes are doing so voluntarily (they get nothing), the transaction fee goes to the miners for confirming the transactions.

virtualx

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Quote from: jeannemadrigal2 on June 07, 2015, 01:49:35 AM

Are people really concerned about a 2 cent charge? You could cut that in half to 1 cent and your transactions would still be confirmed but it might take longer. But running nodes costs some money, and they get the transaction fees right? Or part of it? So why not throw them some pennies, it costs almost nothing and supports a healthy bitcoin ecosystem.

I do not think people are concerned about 2 cent or the very small bitcoin fee unless they have very btc to send it the first place. Example:
transaction: 19 BTC
fee: 0.0001 BTC

That's not a lot of fee. Other payment systems have much higher fee.

jeannemadrigal2

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Are people really concerned about a 2 cent charge? You could cut that in half to 1 cent and your transactions would still be confirmed but it might take longer. But running nodes costs some money, and they get the transaction fees right? Or part of it? So why not throw them some pennies, it costs almost nothing and supports a healthy bitcoin ecosystem.

Amph

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Quote from: subSTRATA on June 06, 2015, 08:12:29 AM

Quote from: Muhammed Zakir on June 06, 2015, 01:28:31 AM

Quote from: Amph on June 06, 2015, 01:11:28 AM

there is a misconception here, usually they say that bitcoin can move large quantity of money with a very small fee compared too fiat, not that you don't need fee at all, still 10k satoshi is a very ridiculous amount

You mean 0.0001BTC is high? It is very small fee compared to fiat. Undecided

FYI, you can also send zero-fee teansactions.

Yep, it is a ridiculously small fee compares to fiat, lets take Visa for example:

1.51% plus 10 cents; 10k satoshi is just 2 cents, the base 10 cent fee is already 500% of what a bitcoin transaction would cost, add in the 1.51% of whatever you may be purchasing and it just gets higher. Anyone saying bitcoin has "high transaction fees" is plain wrong.

and not to mention the conversion fee(1.75% with my bank, and they are generous, i know that it should be bigger) and the additional fee required to move a higher amount, with bitcoin this is a non-issue

subSTRATA

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Quote from: Muhammed Zakir on June 06, 2015, 01:28:31 AM

Quote from: Amph on June 06, 2015, 01:11:28 AM

there is a misconception here, usually they say that bitcoin can move large quantity of money with a very small fee compared too fiat, not that you don't need fee at all, still 10k satoshi is a very ridiculous amount

You mean 0.0001BTC is high? It is very small fee compared to fiat. Undecided

FYI, you can also send zero-fee teansactions.

Yep, it is a ridiculously small fee compared to fiat, lets take Visa for example:

1.51% plus 10 cents; 10k satoshi is just 2 cents, the base 10 cent fee is already 500% of what a bitcoin transaction would cost, add in the 1.51% of whatever you may be purchasing and it just gets higher. Anyone saying bitcoin has "high transaction fees" is plain wrong.

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Quote from: Herbert2020 on June 06, 2015, 06:50:38 AM

Quote from: catena5260 on June 06, 2015, 02:14:40 AM

Quote from: Digital_Lord on June 05, 2015, 07:48:19 PM

I think for transactions of 0.01 you dont have to pay a fee as they are classified as high priority because of the large amount being sent, for transactions lower than that, what you can do (i also do it) is send your money at nights before you go to sleep with transaction fees of 2-5k sats, the savings add up over time

Not all transactions, and not always.

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)

https://en.bitcoin.it/wiki/Transaction_fees

Of course if the network is too crowded it might not be so safe

what do you mean not safe?! Cheesy

the only thing that can happen if you don't send a transaction with fees, is that it might take a very long time (even a week) to get confirmed.
you can double spend the coins if they are not confirmed anyways.

Quote from: http://www.oxfordlearnersdictionaries.com/definition/english/safely

3. Without much possibility of being wrong
4. Without any possibility of the situation changing
5. Without any problems being caused; with no risk

Herbert2020

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Quote from: catena5260 on June 06, 2015, 02:14:40 AM

Quote from: Digital_Lord on June 05, 2015, 07:48:19 PM

I think for transactions of 0.01 you dont have to pay a fee as they are classified as high priority because of the large amount being sent, for transactions lower than that, what you can do (i also do it) is send your money at nights before you go to sleep with transaction fees of 2-5k sats, the savings add up over time

Not all transactions, and not always.

