Yea, sorry it was 19 inputs.
All 19 inputs have about the same value because they were payments from mining.
I have tried lower fees twice now and neither went through. Guess I will just have to keep trying.
Thinking of moving my BTC to LTC so I don't have to deal with this again.
Topic: Can someone explain to me how my transaction works? (Read 155 times)
I am trying to send BTC to another of my wallets.
Because it has 19 outputs I must pay around $100-200 USD or ~300sat/byte.
Does the amount of BTC you are sending not matter for the price of the fee? It is all about the amount of inputs/outputs? As I am understanding from this site https://estimatefee.com/.
Because it has 19 outputs I must pay around $100-200 USD or ~300sat/byte.
Does the amount of BTC you are sending not matter for the price of the fee? It is all about the amount of inputs/outputs? As I am understanding from this site https://estimatefee.com/.
Hello romajs, from the question; Does the amount of BTC you are sending not matter for the price of the fee?
The amount of BTC is irrelevant for the fees, what really mater is the number of inputs and outputs, that's what really gives the size to a transaction.
As you can see on https://estimatefee.com/ the size of your transaction is ~2890 bytes , and they are estimating a value of 419 satoshis/byte, but other sites like https://bitcoinfees.earn.com/ say 540 satoshis/byte. So to calculate the fees, you have to multiply the transaction size * recommended satoshis/byte. This way your transaction should confirm in the next block.
But we know ~156.21 USD is an insane amount to pay just for fees, so i have two recommendations for you:
1.-Ignore the inputs with low amounts.
Use bitcoin core to build a raw transaction choosing only the inputs with big amounts. While less inputs, then you have a smaller transaction, that means less fees.
2.-Use a low fee and wait until it confirm.
This option could take a long time (days), because as we can see now there are 170000 unconfirmed transaction. https://blockchain.info/es/unconfirmed-transactions
I am trying to send BTC to another of my wallets.
Because it has 19 outputs I must pay around $100-200 USD or ~300sat/byte.
Because it has 19 outputs I must pay around $100-200 USD or ~300sat/byte.
19 outputs? or 19 inputs?
Each output only adds about 34 bytes, each input adds more than 100 bytes.
Does the amount of BTC you are sending not matter for the price of the fee?
Correct.
The fee per byte is determined by how busy the system.
The total fee is determined by the fee per byte multiplied by the number of bytes.
It is all about the amount of inputs/outputs?
inputs and outputs determine how many bytes your transaction is.
Cost PER BYTE is determined by how busy the system is and how fast you want confirmation.
I am trying to send BTC to another of my wallets.
Because it has 19 inputs I must pay around $100-200 USD or ~300+sat/byte.
Does the amount of BTC you are sending not matter for the price of the fee? It is all about the amount of inputs/outputs? As I am understanding from this site https://estimatefee.com/.
Because it has 19 inputs I must pay around $100-200 USD or ~300+sat/byte.
Does the amount of BTC you are sending not matter for the price of the fee? It is all about the amount of inputs/outputs? As I am understanding from this site https://estimatefee.com/.
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