Transaction fees explanation | Bitcointalksearch.org

kentt

member

Activity: 103

Merit: 10

Okay thanks. That helps a bit, but I'm still not 100% sure I get how it works. I'm still trying to understand from this article https://en.bitcoin.it/wiki/Transaction_fees.
The key things I was looking at were:

Quote

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

It is smaller than 10 thousand bytes.
All outputs are 0.01 BTC or larger.
Its priority is large enough (see the Technical Info section below)

The technical note is rather technical, but I read it as that generally transactions older than 1 day meeting the prior three conditions would have no fees associated with them. Is this true or are there other fees.
Thanks for helping me understand.

Kluge

donator

Activity: 1218

Merit: 1015

Quote from: kentt on May 02, 2013, 05:50:46 PM

I think that for BTC it's free usually after a day.

That's frequently untrue. You need to be sending a "significant" amount of coins older than roughly a day and without a lot of inputs. "Mandatory" fees typically vary from .0005 to .0025 coins per transaction. It's a pretty decent system for eliminating "dust," it's just ridiculous trying to calculate the fee you should send. Many clients have errors in calculating minimum fees, and it doesn't help that some pools have different rules for inclusion.

Jaxkr

sr. member

Activity: 420

Merit: 250

It works the same in alt crypto-currencies. You can choose to pay no fee, but then it will take longer to be included in a block and receive verification.

kentt

member

Activity: 103

Merit: 10

Can someone explain how transactions fees work for LTC and FTC? I think that for BTC it's free usually after a day. I found that from this article: https://en.bitcoin.it/wiki/Transaction_fees
Is it the same for other coins?

Topic: Transaction fees explanation (Read 498 times)