bitcoin qt fee

_ Here's how it works: Anybody can ask a question Anybody can answer The best answers are voted up and rise to the top up vote 9 down vote favorite I'm trying to transfer all of my 0.1 BTC located in one wallet to another wallet.I don't care how long it takes to finish, so I'd rather send it without paying any transaction fee.I'm new to this, so I started out by using the Bitcoin-Qt client.I set the transaction fee to 0.0 BTC, and tried to move the funds to the other address.I get the following error message: This seems like a bug since I set the transaction fee to 0.0 BTC, but since I'm new to this, I want to make sure that I'm not missing something.Do 0.1 BTC transactions require a transaction fee?If this is just a bug, how can I get my money out without dropping a whole nickel $0.05?bitcoin-core transaction-fees up vote 6 down vote (Update: The client has changed the min fee from 0.0005 to 0.0001) Yes, the Bitcoin-QT client applies a minimum fee of at least 0.0001BTC to some transactions.
Quoting the wiki: Sending A transaction may be safely sent without fees if these conditions are met: It is smaller than 1,000 bytes.All outputs are 0.01 BTC or larger.Its priority is large enough (see the Technical Info section below) Otherwise, the reference implementation will round up the transaction size to the next thousand bytes and add a fee of 0.1 mBTC (0.0001 BTC) per thousand bytes1.As an example, a fee of 0.1 mBTC (0.0001 BTC) would be added to a 746 byte transaction, and a fee of 0.2 mBTC (0.0002 BTC) would be added to a 1001 byte transaction.Users may increase the default 0.0001 BTC/kB fee setting, but cannot control transaction fees for each transaction.Bitcoin-Qt does prompt the user to accept the fee before the transaction is sent (they may cancel the transaction if they are not willing to pay the fee).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.
The "priority" mentioned is calculated based on the quantity of bitcoins and the age of the bitcoin inputs making up the transaction (ie how long since you received them).It prevents a user flooding the network by repeatedly sending bitcoins to themself.Note that this isn't a restriction on the Bitcoin protocol itself though.In your case, the only thing you can likely control is the ages of the bitcoins; ie waiting will help meet the third requirement.Your Answer Sign up or log in Sign up using Google Sign up using Email and Password Post as a guest Name Email discard By posting your answer, you agree to the privacy policy and terms of service.Browse other questions tagged bitcoin-core transaction-fees or ask your own question.Jump to: , Transaction fees may be included with any transfer of bitcoins from one address to another.Contents 1 2 3 4 5 6 Receiving the fees from hundreds of transactions (0.44 BTC) The transaction fee is processed by and received by the bitcoin miner.
When a new bitcoin block is generated with a successful hash, the information for all of the transactions is included with the block and all transaction fees are collected by that user creating the block, who is free to assign those fees to himself.Transaction fees are voluntary on the part of the person making the bitcoin transaction, as the person attempting to make a transaction can include any fee or none at all in the transaction.doge for bitcoinOn the other hand, nobody mining new bitcoins necessarily needs to accept the transactions and include them in the new block being created.bitcoin kritikThe transaction fee is therefore an incentive on the part of the bitcoin user to make sure that a particular transaction will get included into the next block which is generated.free bitcoin 999
It is envisioned that over time the cumulative effect of collecting transaction fees will allow somebody creating new blocks to "earn" more bitcoins than will be mined from new bitcoins created by the new block itself.This is also an incentive to keep trying to create new blocks even if the value of the newly created block from the mining activity is zero in the far future.Traditionally, the sender pays the full Bitcoin network fee; deducting the fee from the amount received by the recipient will often be considered an incomplete payment.bitcoin calculator wikiThe following sections describe the behavior of the reference implementation as of version 0.12.0.most trusted bitcoin walletEarlier versions treated fees differently, as do other popular implementations (including possible later versions).ethereum 88
Users can decide to pay a predefined fee rate by setting `-paytxfee=` (or `settxfee ` rpc during runtime).A value of `n=0` signals Bitcoin Core to use floating fees.By default, Bitcoin Core will use floating fees.Based on past transaction data, floating fees approximate the fees required to get into the `m`th block from now.This is configurable with `-txconfirmtarget=` (default: `2`).bitcoin and dollar collapseSometimes, it is not possible to give good estimates, or an estimate at all.bitcoin faucet freeTherefore, a fallback value can be set with `-fallbackfee=` (default: `0.0002` BTC/kB).litecoin cpu listAt all times, Bitcoin Core will cap fees at `-maxtxfee=` (default: 0.10) BTC.Furthermore, Bitcoin Core will never create transactions smaller than the current minimum relay fee.
Finally, a user can set the minimum fee rate for all transactions with `-mintxfee=`, which defaults to 1000 satoshis per kB.Note that a typical transaction is 500 bytes.This section describes how the reference implementation selects which transactions to put into new blocks, with default settings.All of the settings may be changed if a miner wants to create larger or smaller blocks containing more or fewer free transactions.Then transactions that pay a fee of at least 0.00001 BTC/kb are added to the block, highest-fee-per-kilobyte transactions first, until the block is not more than 750,000 bytes big.The remaining transactions remain in the miner's "memory pool", and may be included in later blocks if their priority or fee is large enough.For Bitcoin Core 0.12.0 zero bytes[1] in the block are set aside for the highest-priority transactions.Transactions are added highest-priority-first to this section of the block.The reference implementation's rules for relaying transactions across the peer-to-peer network are very similar to the rules for sending transactions, as a value of 0.00001 BTC is used to determine whether or not a transaction is considered "Free".
However, the rule that all outputs must be 0.01 BTC or larger does not apply.To prevent "penny-flooding" denial-of-service attacks on the network, the reference implementation caps the number of free transactions it will relay to other nodes to (by default) 15 thousand bytes per minute.As of May 2016, the following sites seem to plot the required fee, in satoshi per (kilo)byte, required to get a transaction mined in a certain number of blocks.Note that all these algorithms work in terms of probabilities.Historically it was not required to include a fee for every transaction.A large portion of miners would mine transactions with no fee given that they had enough "priority".Today, low priority is mostly used as an indicator for spam transactions and almost all miners expect every transaction to include a fee.Today miners choose which transactions to mine only based on fee-rate.Transaction priority was calculated as a value-weighted sum of input age, divided by transaction size in bytes: Transactions needed to have a priority above 57,600,000 to avoid the enforced limit (as of client version 0.3.21).