What is the fee per transaction ?
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About FTC Network ,What is the fee per transaction ? such as ,BTC is 0.0005 , LTC is 0.02.
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[quote name=“lizhi” post=“32510” timestamp=“1382762338”]
About FTC Network ,What is the fee per transaction ? such as ,BTC is 0.0005 , LTC is 0.02.
[/quote]Transaction fee is 0.005 FTC which is $0.000371847 USD. You’d have to spend 333 times above the thresholds for it to cost you $0.01.
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Thanks. I want to know why this is ?
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As feathercoin will have a total number of coins 4x that of litecoin I think we e presume it will have a value approx one quarter of litecoin all being equal so the transaction fee fits into that scenario. Obviously all is not equal between tho two coins at the moment and feathercoin could even surpass litecoins value at some point.
Although transaction fees are not mandatory anyway but are likely yo become more important in the future.
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[quote name=“lizhi” post=“32524” timestamp=“1382789726”]
Thanks. I want to know why this is ?
[/quote]There are two main reasons are:
[list type=decimal]
[*]To pay the miners for their hard work - will be important when we reach the end of the supply of coins and block rewards run out
[*]To discourage attackers from spamming the network big tiny payments slowing down the system for everyone else
[/list]The fees you pay are based on how fragmented your coins are and coin age, read more here: https://en.bitcoin.it/wiki/Transaction_fees
Let us know if you have any other questions.
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With regard to the reasons behind the Transaction fee.
[quote name=“chrisj” post=“32531” timestamp=“1382795847”]
There are two main reasons are:
[list type=decimal]
[*]To pay the miners for their hard work - will be important when we reach the end of the supply of coins and block rewards run out
[*]To discourage attackers from spamming the network big tiny payments slowing down the system for everyone else
[/list]The fees you pay are based on how fragmented your coins are and coin age, read more here: https://en.bitcoin.it/wiki/Transaction_fees
[/quote]
The fees were originally introduced to prevent a dusty coin attack on the (Bitcoin) network. Particularly, larger payments do not receive a fee, correct me if I am wrong.
You can add your own global fee, to help by rewarding the miners for processing your transactions. The disadvantage I found with that is the global fee can be a large proportion of a small payment and Feathercoin was / is philosophically for use in normal everyday / lower value payments.
Although, there have been fee “arguments/ discussions” on the forum in the past, to have a proper miner support fee i.e. proportional fee transaction say 0.005%, and that was very much frowned on by the non centralised faction, who see it as restricting. For instance, miners might prioritise transactions with fees, to the detriment of the network.
There were also some other transaction fee - bugs or features, such as the global fee not being paid if the low value transaction is triggered which I’m not sure of the current status of. Also, the status in Feathercoin version 0.85 or the roposed version 0.9 that include Bitcoin and Litecoin updates that might affect fees.
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[quote name=“Severino” post=“32542” timestamp=“1382807608”]
Adding a transaction fee will also help to speed up the transaction, right? From experience the transaction times are a lot longer when you don’t implement a fee (like it can take hours).
[/quote]That is correct, some miners choose to ignore transactions that don’t include fees which can stall your payment. In fact not including a transaction fee when one is required can be dangerous as your coins can get stuck. To get then back you need ‘wallet surgery’ where you have to remove your private keys and reimport them in to a new client. This goes for all cryptos.
