nigel__froggy 2017-01-10 10:49:25
45.56.114.102/join
merlinmd 2017-01-10 11:06:21
hi all, im trying to set a higher transaction fee in bitcoind but the settxfee didnt seem to work
merlinmd 2017-01-10 11:07:10
if i do a getinfo i can see the paytxee is what i set for settxfee
merlinmd 2017-01-10 11:07:27
but when i actually sent some btc it only took the min fee
arubi 2017-01-10 11:08:19
merlinmd, did you see that settxfee is set by satoshi/1 kilobyte and not "per tx" ?
merlinmd 2017-01-10 11:09:04
arubi: i slightly seen that and paied no attention to it
merlinmd 2017-01-10 11:09:16
arubi: lol ok
merlinmd 2017-01-10 11:09:27
arubi: is there a way to set it per tx?
arubi 2017-01-10 11:09:48
not that I know, it wouldn't make much sense either :(
arubi 2017-01-10 11:09:58
I mean, you do pay by the byte
merlinmd 2017-01-10 11:10:39
arubi: just takes too long
merlinmd 2017-01-10 11:11:14
or i can pay more per kilobye?
arubi 2017-01-10 11:11:24
if you do 'fundrawtransaction' you can set the fee rate for each tx individually
merlinmd 2017-01-10 11:11:26
ah.. i hate math
arubi 2017-01-10 11:11:33
you can pay however you want per kilobyte I guess
merlinmd 2017-01-10 11:14:59
arubi: never seen the fundrawtransction before. does that mean i would then have to crate a raw transaction?
merlinmd 2017-01-10 11:15:08
insted of just using sendtoaddress?
arubi 2017-01-10 11:15:24
yea, that's how it's usually used
merlinmd 2017-01-10 11:15:29
...
arubi 2017-01-10 11:15:47
merlinmd, what kind of fee were you hoping to pay?
merlinmd 2017-01-10 11:16:08
arubi: ill just ust qt .. i guess
merlinmd 2017-01-10 11:16:18
arubi: was trying to set 0003 for all transactions
arubi 2017-01-10 11:16:46
and what type of transactions are you making? do you have a lot of inputs that you constantly use, or send to many outputs?
merlinmd 2017-01-10 11:17:21
arubi: simple transactions.. to exchanges, one address at a time
merlinmd 2017-01-10 11:17:41
arubi: ill learn how ot make the raw transactions but for today ill use qt.. im in a hury
arubi 2017-01-10 11:18:06
you don't have to, I guess your transactions are usually around 250~ bytes
arubi 2017-01-10 11:18:22
is if you wanna pay 0.0003 per tx, then that would be:
arubi 2017-01-10 11:18:29
;;calc 0.0003*250
gribble 2017-01-10 11:18:30
0.075
arubi 2017-01-10 11:18:39
er, no not that
arubi 2017-01-10 11:18:52
;;calc 0.0003*4
gribble 2017-01-10 11:18:53
0.0012
merlinmd 2017-01-10 11:19:11
arubi: one sec
arubi 2017-01-10 11:19:19
so that's what you put for paytxfee, I think.. it's pretty late :)
arubi 2017-01-10 11:19:53
if you set 0.0003 now, and your transactions are usually 250 bytes, you'll end up paying 1/4 of 0.0003 for your normal size transactions
arubi 2017-01-10 11:20:07
(because fee rate is per KB)
merlinmd 2017-01-10 11:20:27
arubi: i had set it to 0.0003 and send 0.2 btc
merlinmd 2017-01-10 11:20:39
ended up paying 000102... something on tx
arubi 2017-01-10 11:20:41
the amounts doesn't matter, just the size of the transaction in bytes
merlinmd 2017-01-10 11:20:51
so i was pissed
merlinmd 2017-01-10 11:21:00
cuz that lil transactions took 24 hours
arubi 2017-01-10 11:21:01
well you should've read the fine print ;)
merlinmd 2017-01-10 11:21:06
:)
merlinmd 2017-01-10 11:21:10
but i get it now
merlinmd 2017-01-10 11:21:18
so multiply what i want to pay by 4?
merlinmd 2017-01-10 11:21:28
any particular reason why 4?
arubi 2017-01-10 11:21:32
/if/ you're doing normal transactions, yea
arubi 2017-01-10 11:21:42
because they're usually 250 bytes, and fee rate is per 1 kb
merlinmd 2017-01-10 11:22:19
arubi: i see
merlinmd 2017-01-10 11:22:40
arubi: thank you
arubi 2017-01-10 11:22:44
np
Blugbb 2017-01-10 11:32:53
When one buys bitcoins for the first time against real currency, does this generate new bitcoin or is exchanged against someone wants to convert his/her bitcoins against real currency?
norotartagen 2017-01-10 11:33:15
Blugbb: the second thing
norotartagen 2017-01-10 11:34:11
bitcoins are only minted by mining blocks
Blugbb 2017-01-10 11:35:32
Norotartagen: thanks. Who then decides how many bitcoins are circulating in market, except for transactions against real currencies..
Tootoot222 2017-01-10 11:37:30
Blugbb: there will only ever be 21 million bitcoins, and they are produced at a fixed, decreasing rate
Tootoot222 2017-01-10 11:37:39
the number in active circulation varies
Tootoot222 2017-01-10 11:37:51
only by the people who own them's willingness to sell them
Blugbb 2017-01-10 11:41:48
Tootoot222: thks , i do not get sorry. Initially has been originated how many bitcoins, before any transactions started?
Tootoot222 2017-01-10 11:42:01
0
Tootoot222 2017-01-10 11:42:15
every 10 minutes, 50 more bitcoins were released into the system
Tootoot222 2017-01-10 11:42:26
after 4 years, that amount dropped to 25 every 10 minutes, and now it's 12.5 every 10 minutes
Tootoot222 2017-01-10 11:42:31
it will continue halving every 4ish years
abpa 2017-01-10 11:42:50
There wasn't much competition in mining for the first year or so
Blugbb 2017-01-10 11:43:55
I understand now
