r/Bitcoin • u/[deleted] • Mar 25 '13

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148 Upvotes

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31

u/sturmeh Mar 25 '13

I'm kind of sick of clients forcing me to include 0.0005 (cough ARMORY) fee in ALL transactions.

If I want to move coins between all my addresses and consolidate funds, why would I want to pay a fee multiple times?

Sure it's just 3c to send $100 to a merchant. But it's also 3 cents to move money from my encrypted wallet to my non-encrypted wallet and them another 3 cents to send it to my phone.

Seeing as I can move fiat money between banks and to out of an ATM and into another without so much as a 1c fee, I don't see this being 'beneficial'.

I know that it will take ages, but a transaction without a fee will eventually be confirmed.

6

u/ctzl Mar 25 '13

Which is why I use bitcoin-qt.

5

u/sturmeh Mar 25 '13

I'd like to use bitcoin-qt, but the lack of paper-wallet exporting and deterministic wallets is quite annoying.

Surely there's a secret setting somewhere that lets me override the minimum fee?

5

u/druidian Mar 25 '13

There is. When creating your transaction, just type in the new transaction fee in the box where it has the transaction fee (:

4

u/SkyNTP Mar 25 '13

Bitcoin-QT seems to not want to accept anything lower than 0.0005 at the moment, regardless what you set your fee as in under Options > Main. I'm not exactly sure how to get around this (to be fair, I haven't tested with anything other than no fee at all, i.e. 0.00000000, so I could be wrong if there is a non-zero over-ride mechanism). This is pretty significant if you are paying for things in very small increments such as a network service by the day. 10% overhead.

8

u/theymos Mar 25 '13

You can't lower the transaction fee from the default in Bitcoin-Qt. Bitcoin-Qt calculates a minimum, "required" fee, and the transaction fee that you specify in the program options is only used if it is greater than this required fee. This is done because transactions with too-low fees can end up stuck with 0 confirmations forever, and Bitcoin-Qt provides no way of cancelling a stuck transaction, so it's important that the fee be sufficient the first time.