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I'm trying to transfer all of my 0.1 BTC located in one wallet to another wallet. I don't care how long it takes to finish, so I'd rather send it without paying any transaction fee. I'm new to this, so I started out by using the Bitcoin-Qt client. I set the transaction fee to 0.0 BTC, and tried to move the funds to the other address. I get the following error message:

enter image description here

This seems like a bug since I set the transaction fee to 0.0 BTC, but since I'm new to this, I want to make sure that I'm not missing something. Do 0.1 BTC transactions require a transaction fee? If this is just a bug, how can I get my money out without dropping a whole nickel $0.05? (I'm very stingy.)

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(Update: The client has changed the min fee from 0.0005 to 0.0001)

Yes, the Bitcoin-QT client applies a minimum fee of at least 0.0001BTC to some transactions. Quoting the wiki:

Sending

A transaction may be safely sent without fees if these conditions are met:

  • It is smaller than 1,000 bytes.
  • All outputs are 0.01 BTC or larger.
  • Its priority is large enough (see the Technical Info section below)

Otherwise, the reference implementation will round up the transaction size to the next thousand bytes and add a fee of 0.1 mBTC (0.0001 BTC) per thousand bytes1. As an example, a fee of 0.1 mBTC (0.0001 BTC) would be added to a 746 byte transaction, and a fee of 0.2 mBTC (0.0002 BTC) would be added to a 1001 byte transaction. Users may increase the default 0.0001 BTC/kB fee setting, but cannot control transaction fees for each transaction. Bitcoin-Qt does prompt the user to accept the fee before the transaction is sent (they may cancel the transaction if they are not willing to pay the fee).

Note that a typical transaction is 500 bytes, so the typical transaction fee for low-priority transactions is 0.1 mBTC (0.0001 BTC), regardless of the number of bitcoins sent.

The "priority" mentioned is calculated based on the quantity of bitcoins and the age of the bitcoin inputs making up the transaction (ie how long since you received them). It prevents a user flooding the network by repeatedly sending bitcoins to themself.

Note that this isn't a restriction on the Bitcoin protocol itself though. More details here.

In your case, the only thing you can likely control is the ages of the bitcoins; ie waiting will help meet the third requirement.

  • 2
    Be patient or give up a Jefferson. Both so hard... haha, thanks for the explanation. – Logical Fallacy Apr 19 '13 at 3:50

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