The thing about Bitcoin transaction is if you don't check by yourself through mempool.space or other you could be spending more money than you should just for transaction only, I like that you come on here and ask, when I was a newbie I always thought that the higher the BTC you are sending the higher your transaction fee must be, and since my wallet as adjustable transaction fee I will increase it myself depending on how my BTC I want to send.
I was a clown when it comes to transaction with Bitcoin, I've sent too much until I came on this forum, I learnt that even your very own Bitcoin wallet can charge you more than they should, I use trust wallet and when I want to make transaction that always charge me double, if it's 1$ on memepool, the wallet will charge 2$, days ago I spent 0.29$ on transaction fee but on default, trust wallet wanted to use 0.60$.
Bookmark mempool.space on your PC or mobile and always open it before sending BTC to other address, it's very handy.
Topic: What is the minimal transaction fee for 10$ usd or 1000$ usd? - page 2. (Read 326 times)
In bitcoin, unlike other payment systems like your bank, we are paying for a portion of the finite amount of space called a "block". So when you want to buy more space in that block (ie. when your transaction size is bigger) you have to pay a higher "fee" and when there is more competition for that limited space (ie. network congestion) you also have to compete and pay a higher "fee".
And as others pointed out, your transaction size depends on how many inputs and outputs it has. So it doesn't matter if you are transferring $10 or $1000 as long as the tx size is the same.
And as others pointed out, your transaction size depends on how many inputs and outputs it has. So it doesn't matter if you are transferring $10 or $1000 as long as the tx size is the same.
It says that low prio free is 8 sta/vB is $0.33
Does it mean that I will pay $0.33 for a transaciton of 10$ and the same for a transaction of $1000?
Do not look at the amount, even in bitcoin. What you should be looking at is the fee rate that the sender used. If the sender use 7 or 8 or higher fee, expect the transaction to be confirmed fast. Does it mean that I will pay $0.33 for a transaciton of 10$ and the same for a transaction of $1000?
But always look at the mempool, the sat/vbyte is not constant, you will see the sat/vbyte to be changing, if it gets higher than 8 sat/vbyte, the transaction may not be confirmed fast. But the mempool is not getting higher for now.
Well a lot of stuff has already been said.
For me, I always check here : https://jochen-hoenicke.de/queue/#BTC,2h,count how high I will have to make the fee.
Some sites sometimes state wrong numbers about how high the fee should be for a fast or a medium fast transaction confirmation.
Looking at the mempool you can see it for yourself and can adjust it accordingly.
Never had any problem with it, works like a charm.
For me, I always check here : https://jochen-hoenicke.de/queue/#BTC,2h,count how high I will have to make the fee.
Some sites sometimes state wrong numbers about how high the fee should be for a fast or a medium fast transaction confirmation.
Looking at the mempool you can see it for yourself and can adjust it accordingly.
Never had any problem with it, works like a charm.
It says that low prio free is 8 sta/vB is $0.33
Does it mean that I will pay $0.33 for a transaciton of 10$ and the same for a transaction of $1000?
Yes. No. Maybe.Does it mean that I will pay $0.33 for a transaciton of 10$ and the same for a transaction of $1000?
Bitcoin transaction are based on the number of outputs, not the value of those outputs. If I have a single output of 1 BTC, then to spend that I only need to pay for one output. If I have ten outputs of 0.0001 BTC, then to spend that I will need to pay for all ten outputs. It will be cheaper for me to spend one output of 1 BTC than it would be for me to spend ten outputs of 0.0001 BTC, even though those ten outputs of 0.0001 BTC are only worth a fraction of the one output of 1 BTC.
An analogy is like sending cash in the post, where you are charged for the weight of the cash you are sending. If I send a single $100 bill it will be very cheap. If I send a few dozen coins it will be very expensive, even though the total value of the coins will be much less than that of the $100 bill.
