If it was a transaction being made without the intent to harm the network, then requiring a small fee shouldn't be that much of a restriction. same day), then the presumption is that you could be harming the network therefore a fee is required to prevent that activity. If your coins are instead being re-spent within a short amount of time (i.e. The client will let you spend coins that have some time passed (i.e., were not just received) without having to pay a fee. Bitcoin transaction fees are essentially calculated according to a simple mathematic formula: you calculate the difference between the amount that is spent and the amount that is received. So just like how there might be a candy dish on a receptionists desk and you are free to take one doesn't mean you are free to take all the candy from the dish. That type of harmful action tries to re-spend the same funds over and over but without paying a fee. To the network, if that second transaction includes this newly received coin that would look the same as a transaction made by someone trying to harm the network. After your first transaction, any change that was made gets sent back to you but that becomes a "newly received" coin. This is likely due to the makeup of the remaining coins in the wallet. The client might send one transaction for free but then for the next transaction (even if it is for a smaller amount) the client might show that a fee is required. User to make sure that a particular transaction will get included into If your wallet only allows you to specify fees in BTC/bits/satoshi per kB/byte, multiply the result by one of the following estimated conversion factors (we conservatively assume the worst-case 192-byte transaction for this estimation): BTC/kB: 5.20833333333 bits/kB: 5208333.33333 satoshi/kB: 520833333.333 BTC/byte: 0. Transaction fee is therefore an incentive on the part of the bitcoin Transactions and include them in the new block being created. Hand, nobody mining new bitcoins necessarily needs to accept the If Alice transfers 2.5 BTC to Bob at block height 78001, she needs to consume two UTXOs to meet the transfer conditions, and the remaining assets will be transferred as a new UTXO to a new change address.Transaction fees are voluntary on the part of the person making theīitcoin transaction, as the person attempting to make a transactionĬan include any fee or none at all in the transaction. (To better understand the UTXO mechanism, miner fees are temporarily ignored in the image) When transferring on the Bitcoin network with imKey, imKey will automatically generate a new change address for the user, which enhances anonymity and saves miner fees. Note: The change address is used to store the remaining assets after the UTXOs are consumed and is managed by the main address. If Alice transfers 0.5 BTC to Bob at block height 78001, she only needs to consume the UTXO containing 1 BTC to meet the transfer conditions, and the remaining assets will be transferred as a new UTXO to a new change address. Each transaction in the Bitcoin network must reference previous transactions and ensure that the total value of input UTXOs is greater than or equal to the total value of the transfer amount plus miner fees, otherwise the transaction is invalid.įor example, Alice received two UTXOs containing 1 BTC and 2 BTC at block height 77963. Each transaction consumes unused UTXOs, and new UTXOs are created and recorded on the blockchain to prevent double-spending. Finally, a user can set the minimum fee rate for all transactions with -mintxfee, which defaults to 1000 satoshis per kB.Furthermore, Bitcoin Core will never create transactions smaller than the current minimum relay fee. When a user sends Bitcoin, they must choose some unused UTXOs as inputs and create new UTXOs as outputs. At all times, Bitcoin Core will cap fees at -maxtxfee (default: 0.10) BTC.Each UTXO includes an address and a value, and this information is stored on the Bitcoin blockchain. Unlike the traditional account model, when a transaction is broadcasted to the Bitcoin network, its outputs are considered as unspent UTXOs until they are consumed by other transactions. UTXO, short for Unspent Transaction Output, is a term used in cryptocurrency systems.
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