Topic: Transaction fee... (Read 1003 times)

We changed that fee to 0.0001 in the latest version, but some people ended up with explicit 0.0005 from the previous version, so the "default" did not update.  So you might have to go to file->settings and modify the default there. 

My point flew right over your head. When did I ever ask about no fees? I quite simply asked about transactions fees within Armory and if they can be changed or not. When sending a payment there is a transaction fee box which defaults to .0005 right now and was wondering if that can be changed to .0001 or something. Apparently from seeing that chainwatch output list, .0001 is a very popular fee right now. I also don't think there is a static set of protocols where anyone can access online and read about it. It probably changes all the time and is too dynamic to keep it online for viewers to read. One site will say one thing, and another site will say another. I'm not looking to get out of using transaction fees, just looking to change them, since I've been using the same fee for over a year, even while bitcoin increased %500.  I only thought in my mind, the fee could be lowered because of the increase in bitcoin. Maybe I'm wrong, but I haven't found a rule book or any real standards on bitcoin since regulation is NOT what we want. That's what normal banks have, and they have been failing for years.

To reiterate what goatpig said, because it needs to be repeated:  Armory does not have control over network fees.  Bitcoin-Qt/bitcoind implements a set of fee rules to prevent spam, and Armory must follow those rules or the transaction will literally be DOA.  It's because all transactions that Armory broadcasts, must go through your local instance of Bitcoin-Qt, which will refuse to forward the transaciton if it doesn't have sufficient fee.

For that reason, Armory is stuck with Bitcoin-Qt rules.  You can modify the code to reduce the fee, but you'll just be rejected.  You have to modify both Armory source code and Bitcoin-Qt source code if you want to do this. 

Fees are complex, but they're there for a reason.  The current fee for most tx is 0 or 0.0001.  I manually set the fee to zero, and about 19/20 of my transactions make it to the network.  Occasionally, the tx doesn't meet the allowFree() criteria and Armory asks you to include the correct fee based on Bitcoin-Qt rules.  You can't override that behavior because your transaction will be rejected 100.0% of the time if you do (unless you modify the Bitcoin-Qt source code).

People complaining about fees is recurrent. However, the Armory team has no power on that front. This discussion doesn't belong here.

If you want to allow for no minimum fees, you can modify the code. It is actually quite a simple modification.

Let's not make the program a dictatorship. Please let the user make the decision on how much they want to pay for their transaction fee. If their payment gets stuck in limbo for 1 month then we can blame them.

This comes right from bitcoin.org's website:

"Most transactions can be processed without fees, but users are encouraged to pay a small voluntary fee for faster confirmation of their transactions and to remunerate miners."


What a crock a doodoo. Most transaction without fees? Sorry, when was the last time anyone ever tried that? That is such a misleading statement it should be removed from the website. When users read that they think exactly what it says. Apparently transaction fees are still being changed??? Another quote from bitcoin.org.

"Transaction fees are used as a protection against users sending transactions to overload the network. The precise manner in which fees work is still being developed and will change over time. Because the fee is not related to the amount of bitcoins being sent, it may seem extremely low (0.0005 BTC for a 1,000 BTC transfer) or unfairly high (0.004 BTC for a 0.02 BTC payment). The fee is defined by attributes such as data in transaction and transaction recurrence. For example, if you are receiving a large number of tiny amounts, then fees for sending will be higher. Such payments are comparable to paying a restaurant bill using only pennies. Spending small fractions of your bitcoins rapidly may also require a fee. If your activity follows the pattern of conventional transactions, the fees should remain very low."

Armory follows the Bitcoin network rules. Keep in mind that Armory uses BitcoinQt as its interface to access the Bitcoin network, so all transactions it creates are broadcasted through the core client, and thus cannot break the transaction rules as implemented by the core team.

Fees are calculated by the size of the transaction, its value and the age of the coin, so it is possible to send 0 fee transactions indeed.

So most people pay 0.0001btc for fees? And are zero-fee transactions possible in armory?

Hint: You can use my ChainWatch command to quickly find out what fee most people are using these days

(Look at the right-most column)



 

I was using a transaction fee of .005 since I started using bitcoin. That was when it was $15 / USD. Now that bitcoin is over $500 and was at $1000, can we lower our transaction fee right? For someone that does a lot of transactions that fee starts to add up to a lot. What is the lowest fee we can use?