Bitcoin works on the concept of unspent outputs. If you have two unspent outputs say 1 BTC and 5 BTC and wanted to send 4 BTC you would have to use the 5 BTC and create a 4 + 1 BTC tx w/ the 1 BTC going to a change address. Likewise if you wanted to spend 5.5 BTC it would be 5+1 as inputs and 5.5 + 0.5 as outputs. If you however were sending exactly 1, 5, or 6 BTC there would be no change. The intended output is exactly the size of the input(s).
Only high priority tx are required to pay the min mandatory fee. The min fee isn't intended as a revenue source, it is intended as an anti-spam/DOS protection system. High priority tx are not likely to be spam and can be sent without a fee. Now miners may not include it in the next block but most miners do devote a portion of the block space to no fee high priority txs. Sending low priority tx without a fee (by hacking the client) can result in tx not being relayed or confirmed for days and sometimes never confirmed.
Topic: Why no change and no fees? (Read 633 times)
I have a few addresses on a wallet. I just did two transactions and sent bitcoin to an address on another wallet.
I'm perplexed because the estimated BTC transacted shown on blockchain is the full sum. I sent them on the default bitcoin-qt, where to my knowledge there isn't a way to specify the address from which to send.
The addresses from which I sent the bitcoins show, combined, the total of the bitcoin sent. Not more than the total. So I assume no extra bitcoin was sent and no change was returned to one of my 'invisible' change addresses. Am I right?
But after reading so much about change and how blockchain interprets estimated BTC transacted as either the change or the payment, why am I not sending bitcoins with change?
I'm also surprised why these bitcoins haven't got any fees, at least it seems that way. I thought they took ages to confirm and that I had to do some command line programming to choose no transaction fees.
I'm perplexed because the estimated BTC transacted shown on blockchain is the full sum. I sent them on the default bitcoin-qt, where to my knowledge there isn't a way to specify the address from which to send.
The addresses from which I sent the bitcoins show, combined, the total of the bitcoin sent. Not more than the total. So I assume no extra bitcoin was sent and no change was returned to one of my 'invisible' change addresses. Am I right?
But after reading so much about change and how blockchain interprets estimated BTC transacted as either the change or the payment, why am I not sending bitcoins with change?
I'm also surprised why these bitcoins haven't got any fees, at least it seems that way. I thought they took ages to confirm and that I had to do some command line programming to choose no transaction fees.
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