Topic: Transaction Fees. Someone please explain. (Read 948 times)
yea its given to the miners ...
Yatta99 & GriphZero,
Thanx.
My problem is (if you are correct) is that I don't have enough BitCoins
.
Thanx.
My problem is (if you are correct) is that I don't have enough BitCoins
.Glad to help out. And I think we all have the problem of not enough Bitcoins
About to hit a whole Bitdime in my mining account! Woot! I'll get a pack of gum and celebrate 
No problem, happy to post something useful. 
0.0005 BTC is not so much, at $15/BTC that is less than 1 cent.
0.0005 BTC is not so much, at $15/BTC that is less than 1 cent.
Yatta99 & GriphZero,
Thanx.
My problem is (if you are correct) is that I don't have enough BitCoins.
Thanx.
My problem is (if you are correct) is that I don't have enough BitCoins
.
lol i understand it now to i think more coin you have and longer less fees you pay. Kinda makes sence they promote users that are setup to stay with bitcoin and not users that get a few coins spend it and quit.
That is how I basically understand it as well, but it is very unclear as to when a transaction will be charged a fee or not. The fee was 0.01 BTC, but recently dropped with the new client version 0.3.23 to 0.0005 BTC.
https://en.bitcoin.it/wiki/Changelog
https://en.bitcoin.it/wiki/Changelog
And a BIG Thank You for that link. I was looking all over the other day for an actual changelog and couldn't find squat
That is how I basically understand it as well, but it is very unclear as to when a transaction will be charged a fee or not. The fee was 0.01 BTC, but recently dropped with the new client version 0.3.23 to 0.0005 BTC.
https://en.bitcoin.it/wiki/Changelog
https://en.bitcoin.it/wiki/Changelog
WARNING: I am probably wrong in whole or in part. (Translation: I might be full of poo. You are warned.)
This is how I understand it to be:
If you are sending a non-trivial amount of Bitcoins (something greater than 1.00 BTC) AND the Bitcoins that you are sending have enough confirmations (never nailed down a specific number for this, but probably 25 confirmations or more, maybe) THEN you can send your transaction without a fee (although, if you do include one, your transaction has a greater chance of being sent quicker).
NOW, IF you send a small amount of Bitcoins (for example 0.06) AND/OR your Bitcoins have few confirmations (for example they only have 3 confirmations) THEN the system will automatically add a fee to your transaction EVEN IF YOU HAVE THE FEE IN YOUR CLIENT SET TO 0.00 BTC.
The real simple version: Send large amounts of old Bitcoins and and it will be free.
At least that's how I understand it to be
This is how I understand it to be:
If you are sending a non-trivial amount of Bitcoins (something greater than 1.00 BTC) AND the Bitcoins that you are sending have enough confirmations (never nailed down a specific number for this, but probably 25 confirmations or more, maybe) THEN you can send your transaction without a fee (although, if you do include one, your transaction has a greater chance of being sent quicker).
NOW, IF you send a small amount of Bitcoins (for example 0.06) AND/OR your Bitcoins have few confirmations (for example they only have 3 confirmations) THEN the system will automatically add a fee to your transaction EVEN IF YOU HAVE THE FEE IN YOUR CLIENT SET TO 0.00 BTC.
The real simple version: Send large amounts of old Bitcoins and and it will be free.
At least that's how I understand it to be
I went to https://en.bitcoin.it/wiki/Transaction_fees to learn about transaction fees.
It was not to helpful for me.
I would like to know 2 things. Could someone (the more the better) please explain it to me as if I was a 8 year old (who is in public school).
(1) How would I know it I was going to be charged a fee before I push the button to send BitCoins.
i.e., What are the current rules for fee (if any) and how can I determine if I would be charged or not.
(2) If I determine that I would have to pay a fee, then is there a way to not pay it?
I have access to two OSes. Unbuntu 11.04 and Windows 7.
Remember, explain as if I was a 8 year old. No points by saying, "Get your Mom or Dad to do it for you."
It was not to helpful for me.
I would like to know 2 things. Could someone (the more the better
) please explain it to me as if I was a 8 year old (who is in public school).(1) How would I know it I was going to be charged a fee before I push the button to send BitCoins.
i.e., What are the current rules for fee (if any) and how can I determine if I would be charged or not.
(2) If I determine that I would have to pay a fee, then is there a way to not pay it?
I have access to two OSes. Unbuntu 11.04 and Windows 7.
Remember, explain as if I was a 8 year old. No points by saying, "Get your Mom or Dad to do it for you."
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