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Topic: what is the transaction value fee must be? (Read 546 times)

sr. member
Activity: 294
Merit: 250
December 13, 2013, 12:02:09 PM
#10
The weird thing is that I guess there is a way to send the inputs only without paying a fee.  Apparently though then there is a chance the transaction won't be processed/picked up byt he miners.  I wonder what will happen when the transactions fee gets to be a lot of money (i.e. transaction fee is .0001 but that costs like $50 in US dollars).  Seems like it will make it so people won't want to buy anything small with BTC because the transaction fee is so large.

If I understood correctly the transaction fee isn't set in stone, but rather determined by the community.

Determined by the miners I would say. But most use Bitcoin-qt fee rules

That was what I meant with community, but yeah, I guess I was a bit unclear.
hero member
Activity: 745
Merit: 500
December 13, 2013, 11:59:05 AM
#9
The weird thing is that I guess there is a way to send the inputs only without paying a fee.  Apparently though then there is a chance the transaction won't be processed/picked up byt he miners.  I wonder what will happen when the transactions fee gets to be a lot of money (i.e. transaction fee is .0001 but that costs like $50 in US dollars).  Seems like it will make it so people won't want to buy anything small with BTC because the transaction fee is so large.

If I understood correctly the transaction fee isn't set in stone, but rather determined by the community.

Determined by the miners I would say. But most use Bitcoin-qt fee rules
donator
Activity: 1218
Merit: 1079
Gerald Davis
December 13, 2013, 11:53:55 AM
#8
The weird thing is that I guess there is a way to send the inputs only without paying a fee.  Apparently though then there is a chance the transaction won't be processed/picked up byt he miners.  I wonder what will happen when the transactions fee gets to be a lot of money (i.e. transaction fee is .0001 but that costs like $50 in US dollars).  Seems like it will make it so people won't want to buy anything small with BTC because the transaction fee is so large.

If I understood correctly the transaction fee isn't set in stone, but rather determined by the community.

Correct.  The MINIMUM fee (to relay low priority txs) has been reduced four times by a factor of 100x.  If the original minimum was still used it would be about $10 today.
sr. member
Activity: 294
Merit: 250
December 13, 2013, 11:51:05 AM
#7
The weird thing is that I guess there is a way to send the inputs only without paying a fee.  Apparently though then there is a chance the transaction won't be processed/picked up byt he miners.  I wonder what will happen when the transactions fee gets to be a lot of money (i.e. transaction fee is .0001 but that costs like $50 in US dollars).  Seems like it will make it so people won't want to buy anything small with BTC because the transaction fee is so large.

If I understood correctly the transaction fee isn't set in stone, but rather determined by the community.
full member
Activity: 224
Merit: 100
December 13, 2013, 11:46:52 AM
#6
I have found that i was looking for - "Note that a typical transaction is 500 bytes, so the typical transaction fee for low-priority transactions is 0.1 mBTC (0.0001 BTC), regardless of the number of bitcoins sent."

Many thanks for replies!
full member
Activity: 224
Merit: 104
December 13, 2013, 11:16:21 AM
#5
The weird thing is that I guess there is a way to send the inputs only without paying a fee.  Apparently though then there is a chance the transaction won't be processed/picked up byt he miners.  I wonder what will happen when the transactions fee gets to be a lot of money (i.e. transaction fee is .0001 but that costs like $50 in US dollars).  Seems like it will make it so people won't want to buy anything small with BTC because the transaction fee is so large.
full member
Activity: 196
Merit: 100
Need any help ? Just PM me
December 13, 2013, 11:11:27 AM
#4
Subject, and is it depends on amount of transferred coins ?

Please refer to https://en.bitcoin.it/wiki/Transaction_fees#Settings
The fee depends on the size of the tx (in KB), rather than the amount.
As you said. Not the amount but the size of tx
hero member
Activity: 631
Merit: 500
December 13, 2013, 10:39:30 AM
#3
Subject, and is it depends on amount of transferred coins ?

Wallets determine the fee automatically, you dont need to worry about it. 0.0001 is about 10 cents
newbie
Activity: 11
Merit: 0
December 13, 2013, 10:34:49 AM
#2
Subject, and is it depends on amount of transferred coins ?

Please refer to https://en.bitcoin.it/wiki/Transaction_fees#Settings
The fee depends on the size of the tx (in KB), rather than the amount.
full member
Activity: 224
Merit: 100
December 13, 2013, 07:24:33 AM
#1
Subject, and is it depends on amount of transferred coins ?
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