Bitcoin Blog a1

Tuesday, February 18, 2014

Two Satoshi!

With bitcoins once reaching over a thousand dollars, they have quite a few interesting divisions to note, the smallest of which is: The Satoshi. Named after the mysterious and anonymous founder, the Satoshi is the nickname for the smallest division of a bitcoin which is .00000001 . Currently I have two pending transactions in my bitcoin wallet both of which are one satoshi each, and I am at a complete loss as to why! I think its almost counter productive to send that a small amount of BTC as the fee I think is higher than that. Bitcoins transaction fees are fairly small to my knowledge but have a fairly complex system of rules Oh well, hopefully it goes though, and if not, its not even  a cent lol.

Just for fun I think this is how transaction fees work :
148*I + 34*O + 10
This answer is in bytes. “I” is the number of inputs and “O” is the number of outputs. There is also a one byte variation for addresses that starts with 0x80

The transaction fee is for each KByte of the transaction, and 0.0001 BTC per KByte is the fee. Naturally the transaction size is rounded up to the next Kbyte.

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