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Some noob questions.

  • If I send someone coins, will it incur fees?
  • If it incur fees then is it true for all other coins too?
  • If it incur fees then can I set fee for the transaction?
  • If I can set fee for transaction then what will be its impact if the fees is low or high? What if I set no fee at all?
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  1. Yes it will since you need to give money to miners in order for them to keep up the work of securing the network.
  2. What do you mean by "all other coins"?
  3. You can set the fee for your transaction yourself, but if it's too low it might not be picked up by miners. Remember they're looking to include transactions with highest fees first, since they'll be getting the fees themselves.
  4. If the fee is too low, the miners might not include your transaction in the next block. This might mean that it could take a long time for your transaction to be confirmed. Sometimes it happens that it doesn't get confirmed at all, even after waiting a long time, and you have to send the transaction again with a higher fee. If the fee is too high, well, the transaction will most likely get picked up immediately and get confirmed as soon as possible.
  • By all other coins I mean other Alt Coins like LTC, DOGE etc. Who exactly are miners to whom this fees is paid? All users who are mining? So let's say if I am also mining BTC then it means I will also receive fee if someone sends BTC to anyone? – Frank Martin Feb 8 '14 at 13:49
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    The transaction fee policies are pretty much the same for all cryptos. Miners are people that provide computing power to a crypto's network. Over a sufficient long time, you would expect to gain mining rewards corresponding to your share of the total mining power of the crypto you are supporting. Perhaps you should check out What exactly is mining?. – Murch Feb 8 '14 at 14:28
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Yes it incurs fees but it is as low as 0.001 so it doesn't really bother. Moreover you can set what fees you want to pay from the QT if you are running QT on windows you can set it by navigating to Settings >> Options >> Main and then fill the box which says "Pay transaction fee"

if you are running headles QT on linux then run bitcoind settxfee

The time taken by a transaction depends whether you are paying fees or not if you are not paying fees your transaction will take more time than usual

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