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*** I will tell you about a very important explanation (Fees of transactions Explained)***
People say "with Bitcoins, you can send $$$ anywhere in the world instantly, for free." While sometimes it is true; others, it is necessary to pay a transaction fee. The fee, when it is required, is of a value of cents.
The fees are for the miners and thus encourage them to continue mining, this also keeps the Bitcoins network safe and reliable. As such, they already get a reward of 25 Bitcoins for each block mined, but this reward is cut in half every 4 years. The idea is that as the mining rewards decrease, the profits for the miners will be the revenues from the fees.
So, who decides when and how much do you have to pay?
As everything that has to do with Bitcoins, the structure of the fees is embedded in the rules of the ed, which are defined as "what the reference customer does". When you try to send Bitcoins with bitcoin-qt (the current reference client), follow these steps:
- Choose which coins to spend.
The customer has to select which coins to use to complete the payment. Each time you receive a payment, it arrives on your wallet and "waits" until you spend it.
If you receive a payment of 2 BTC and another of 3 BTC, you will have not one, but 2 amounts in your wallet, 2 BTC and 3 BTC. They do not "come together" forming a 5 BTC coin. As time goes by you will be collecting a collection of several coins of different sizes, and the client has to decide which are the "best" to send the amount you want to send. These amounts are the "inputs" (entries, income, profits) of your transaction, and the amounts you are sending (including any change that is sent to your wallet) are the "outputs" (outputs, expenses, expenses).
Discourage "dust" spam (or the Taringuero, smoke).
If any of the outputs (including the change) of your transaction is less than 0.01 BTC, then a fee of 0.0001 BTC is necessary. The coin selection algorithm does its best not to send amounts less than 0.01 BTC.Give priority to high value coins.
If the currencies you are spending are too small or new then your transaction does not qualify as free. Each transaction has a priority, determined by age, size and
amount of inputs.
Specifically, for each input, the client calculates the value of the "input" in BTC multiplied by the age of the input in blocks. Add the products on all the "inputs" and divide the total by the size of the transaction in bytes. If you give a number less than 0.576 then the transaction requires a fee. This means that you can include a lot of small, and / or new inputs in a transaction and do not charge fees while you include an old input in it; it is the average that matters.
If step 3 caused the transaction to require a fee when it was originally sent, it is possible that when a time passes, a new block is found, the input gains age, and increases its priority, as a result step 3 may not require fees.
- Charge per kilobyte.
Finally, the client reviews the size of the transaction in bytes. The size depends on the number of inputs and outputs, and is more or less:
148 * number_of_inputs + 34 * number_of_outputs + 10
If this size is less than 10,000 bytes and step 3 found that the priority of the transaction was high enough to be free, then the transaction will remain free, if not ... to pay fees. The fee is charged for 1000 bytes or part of these. The amount charged for 1000 bytes is in default of 0.0001 BTC, but it can be increased in the Settings tab> Options> Main of the client, to speed up the process. If you put the "fee per kB" in less than 0.0001 BTC in that window then a value of 0.0001 BTC is going to be used. When necessary, this fee per kB replaces any fee from step 2, does not add it.
When a lot is not enough ...
Suppose you have 2 outputs on your wallet, 1 BTC and 2 BTC. You want to buy something for 2,999 BTC.
The coin selection algorithm has no option; You have to use both to complete the transaction. That means that the change will be 0.001 BTC, which activates the 0.0001 BTC fee for having an output lower than 0.01 BTC. As a result, your transaction fails, because the amount you are sending plus the fee is more than what you have. This means that we are not going crazy to send 2,999 BTC when you have 3 BTC. You can send the total of 3 BTC to the seller without fees (assuming the outputs are old enough to satisfy step 3), regretting it a lot, some sellers only accept the exact amount.The dice winner.
Once, someone was very lucky and converted 0.02 BTC in 1280 BTC with a prize of 64000x betting on the dice! When the site paid the winnings they did not have a single coin of 1280 BTC on their wallet. On the other hand, they had a lot of coins that they bet and lost ... and a lot of change to pay other winners. The transaction that this page created to pay the winner used so many inputs that it ended up being 51,203 bytes long. Being greater than 10000 bytes, this required a fee of 0.0005 BTC per 1000 bytes or part of (before being changed to 0.0001, the fee was 0.0005), so the required fee was 52x0.0005 = 0.026 BTC. In itself, it is much more than the bet of the bettor. Who said that sending BTC is free ?!
Of course, it's nothing compared to what PayPal charges for sending $ 512,000.
The game of dice included a fee of 0.0286 BTC, which is more than required. Maybe it's because they did not use a standard client to do their transactions, and the client they used did it slightly wrong.
- Pushing the limits
This transaction was barely "free". It was in length of 9999 bytes, the largest possible transaction without fees. All but one input were 1 satoshi (0.00000001 BTC); the solitary input was big enough to make the transaction free.
Are fees required?
The concept of "required fees" is not strictly enforced. Some miners do not follow these fee rules, and include these transactions in their blocks even though they will not charge anything. Using the "raw transactions" interface of the reference customer, it is possible to create transfers with fees amounts lower than the standard. Dicas transactions can be included in a block by a macanudo miner that only mines to maintain the system; peeeeero: These transactions can take more than 24 hours to be confirmed.
Complex, but I hope it serves as a reference so that you know the why and how of the "fees".
Don't buy bitcoin - Watch
this video first
https://go.popularcryptocurrency.com/bitcoin