Topic: Minimum Bitcoin amount to be sent (Read 348 times)

I have a client from India wherein I am being payed using USDT. Fortunately, both of our USDT(erc20) address came from the same exchange which is Binance and we're able to transact without costing any amount of transaction fees.

If OP wants to receive small value input without costing his/her client from tx fees, then it might be useful to take advantage of off-chain transaction(internal transfer) in binance. Just put another layer of security (2FA) to at least increase the safety of your funds.

Welcome to the forum.

In wallets, there is a premise do not send less than 5 times the value of the fee.
why ?
A: In the long term money is lost, simple.
 
1.- E.g. paying with the wallet electrum a minimum fee ... of rounding (which can be more but, come on! let's speculate  to a matter of merely school) 122 sat (this depends on sat/b), then The minimum should be Sat 610. What you can send less, yes! but the point is for you want to send less than that or at least $ 1: so when.
-The case of the OP
-You want to verify the address before sending, a significant amount.
-you need to make a minimum deposit to withdraw a prize, bounty.
-you want to make a deposit and live the experience.

In other Wallets you can not send less than the amounts established by them (Wallets).

2.- Atomic Wallet charges between $ 0.45- $ 0.70 (approximate values), that is, in your case it would be a minimum amount of $ 1.45

There are Wallets and Exchanges that can send between users of the same network (not bitcoin network) sat or BTC.

In reality, those who think to sell something for $ 1 and get paid in bitcoins. Let's go! which is fine as a practical exercise to explain.

Simply, the only suitable thing here is to know what your technical resources are to receive a $ 1, expecting them to be 10,000 products, which does make sense there.

So I recommend you, just use e.g. an electrum address.
It is already a buyer's problem if it says payment with bitcoins.

Add other traditional wallets to your fund management, for example Advcash does not charge a fee for shipments between users and you can use it in binance without problems, they are now trading partners.

I hope you don't just understand the point of selling a single thing for less than $ 10 in bitcoin, also make him see that there are other more profitable routes to selling what you are trying for $ 1.

 

Actually, it can help.
OP is not asking about withdrawing but asking about receiving from someone else on his Binance account.

Binance has an internal transfer feature which allows users to send coins to each others without paying any fees.

The drawback is that he will have to use an exchange as his main wallet to receive payments which is not recommended.

An exchange wallet like Binance won't help in this case, even exchanges in general because of their withdrawal minimum and transfer fee. A wallet like Mycellium or Electrum is very handy here. You can customize your fee and send micro payments.

If what you want to sell is altcoin that you get from airdrop or bounty supported by the ethereum platform, then consider the shipping transaction fee. The cost of gas that you will endure today may be almost half of the total price of the asset you have because you have to bear the 80 GWEI or $0.444 gas cost as standard gas which mean you will only get $0.55 if you sell directly to someone "not on the exchange". Its a good idea to forget about these assets and try to get something else.

Maybe someone can do it, but of course the fees used for this transaction do not match the price of the asset you have.

Very unlikely because exchange have the lowest limit for trading. The minimum deposit amount and also the minimum trade amount of each asset are clearly different and this transaction will never occur in my opinion because you only have $1 as the total value of the asset. The best idea is to forget this transaction.

That is not possible with Binance as there's a fee.
When bitcoin value rises, it was not anymore suitable for micro transactions, I am using electrum wallet and sometimes I have to pay a transaction fee of $1 or more just to for the transaction to confirm faster. For Binance they have a fix amount of withdrawal fee regardless of the amount, see above posts.

I think that you can even send $0.5 with 0 satoshi transaction fee but I think it will never be confirmed on the blockchain

My senior colleagues here had answered your question is a different ways for easy clarifications. I don't want to spam with same answers but would just advise you to implore on what you have been told and keep it part of you. Download appropriate wallets that supports self adjustment of transaction fees if you not in a hurry for confirmation. Success as you take correction.

I agree with most that has been said, but still wanted to chip in/expand/combine some of the points that have already been made.

$1 is about 0.0001051 BTC at current exchange rate. In an "allmost" ideal situation, at this point you'll need to pay about 24 sat/vbyte as a fee, a one input 2 output tx will result in a fee of 0.00004224 BTC (about 40 cents). This means you'll pay about 40% on top of your $1 in order to have a decent chance of seeing your transaction end up in one of the next couple of blocks IF you use a decent wallet.
If you use an exchange wallet, you'll probably pay a lot more.

