how to know how much i am sending ? with fees and calculating that stuff

crazyfrankoh

newbie

Activity: 2

Merit: 0

Quote from: AdolfinWolf on November 16, 2018, 11:11:02 AM

Quote from: crazyfrankoh on November 16, 2018, 10:59:27 AM

so am new to bitcoin and i want to know how do i calculate this stuff for example i want to send money to a friend of mine and i want to send exactly 85 $ how do i know how many bitcoins i need to send that i mean for fees how do i calculate this stuff thanks in advance and also any good crypto wallets like exouds

Depends on the fees you want to set. 85$ as of right now is 0,01536BTC

With median fees, you should roughly pay ~0.00005921 - 0.33$ if you want to get it confirmed relatively fast.

You can also just broadcast a tx with a 1/sat byte fee, if you don't want to "waste" any money. Downside is that it may take some time to confirm.

^These fees are for legacy outputs. (Not that it really matters that much, but segwit is a bit smaller=cheaper.)
https://www.blockchain.com/btc/tx/cf96bd1ab9f22bf4da2399012fa3c728fb77a80e9c09f753d86d9bc89417704a

thanks man

HCP

legendary

Activity: 2086

Merit: 4361

Quote from: crazyfrankoh on November 16, 2018, 10:59:27 AM

i want to send exactly 85 $

Then you'd be better off using a Fiat transfer service like western union or PayPal etc...

Bitcoin is VERY volatile and the "price" is constantly changing... Sit and watch preev.com or the price on an exchange like Coinbase or Bittrex etc for a while. $85 in Bitcoin as I type this is unlikely to be the same as $85 in Bitcoin when you read this.

(Edit: for the record, it change from 0.01548 btc to 0.01552 btc on preev.com while I was typing this message)

At best, you can agree an amount of BTC with the other party in advance and then send them that exact amount of BTC... And they'll just have to accept any variations in the value of that BTC.

bob123

legendary

Activity: 1624

Merit: 2481

This mostly depends on the wallet you are using.

Most wallets do have a 'send' field for the exact amount the recipient should get and an additional field called 'fee', where you can set the fee (either total in BTC or fee rate in sat/B).
The wallet should calculate the rest itself.

What wallet are you using ?

Heisenberg_Hunter

legendary

Activity: 1584

Merit: 1280

Heisenberg Design Services

You can better use https://coinmarketcap.com/converter/ for knowing how much $85 costs in Btc! CMC converts your USD to BTC at the current trading rate. $85 is around 0.01518702 BTC

Donwload Electrum/ any trusted wallet, fill in your wallet with btc and click on Send and enter Btc address to which you need to send the amount, enter the amount and scroll the fees from minimal to max. If you set the fees to max, your transaction would get confirmed sooner and if you set the fees to minimum your transaction will get confirmed lately.

Tx fees are calculated in satoshi/byte. Legacy (addresses that start with 1) consume more bytes than segwit(starting with 3) and specifying higher satoshis per byte will make your tx to confirm faster in less number of blocks.

AdolfinWolf

legendary

Activity: 1946

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Quote from: crazyfrankoh on November 16, 2018, 10:59:27 AM

so am new to bitcoin and i want to know how do i calculate this stuff for example i want to send money to a friend of mine and i want to send exactly 85 $ how do i know how many bitcoins i need to send that i mean for fees how do i calculate this stuff thanks in advance and also any good crypto wallets like exouds

Depends on the fees you want to set. 85$ as of right now is 0,01536BTC

With median fees, you should roughly pay ~0.00005921 - 0.33$ if you want to get it confirmed relatively fast.

You can also just broadcast a tx with a 1/sat byte fee, if you don't want to "waste" any money. Downside is that it may take some time to confirm.

^These fees are for legacy outputs. (Not that it really matters that much, but segwit is a bit smaller=cheaper.)
https://www.blockchain.com/btc/tx/cf96bd1ab9f22bf4da2399012fa3c728fb77a80e9c09f753d86d9bc89417704a

crazyfrankoh

newbie

Activity: 2

Merit: 0

so am new to bitcoin and i want to know how do i calculate this stuff for example i want to send money to a friend of mine and i want to send exactly 85 $ how do i know how many bitcoins i need to send that i mean for fees how do i calculate this stuff thanks in advance and also any good crypto wallets like exouds

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