6

I currently have BTC 0.38 in a wallet on a computer and I want to transfer all those Bitcoins on another machine.

As I have the Bitcoins on a relatively new address (it has received 1 payment and also some Bitcoins through the move API call), it wouldn't let me transfer the Bitcoins without paying a fee.

I don't want to pay this fee, as it is pretty high for what I'm trying to transfer.

Do I just have to wait some time before spending them again to be able to do so without this fee? Or should I do something else?

Improve this question
2
  • Do you have a number of very small unspent transactions? If so, you will be required to pay a fee as a result.
    – ScripterRon
    Dec 15, 2013 at 19:00
  • I would also like to know the answer to do this. Back in the day, bitcoin transaction fees were optional. I don't know if this is coded into the bitcoin network or simply the client.
    – mosca1337
    Dec 15, 2013 at 19:58

1 Answer 1

Reset to default
4

The fact that you need to pay a transaction or not is determined by the priority of a transaction.

Currently the priority of a transaction is calculated with this formula.

priority = sum(input_value_in_base_units * input_age)/size_in_bytes

The minimum transaction priority for free transactions is actually 57,600,000.

Because you have all the coins in the same transaction output and I guess you will send them to one unique address the transaction size will be about 250 bytes. You have:

min_free_input_age = (min_priority_for_free_tx * size_in_bytes)/input_value_in_base_units
min_free_input_age = (57600000 * 250) / 38000000
min_free_input_age = ~378

So you have to wait 378 blocks (~3 days) before you can spend your coins without TX fee. But note that once sent it will probably take 2 or 3 days more before the transaction will be added in a block.

Please correct me if there is a calculation error.

Improve this answer
2
  • I have all of them on an unique address, but I originally received them on 3 separate addresses. Does that matter? And if it does not: why doesn't the client transfer all the Bitcoins on to a single address before sending them?
    – rrrrrrrrrrrrrrrr
    Dec 16, 2013 at 15:47
  • I've written the answer too fast. The import thing is not to have them on the same address but in the same transaction output.
    – Jan Moritz
    May 21, 2014 at 19:08

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service and acknowledge you have read our privacy policy.

Not the answer you're looking for? Browse other questions tagged or ask your own question.