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)

https://en.bitcoin.it/wiki/Transaction_fees

Of course if the network is too crowded it might not be so safe

what do you mean not safe?! Cheesy

the only thing that can happen if you don't send a transaction with fees, is that it might take a very long time (even a week) to get confirmed.
you can double spend the coins if they are not confirmed anyways.

catena5260

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Quote from: Digital_Lord on June 05, 2015, 07:48:19 PM

I think for transactions of 0.01 you dont have to pay a fee as they are classified as high priority because of the large amount being sent, for transactions lower than that, what you can do (i also do it) is send your money at nights before you go to sleep with transaction fees of 2-5k sats, the savings add up over time

Not all transactions, and not always.

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)

https://en.bitcoin.it/wiki/Transaction_fees

Of course if the network is too crowded it might not be so safe

Muhammed Zakir

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Quote from: Amph on June 06, 2015, 01:11:28 AM

there is a misconception here, usually they say that bitcoin can move large quantity of money with a very small fee compared too fiat, not that you don't need fee at all, still 10k satoshi is a very ridiculous amount

You mean 0.0001BTC is high? It is very small fee compared to fiat. Undecided

FYI, you can also send zero-fee teansactions.

Amph

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there is a misconception here, usually they say that bitcoin can move large quantity of money with a very small fee compared too fiat, not that you don't need fee at all, still 10k satoshi is a very ridiculous amount

pooya87

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Quote from: BilalHIMITE on June 05, 2015, 05:51:25 PM

The most know that in bitcoin there is no transaction fees but it's a lie Angry

,right ?
that's what i've find here Shocked

: https://en.bitcoin.it/wiki/Transaction_fees

sorry for my english.

if you are referring to "free transactions", it needs to meet all the three conditions to be considered as high priority and don't need the fee:
1) It is smaller than 1,000 bytes.
2) All outputs are 0.01 BTC or larger.
3) Its priority is large enough (above 57,600,000)
this transaction doesn't need any fee to be included in a block.

on the other hand including fees are optional. but remember that miners might not include transactions with 0 or non standard fees in the block witch will result in your transaction to never be confirmed.

bitbaby

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Who told you that it doesn't have a transaction fee? It does but the fee is so minimum, you can send thousands of dollars worth of bitcoin with fee as low as 0.0001 and by today's price it comes to 0.023 USD. Don't know why people don't even want to pay even that.

And the link you provided explains it pretty well how it works:

Quote from: https://en.bitcoin.it/wiki/Transaction_fees

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)

Quote

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

Code:

priority = sum(input_value_in_base_units * input_age)/size_in_bytes

I never bothered to calculate the fee and it's just best to add atleast 10k Satoshi fee minimum and you can be rest assured that transaction will get included in upcoming blocks.

BlackSpidy

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Quote from: Digital_Lord on June 05, 2015, 07:48:19 PM

I think for transactions of 0.01 you dont have to pay a fee as they are classified as high priority because of the large amount being sent, for transactions lower than that, what you can do (i also do it) is send your money at nights before you go to sleep with transaction fees of 2-5k sats, the savings add up over time

Huh, I never thought about that. I might start doing it from now on.

jenifer0012

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Quote from: BilalHIMITE on June 05, 2015, 05:51:25 PM

The most know that in bitcoin there is no transaction fees but it's a lie Angry

,right ?
that's what i've find here Shocked

: https://en.bitcoin.it/wiki/Transaction_fees

sorry for my english.

you need atleast .0001 transaction fee for your transaction to be confirmed on the very next block. however you may optionally set a minimal transaction fee of maybe .00001 but it may take upto 24 blocks before it may confirm and it depends if the network is busy

Digital_Lord

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I think for transactions of 0.01 you dont have to pay a fee as they are classified as high priority because of the large amount being sent, for transactions lower than that, what you can do (i also do it) is send your money at nights before you go to sleep with transaction fees of 2-5k sats, the savings add up over time

newIndia

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Quote from: BilalHIMITE on June 05, 2015, 05:51:25 PM

The most know that in bitcoin there is no transaction fees but it's a lie Angry

,right ?
that's what i've find here Shocked

: https://en.bitcoin.it/wiki/Transaction_fees

sorry for my english.

Where exactly u got this most known fact ? Can you please quote the source ?

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Yes, Bitcoin does have transaction fees, and anyone who says otherwise is indeed lying. Who told you there are no transaction fees?

1Referee

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You can send coins with zero fee without a problem, but they most likely need plenty of hours, or even more than a day to get a single confirmation.

If your coins have high enough priority, and you don't include any fee when seding them, then your coins will get confirmed much faster. But still, it's up to the pools to include your transaction.

subSTRATA

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the fee is literally pennies, a lot less in comparison to credit card fees and such; nothing to cry over. The fee pays the miners to carry out the transactions, and without paying a fee its highly likely your transaction will eventually get rejected from the network.

Quote from: BilalHIMITE on June 05, 2015, 05:51:25 PM

in bitcoin there is no transaction fees

no.

Topic: So fees may apply to some transaction !! (Read 1382 times)