The $0.33 flat fee given by mempool.space is based on an "average" segwit transaction which spends a single input (regardless of the value of that input). If your $10 payment and your $1000 payment are both from a single input, then yes, they will pay the same fee. If they require more than one input, then the total fee will vary, although the fee rate (in satoshis per virtual byte, or sats/vbyte) will remain the same.
Transaction fee is calculated in sats/vbyte, not in any other currency; and the tx fee you are going to pay is determined by the size of your tx, the wallet address you are using and how congested the network is.
It says that low prio free is 8 sta/vB is $0.33
Does it mean that I will pay $0.33 for a transaciton of 10$ and the same for a transaction of $1000?
Not so, the sizes of the transaction is what matters and not the amount that you are sending, that means the tx with more inputs and outputs will pay a higher fee. Does it mean that I will pay $0.33 for a transaciton of 10$ and the same for a transaction of $1000?
Bitcoin fee is different with centralized exchange fee where they will ask flat fee regardless how much your Bitcoin, current network condition etc.
Bitcoin fee is consist of how many of your inputs, how many of your outputs, current network condition, it will produce the size of your transactions and depend on you wiling to pay the fee in low priority, medium or high priority.
The more frequent you receive Bitcoin and the more address you want to send Bitcoin, the more fee you will pay to the miner.
Bitcoin fee is consist of how many of your inputs, how many of your outputs, current network condition, it will produce the size of your transactions and depend on you wiling to pay the fee in low priority, medium or high priority.
The more frequent you receive Bitcoin and the more address you want to send Bitcoin, the more fee you will pay to the miner.
It says that low prio free is 8 sta/vB is $0.33
Does it mean that I will pay $0.33 for a transaciton of 10$ and the same for a transaction of $1000?
Read my explanation above, if your $10 are come from two addresses and your $1,000 are come from single address, you will pay higher fee to send your $10. Does it mean that I will pay $0.33 for a transaciton of 10$ and the same for a transaction of $1000?
Thanks everyone very much!
So if I look at this image
https://i.ibb.co/HDNpnZm/image.png
It says that low prio free is 8 sta/vB is $0.33
Does it mean that I will pay $0.33 for a transaciton of 10$ and the same for a transaction of $1000?
Thank you very much!
So if I look at this image
https://i.ibb.co/HDNpnZm/image.png
It says that low prio free is 8 sta/vB is $0.33
Does it mean that I will pay $0.33 for a transaciton of 10$ and the same for a transaction of $1000?
Thank you very much!
You can use https://mempool.space to check the current transaction fee.
No, it’s not a fixed amount per transaction. You can use as low as 1sat/vbyte depending on how fast you want your transaction to arrive and also how congested the network is. And also the amount you’re transacting plays no role in your transaction fee, which means the transaction fee you’re using to transact with $10 worth of BTC can be the same with that of $10,000 worth of BTC, it all depends on the size in terms of byte not the dollar equivalent.
Following situation: the user would like to deposit 10$. How much transaction fees do I have to expect before the money arrives on my btc wallet? Do I need to consider a fixed amount per transaction or is it in %?
No, it’s not a fixed amount per transaction. You can use as low as 1sat/vbyte depending on how fast you want your transaction to arrive and also how congested the network is. And also the amount you’re transacting plays no role in your transaction fee, which means the transaction fee you’re using to transact with $10 worth of BTC can be the same with that of $10,000 worth of BTC, it all depends on the size in terms of byte not the dollar equivalent.
What is the minimal transaction fee for 10$ usd or 1000$ usd?
Hi, I am having difficulties to estimate minimal transaction fees for a potential case.
Following situation: the user would like to deposit 10$. How much transaction fees do I have to expect before the money arrives on my btc wallet? Do I need to consider a fixed amount per transaction or is it in %?
Thank you very much in advance!
Hi, I am having difficulties to estimate minimal transaction fees for a potential case.
Following situation: the user would like to deposit 10$. How much transaction fees do I have to expect before the money arrives on my btc wallet? Do I need to consider a fixed amount per transaction or is it in %?
Thank you very much in advance!
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