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Understanding Counterparty's Bitcoin costs

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Rob

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Posts: 604
Location: California

I realize I've been sending and receiving Counterparty assets for awhile now, but I still don't fully understanding the BTC costs of each transaction. Looking at Blockscan.com, for each basic Counteryparty transaction, I see .000078 BTC plus a .0001 Fee (I assume that's BTC too). Is .0001 BTC a miner's fee? And .000078 is some minimal amount of BTC that needs to be sent. Can anyone fully explain both these numbers, and why they the precise numbers they are?

Posted on August 31, 2014 at 8:36 PM

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• Cryptonaut

  

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  Posts: 1944
  Location: Canada

  Every counterparty transaction uses 3 main amounts:

  1) 0.000078 BTC output to the address you are sending to 2) another 0.000078 which actually goes back to your address 3) 0.0001 BTC for the miners fee.

  the 0.000078 number is actually nothing special. There just needs to be some dust amount of BTC which gets sent to the other persons address. That is the number that counterwallet uses, but technically it can be whatever you want (or whatever you can get away with and still have the transaction confirmed by miners). For instance, in the weekly automated LTBcoin distributions, each transaction uses something like 0.000025 BTC instead

  Posted on September 1, 2014 at 8:15 AM
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