Newb transfer fees question. | Bitcointalksearch.org

Shrugger

newbie

Activity: 2

Merit: 0

Quote from: DannyHamilton on December 31, 2017, 12:14:19 PM

How did you determine the number of inputs and the number of outputs for the website?

I used the default. Tried understanding the whole input/output thing but it doesn't really make sense to me from what I've read.

Quote

That 0.00163438 BTC from the website is telling you the estimated TOTAL fees.
If you look on the website, it should also have an indication of fees in terms of "satoshis/byte". Since your wallet says "per KILObyte" and a kilobyte is 1000 bytes, you can multiply that "satoshis/byte" number by 1000 to get a "satoshis/kilobyte" number.

So, if it is recommending 437 satoshis/byte, you would want to tell your wallet 437000 satoshis/kilobyte. Since a satoshi is just the 8th decimal place, you can put enough zeros in front of 437000 to get 8 decimal places (0.00437000 BTC per kilobyte, or 0.00437 BTC per kilobyte).

With a 226 byte transaction that should work out to be a total of about 0.00098762 BTC in fees.

Alrighty, that part makes sense.
Thanks!

DannyHamilton

legendary

Activity: 3472

Merit: 4801

Quote from: Shrugger on December 31, 2017, 11:46:05 AM

I've been holding onto some BTC for about 5 years now and never done anything with them and I figured I would try my hand at trading for some other coins.Trying to figure out how the transaction fees work in order to send from my wallet to my binance wallet. So using this chart, https://estimatefee.com/ it says that it should cost, at a 60 minute time, about 0.00163438 BTC, and also that it is 374 bytes.

How did you determine the number of inputs and the number of outputs for the website?

Quote from: Shrugger on December 31, 2017, 11:46:05 AM

"0.0003842 BTC added as transaction fee (0.226 kB)"

It appears that you have miscalculated the number of inputs and outputs. According to that, your transaction is only 226 bytes (not 374).

Quote from: Shrugger on December 31, 2017, 11:46:05 AM

I put in 0.0017, just to make it a smaller number bump it up slightly, in my wallet to transfer,

That 0.00163438 BTC from the website is telling you the estimated TOTAL fees.
If you look on the website, it should also have an indication of fees in terms of "satoshis/byte". Since your wallet says "per KILObyte" and a kilobyte is 1000 bytes, you can multiply that "satoshis/byte" number by 1000 to get a "satoshis/kilobyte" number.

So, if it is recommending 437 satoshis/byte, you would want to tell your wallet 437000 satoshis/kilobyte. Since a satoshi is just the 8th decimal place, you can put enough zeros in front of 437000 to get 8 decimal places (0.00437000 BTC per kilobyte, or 0.00437 BTC per kilobyte).

With a 226 byte transaction that should work out to be a total of about 0.00098762 BTC in fees.

Shrugger

newbie

Activity: 2

Merit: 0

I've been holding onto some BTC for about 5 years now and never done anything with them and I figured I would try my hand at trading for some other coins.Trying to figure out how the transaction fees work in order to send from my wallet to my binance wallet. So using this chart, https://estimatefee.com/ it says that it should cost, at a 60 minute time, about 0.00163438 BTC, and also that it is 374 bytes. I put in 0.0017, just to make it a smaller number bump it up slightly, in my wallet to transfer, also my wallet says per kilobyte. When I hit send it brings up a confirmation if I want to send it and that "0.0003842 BTC added as transaction fee (0.226 kB)" Is this ok or do I need to actually figure out the math to convert the 0.0017 that I want to send into 0.226kB, roughly 0.0075BTC. Thanks.

Topic: Newb transfer fees question. (Read 162 times)