Lowest Absolute Fee With 0.0008 - 0.0032 BTC Transfers And Total Time

o_e_l_e_o

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Quote from: Joeyp on September 09, 2023, 02:32:02 PM

~~~~ 0.0008 BTC transfer - 16 sat/byte - 246 Bytes - 1.05 USD Huh

The amount of bitcoin you are transferring is irrelevant. What matters is how many inputs and outputs your transaction has, which is what dictates the size of the transaction in vbytes. Also note that you should be working in virtual bytes or vbytes, rather than raw bytes. This is the value that miners pay attention to when deciding which transactions to include.

16 sats/vbyte is an appropriate fee at the moment which will put you around 1 MvB from the tip. For a 246 vbyte transaction, this would be just under 4,000 sats, which is indeed around $1.05.

A 246 vbyte transaction could be transferring 0.0008 BTC or it could be transferring 8,000 BTC. It is the number of inputs which is important here, not the value of those inputs.

philipma1957

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Quote from: Joeyp on September 09, 2023, 02:32:02 PM

Quote from: Findingnemo on September 09, 2023, 01:36:43 PM

FYI, TX fees are based on the size of the transaction, not the amount you transfer.

Let's say your 0.0008BTC comes from one UTXO still the TX fee varies depending type of wallet address.

So the size of your TX will be

1 Legacy addy input and 1 Legacy add output = 192 bytes

1 Segwit addy input and 1 segwit addy output = 144 bytes

So the increases with more inputs and outputs and also the type of address ( Legacy, Segwit, Taproot).

Now looking at the mempool status you need to go with 15sat/vbyte for your TX to get confirmed in the next block.

You can use https://coinb.in/#fees to estimate your TX size then check https://mempool.space/ to know what is the fee required for faster confirmation.

Or the simpler way is to open your Electrum wallet whether it is Andoird or PC, enter the send address then you will click pay tab There you choose 'Mempool", not ETA, Not Static then will be notified what is the fee required depends on where you want to place your TX for example 0.6MB from tip/ 0.8MB from tip so more you closer the fee will be higher but as long as you are stay in 1MB from tip range then your TX will likely to be included in the next block.

~~~~ 0.0008 BTC transfer - 16 sat/byte - 246 Bytes - 1.05 USD Huh

Yeah fees are higher then you may want.

there are some tricks to go cheaper. 11 sat/byte will allow viabtc's free service to work.

https://www.viabtc.com/tools/txaccelerator

so you can do 11 x 246 and use the free service that would be 11/16 x 1.05 usd = 72 or 73 cents

Joeyp

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Activity: 112

Merit: 37

Quote from: Findingnemo on September 09, 2023, 01:36:43 PM

FYI, TX fees are based on the size of the transaction, not the amount you transfer.

Let's say your 0.0008BTC comes from one UTXO still the TX fee varies depending type of wallet address.

So the size of your TX will be

1 Legacy addy input and 1 Legacy add output = 192 bytes

1 Segwit addy input and 1 segwit addy output = 144 bytes

So the increases with more inputs and outputs and also the type of address ( Legacy, Segwit, Taproot).

Now looking at the mempool status you need to go with 15sat/vbyte for your TX to get confirmed in the next block.

You can use https://coinb.in/#fees to estimate your TX size then check https://mempool.space/ to know what is the fee required for faster confirmation.

Or the simpler way is to open your Electrum wallet whether it is Andoird or PC, enter the send address then you will click pay tab There you choose 'Mempool", not ETA, Not Static then will be notified what is the fee required depends on where you want to place your TX for example 0.6MB from tip/ 0.8MB from tip so more you closer the fee will be higher but as long as you are stay in 1MB from tip range then your TX will likely to be included in the next block.

~~~~ 0.0008 BTC transfer - 16 sat/byte - 246 Bytes - 1.05 USD Huh

Findingnemo

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Activity: 2310

Merit: 757

Bitcoin = Financial freedom

FYI, TX fees are based on the size of the transaction, not the amount you transfer.

Let's say your 0.0008BTC comes from one UTXO still the TX fee varies depending type of wallet address.

So the size of your TX will be

1 Legacy addy input and 1 Legacy add output = 192 bytes

1 Segwit addy input and 1 segwit addy output = 144 bytes

So the increases with more inputs and outputs and also the type of address ( Legacy, Segwit, Taproot).

Now looking at the mempool status you need to go with 15sat/vbyte for your TX to get confirmed in the next block.

You can use https://coinb.in/#fees to estimate your TX size then check https://mempool.space/ to know what is the fee required for faster confirmation.

Or the simpler way is to open your Electrum wallet whether it is Andoird or PC, enter the send address then you will click pay tab There you choose 'Mempool", not ETA, Not Static then will be notified what is the fee required depends on where you want to place your TX for example 0.6MB from tip/ 0.8MB from tip so more you closer the fee will be higher but as long as you are stay in 1MB from tip range then your TX will likely to be included in the next block.

Joeyp

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Activity: 112

Merit: 37

Please share lowest absolute transfer fees with 0.0008 - 0.0016 - 0.0032 BTC transfers and total transfer time with all confirmations finished. I am just thinking of Electrum wallet using for BTC transfers.

Topic: Lowest Absolute Fee With 0.0008 - 0.0032 BTC Transfers And Total Time (Read 76 times)