Fees - page 2. | Bitcointalksearch.org

Rodeo02

hero member

Activity: 1302

Merit: 577

avatar and signature space for rent !!!

Quote from: Bad Dogs on December 17, 2019, 11:11:48 AM

New to Bit Coin and trying to wrap my hands around the fee structure. An internet post, about a year old said 0.2 mBTC. I searched the internet and nothing makes sense. I looking into setting up an account to fund my on line poker account.

What is the fee for transferring $500 US dollars?

Thanks

depend you have a choice if you want much faster you will need to pay much higher fees, but i suggest choose the normal fees. There is an option how much you want to pay for the fees the option depend on you if you want it faster or not.

arklan

legendary

Activity: 1778

Merit: 1008

as others have said or implied, there's a bunch of details here that effect this.

there's the bitcoin network itself, which has fees varying as mario described.

then there's fees the poker site itself might charge to deposit.

then there's where ever you got the bitcoin in the first place. let's say coinbase, an exchange for trading one currency, say US dollars, for another, say, bitcoin.

what'll happen is this - you'll deposit money into your account on the exchange - likely incurring a fee from your bank and a fee from their bank.

then you'll trade the US Dollars for BTC - possibly another fee here.

then yu'll withdraw the BTC from the exchange - another fee - and send it to your poker site - here's where the bitcoin network itself comes in with it's fee.

then your BTC is deposited at your poker site and you're able to play as you please.

all told, it shouldn't cost very much - in a crazy horrible "everyone is charging huge fees" scenario you might be looking at 25 bucks or something, on a guess.

also, just case it needs to be said - if you are gambling as an american citizen on a website... it's almost certainly illegal at the federal level. choose wisely, or at least don't get caught.

diazepam666

hero member

Activity: 1162

Merit: 516

1BTC Welcome Bonus

For any Bitcoin payment you will need to ensure that you are sending along with the fees or else it will be depend from the sending amount what you are planning to send.
Particularly to speak about the every wallet providers will have different kind of fee structure to send the Bitcoin to other wallet. So no one can ask you that which is the exact value as a fee.

Em00n01

full member

Activity: 737

Merit: 104

You should mention the name of the site. It will be easy for us to help. I think the fee will not be longer than 0.0005 BTC If you are transferring from an external wallet.

NeuroticFish

legendary

Activity: 3668

Merit: 6382

Looking for campaign manager? Contact icopress!

Quote from: OmegaStarScream on December 17, 2019, 12:40:33 PM

There is no flat fee. What you're paying depend on:

1. The network and whether it's congested or not.
2. The size of your transaction.

It may worth also mentioning that if your transaction is a withdrawal from an exchange then you'll pay a flat fee imposed by the exchange (usually bigger than a normal transaction from a proper wallet).

ChrisPop

legendary

Activity: 2310

Merit: 1035

Not your Keys, Not your Bitcoins

Also just to add to OmegaStarScream's reply - most wallets show how much fee you are going to pay before sending the transaction. Nowadays it shouldn't be more than $1-2 bucks MAXIMUM when the network is congested(as far as I have experienced) - usually is just a few cents per transaction, but depends on how many blocks you want the transactions to arrive(tx speed).

its-a-me-mario

jr. member

Activity: 88

Merit: 9

One of the innovative ideas with Bitcoin is that you get to decide how much you want to pay in fees. Miners choose which transactions they want to prioritize when processing transactions, so obviously they will take the transactions with the higher fees since they get the fees as a reward. So depending on how quick you need your transaction to be confirmed, you can decide how much to pay in fees.

If you need your transaction to go through immediately, you can look at the current fees being paid by other people and make your transaction's fee a little higher than average. If you don't care about speed you can technically even do a transaction with zero fees, or just a very small fee, and it should eventually make it through but it could take awhile.

Most wallet apps you use will try to estimate the best fee for you to include with your transaction, so a lot of ppl just use the default estimated fee instead of entering their own. Or some wallets will have something that says like "pay X to get it confirmed in 10 minutes, pay Y to get it confirmed in 1 hour".

The fee has nothing to do with the amount of the transaction's value. A 1 billion dollar transaction can use the same fee as a 1 cent transaction.

OmegaStarScream

staff

Activity: 3500

Merit: 6152

There is no flat fee. What you're paying depend on:

1. The network and whether it's congested or not.
2. The size of your transaction.

To simplify things, if you haven't been receiving multiple small inputs, your transaction size shouldn't be big and you'll only be paying a very small amount (with the network's current state); that clearly doesn't include any deposit fees the poker site might take.

Bad Dogs

newbie

Activity: 3

Merit: 0

New to Bit Coin and trying to wrap my hands around the fee structure. An internet post, about a year old said 0.2 mBTC. I searched the internet and nothing makes sense. I looking into setting up an account to fund my on line poker account.

What is the fee for transferring $500 US dollars?

Thanks

Topic: Fees - page 2. (Read 338 times)