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Blockchain.info gives you the options of 'frugal', 'normal' and 'generous' for setting miners fees and leave it slightly vague as to what the transaction fee will ultimately be.

I want to use their Make Outgoing Payments API to send payments but how can I know what they choose as a transaction fee?

What if I have 0.01 BTC in my wallet and want to send it all to an address. There won't be enough BTC left over for a fee. What happens then?

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There really isn't a standard fee value. Various clients implement different amounts. For example on my MultiBit installation it's currently set to 0.0001 BTC per 1000 bytes of transaction size.

You must include a fee otherwise miners won't confirm your transaction.

For Blockchain.info's case, using their API, if you don't have the $fee parameter, Blockchain.info will automatically add 0.0005 BTC in fee, which is the default value.

All transactions include a 0.0005 BTC miners fee.

So if you send 0.01 BTC with their API, and don't specify the $fee parameter, it will add a 0.0005 fee to your transaction.

EDIT This means you actually need at least 0.0105 BTC (0.01 + 0.0005) in your wallet to make the transaction. If you want to send all of the 0.01 BTC, you have to actually send 0.0095, otherwise the transaction won't go through.

  • The API docs say all transactions include a 0.0005 BTC miners fee by default however the Account->Settings->General says they 'Follow the fee policy suggested by the mainline bitcoin client' if you select 'Normal' Default Fee Policy. I guess that must also be 0.0005 BTC or would it depend on the transaction size in bytes and in BTC? – Dan Feb 12 '14 at 15:03

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