Your options are:

• Pay in advance: if you'll do repeated business with the seller AND you can trust him/her completely, pay him $50 in BTC for future products/services
• Use the lightning network: not 100% stable, but defenately good enough to have a channel funded with the equivalent of $50 (or a little less). Electrum supports the lightning network now, and there are several good mobile lightning wallets (i used eclair in the past, and it worked flawlessly)
• Switch to an altcoin... I usually use ETH or LTC when i need to pay near-dust amounts... Faster, commonly accepted but their network isn't backed by quite as much hashpower... But for a $1 transaction, who cares
• I would strongly discourage this, but you could also go for a 0-fee-between-customers custodial wallet. This should be your very last resort: not your keys, not your funds...

If OP use another coin then it can be cheaper. XLM is usually used for this purpose, or BNB if that's available already. Still, $1 is considerably small, might as well try LN.

there are 2 matters that should not be confused here. the standard rules and the consensus rules. i believe @coupable had consensus rules when wrote that comment.
as far as validity is concerned (the consensus rules) the minimum amount that a transaction output can have is zero with zero fee. but as far as standard rules are concerned (the preference that a node applies which it can change at any time) the minimum is higher around 500 which is dust limit

With these types of transactions, I think the best way is to have a custodial wallet that runs in the same network and save fees doing it. Most of the custodial wallets would not get fees when it is just between the same wallet. For our country, coins.ph is a great way to send money and it wouldn't ask fees if it is going to be sent to another person using the coins.ph wallet as well.

It's not ideal to use custodial wallets if you have large amounts of coins, but it's certainly helpful when transacting to another person using the same service with that. Maybe you have something like that in your place.

If I can remember correctly, the minimum amount to send is above 500 satoshi. 1 satoshi can be sent through offchain network Lightning or with coinbase only. OP never accepts a tx with 0 confirmation, the fee is very high at the moment and there is a chance of fraud if you receive 0 confirmation although $1 is too low to attempt that.

It's really going to depend on what your needs are. Here's a great tool you can use though: https://bitcoin.org/en/choose-your-wallet

In general though, probably BlueWallet[1] for a mobile wallet, and a Ledger Nano S/X[2] for long term holdings.

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[1] https://bluewallet.io/
[2] https://ledger.com/

The minimum amount to send is 1 satoshi, so until 1 Bitcoin = $100 millions, yes - you can send $1. However, this assumes that the sender uses their own wallet and isn't sending coins from exchanges. If it is the latter, then it depends on an exchange. Most of them have unreasonably high Bitcoin withdrawal fees that make withdrawals equivalent to $1 impractical.

Try looking at the Lightning Network, it's available on the mainnet, though it's still not officially released, but some merchants already integrated it.

I think the best option for a small transaction using the third service when they provide a merchant option.

You can be directed to your buyer by using some application to paying through the app when they provide a merchant payment. This could be an option by doing the internal transactions for a small transaction without getting any fee at all. Then try to look some app who has converted option to other cryptos, if you feels the bitcoin transaction fee from the merchant was too high for you by only sending a small fund you can use another user by using other altcoins to send the fund with a small fee.

No. You cannot send 1 satoshi.
For preventing the network from being spammed, such small outputs are considered as dust and nodes reject the transaction.

It might be cheaper and more reasonable to use another currency for this such as ltc or eth to cut the fees even lower (although eth's fees might have been pumped by defi so ltc might be a good coin to use).

Btc is only good wiht smaller payments, as the others have said, if you can control the fees but a low fee of a few cents makes for a slow transaction time.

In Bitcoin, the minimum amount you can send in a transaction is 1 Satoshi which 0.00000001 btc. But you have to consider that mining fee is necessary to get your transaction confirmed, and the fee depends on the status of the actual network even you have the ability to set one satoshi per byte.
What i want to explain for you op is YES you can send the one dollar btc in a transaction, but as the amount is too small, some custodial wallets set a minimum to be sent in one transaction. So maybe the client you use doesn't allow you. Better to use Electrum as suggested above.

As stated by mk4, neither Binance nor any other exchange can be a good choice.
You should use a wallet which allows you to set the fee manually. Also, for lowering the fee, you should use a wallet which supports segwit addresses.

I recommend you to use Electrum. (https://electrum.org/)

Note:
1. Download Electrum only from its official website.
2. Select "Native segwit" as the script type when creating the wallet.
3. Keep the seed phrase Electrum gives you very secure.