Minimum Transaction Fee Litecoin LTC

Variables / constants used: MIN_TX_FEE = 0.001 LTC (100000 Satoshis) # defined in CTransaction::nMinTxFee AGE_THRESHOLD = COIN_IN_SATOSHIS * BLOCKS_PER_DAY / TYPICAL_TX_SIZE_IN_BYTES = 100000000 * 576 / 250 = 230400000 # constant used for determining if input coins are old enough for transaction to be eligible to be free DUST_SOFT_LIMIT = 0.001 LTC = 100000 Satoshis # additional MIN_TX_FEE is added for each output smaller than this CENT = 0.01 LTC (1000000 Satoshis) Calculating minimum fee This fee must be included to allow the transaction to be propagated over the network. Base fee Basis value for fee is MIN_TX_FEE for each 1000 bytes of transaction data BASE_FEE = MIN_TX_FEE * (TX_SIZE/1000 + 1) Free transactions If input coins are old enough then BASE_FEE is set to 0. This applies only to transactions smaller than 5000 bytes. Precisely, the value (COIN1VALUE COIN1AGE + COIN2VALUECOIN2AGE + COIN3VALUE*COIN3AGE +.) / SIZE_OF_TRANSACTION_IN_BYTES where COINnVALUE is value of an input coin in Satoshis and COINnAGE is amount of blocks generated since input transaction was made must smaller than AGE_THRESHOLD (defined above). So, the older and bigger input coins are the more likely transaction can be free.

Coin of value 1 LTC can be spent after 1 day (576 blocks) for free, coin of value 0.5 LTC can be spent after 2 days. Additional fee for very small outputs For every output smaller than DUST_SOFT_LIMIT another MIN_TX_FEE is added, so MINIMUM_FEE = BASE_FEE + MIN_TX_FEE*NUMBER_OF_DUST_OUTPUTS Voluntary fee You can define Your own transaction fee per 1000 bytes of transaction, by specifying '-paytxfee' command line parameter (or setting this option in GUI). VOLUNTARY_FEE = PAY_TX_FEE*(TX_SIZE/1000 + 1) Choosing minimum vs voluntary fee Fee applied to transaction is the higher value of either MINIMUM_FEE or VOLUNTARY_FEE. LBRY Credits LBC Asic Usb Miner. Example: paytxfee was set to 0.002, transaction size is 1500 bytes, it contains 4 'dust' outputs and coins aren't old enough for a free transaction calculated VOLUNTARY_FEE is 0.002 * (1500/1000 + 1) = 0.004 calculated MINIMUM_FEE is 0.005 (0.001 for non-free transaction and 0.004 for each 'dust' output) Fee applied to transaction will be 0.005 LTC Fee for small change Finally, If change of the transaction is smaller than CENT and FEE is smaller than MIN_TX_FEE, then difference between MIN_TX_FEE and FEE is moved from change to FEE (change=change-(MIN_TX_FEE-FEE), FEE=MIN_TX_FEE). Or, if change+FEE is smaller than MIN_TX_FEE, whole change is moved to fee (FEE=FEE+change, change=0). References CTransaction::AllowFree CTransaction::GetMinFee CWallet::CreateTransaction of the original client.

Dec 26, 2017 - Since we can't buy Bitcoin with Paypal directly, we will buy it using a workaround. This workaround causes the transaction fees to be higher. I find this process still worth the cost because of the extreme volatility of Bitcoin. Also the minimum amount to buy in this process is 0.002BTC, so don't use this process.