Post
Topic
Board Beginners & Help
Re: How much transaction fee does a transaction cost?
by
deepceleron
on 18/12/2013, 09:54:48 UTC
en.bitcoin.it/wiki/Transaction_fees#Sending

Currently, any transaction sending less than BTC0.01 absolutely requires a transaction fee of at least BTC0.0001. Assuming you want to transfer BTC0.00001 to your friend, not only will you have to pay this fee, but your friend will also have to pay an additional BTC0.0001 to send his coins anywhere else. Since the required fee is more than he has, he will not be able to spend his coins at all, and the whole situation is entirely your fault. Bitcoin is not suitable for microtransactions, and anyone who told you differently is a liar.

Bitcoin-Qt version 0.8.6 final is now available from:

http://sourceforge.net/projects/bitcoin/files/Bitcoin/bitcoin-0.8.6/

0.8.6 Release notes
===================

- Default block size increase for miners.
  (see https://gist.github.com/gavinandresen/7670433#086-accept-into-block)

- Remove the all-outputs-must-be-greater-than-CENT-to-qualify-as-free rule for relaying
  (see https://gist.github.com/gavinandresen/7670433#086-relaying)

- Lower maximum size for free transaction creation
  (see https://gist.github.com/gavinandresen/7670433#086-wallet)

To answer the OP's question:

The minimum fee is 0.0001 per kB of transaction size. The amount of data you send determines the minimum fee. If you send to many recipients, or you are using many payments you previously received to fund the transaction, you may be creating a transaction larger than a kilobyte. Bitcoin-Qt will calculate the appropriate fee based on the transaction size; other wallets often do not do this in strict compliance with the rules.

If you do not include the 0.0001 per kilobyte bitcoin fee when required, your gonna have a bad time. For transactions that qualify to be free, you should still add this as a voluntary fee, as it may take hours or days if your transaction includes no miner incentive for inclusion in a block.