How much are the fees in Bitcoin? | Bitcointalksearch.org

Fatunad

sr. member

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Quote from: GOCrazy on December 03, 2021, 08:23:18 PM

Do they differ in different wallets?

Non custodial wallets like Electrum, Bitcoin core etc. does have that dynamic fees which you could really set it upon your liking which means you are in control of fees
whether you do go for non prioritized or would be processed on next block.

If you do make use of custodial wallets like exchange platforms then expect whether they do have static or dynamic because they do have that control
since its not a wallet which you do possess the keys.

You can check out anytime about fees on here mempool.space.

dkbit98

legendary

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Quote from: GOCrazy on December 03, 2021, 08:23:18 PM

Do they differ in different wallets?

Fees have nothing to do with wallets and they are same for all bitcoin network, but wallets and services may have their own different estimation for fees.
Centralized exchanges and services can charge extra fees, but using wallets like Electrum only calculate network fee.
You can also check mempool.space website or use my project BTC Mempool Fees browser Extension and monitor mempool state 24/7 in your browser ticker icon.

Pmalek

legendary

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If you are using a non-custodial wallet, the total mining fee will depend on a few things:

1. The number of inputs and outputs.
2. The type of addresses you are using to send and receive the coins (legacy, nested, and native segwit).
3. Standard transaction or a multi-sig setup. That's the script type.
4. How much sats you are paying for each vbyte in your transaction.

lumierre

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Actually, there was an update on the 14th of November. The Taproot update was aimed at reducing fees, increasing privacy and expanding bitcoin smart contracts.According to statistics, transaction fees in the bitcoin network have fallen by more than 50% since January 2021.The average fee decreased from $4.4 to $1.8. Apart from transaction fees you have to pay wallet commissions that vary from wallet to wallet.

mk4

legendary

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Paldo.io 🤖

Quote from: Bitcoin_Arena on December 03, 2021, 08:38:14 PM

It depends on the type of wallet you use.

If it's a custodial web wallet like coinbase, blockchain.com, freewallet or exchange, they may charge you a flat fee for withdrawal which is usually very expensive and exaggerated.
If it's a noncustodial wallet, it might entirely be up on the way they estimate fees.

Certain noncustodial wallets like electrum can let you pick a specific fee rate with which you want to send the Bitcoins rather than use the estimated optimal fee rate based on the last few confirmed blocks. This can in most cases prove a cheap way especially if the mempool is almost empty.

Right now if you check out mempool explorers like https://mempool.space. The fee rate is not that high. You can use it to estimate which fee rate you would like to use for your transaction.

And just to add, make sure the wallet you're using uses bech32 native segwit addresses, to further increase fee savings. Such addresses starts with bc1xxxxxxxxxxxxx. BlueWallet[1] would be a great choice as a mobile wallet.

[1] https://bluewallet.io/

Darker45

legendary

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Yes, they widely vary. Bitcoin_Arena has already provided a sufficient explanation. Basically, fees in different wallets are either flat, categorized, or personalized. Flat fees are fixed fees. They're either USD or Bitcoin based. Wallets with categorized fees provide options like fast, medium, or slow. Personalized fees are fees which you alone determine. You have the full freedom to pay whatever amount you prefer.

Bitcoin_Arena

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฿itcoin for all, All for ฿itcoin.

It depends on the type of wallet you use.

If it's a custodial web wallet like coinbase, blockchain.com, freewallet or exchange, they may charge you a flat fee for withdrawal which is usually very expensive and exaggerated.
If it's a noncustodial wallet, it might entirely be up on the way they estimate fees.

Certain noncustodial wallets like electrum can let you pick a specific fee rate with which you want to send the Bitcoins rather than use the estimated optimal fee rate based on the last few confirmed blocks. This can in most cases prove a cheap way especially if the mempool is almost empty.

Right now if you check out mempool explorers like https://mempool.space. The fee rate is not that high. You can use it to estimate which fee rate you would like to use for your transaction.

GOCrazy

newbie

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Do they differ in different wallets?

Topic: How much are the fees in Bitcoin? (Read 128 times)