What is the minimum fee for a transaction?

tranthidung

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Quote from: HCP on May 08, 2020, 06:57:39 PM

Technically, the minimum fee is actually zero. It is still a "valid" transaction with a fee of zero and can be included in a block.

Sure, zero-fee transactions are more popular years ago.

Quote from: pooya87 on August 11, 2020, 12:51:29 AM

Quote from: ?? on ??

You can head on to www.changenow.io as the team keeps adding amazing features towards crypto transactions.. They just announced a very amazing 0.5% fee for USDT swaps

No need for. Some reasons why such swap is not needed (for me, at least):

Swap rate on such services are higher (means bad for me) than when I did it directly on traditional crypto exchanges
Additional fees will be charged when you use a service. It's unavoidable fee.
USDT, even on ERC20 now has too high fee, not cheap compares to Bitcoin transaction
Consolidate your small inputs as a preparation for later transactions
Make a plan, choose a right time to move your bitcoin to save fees.

Some documents:

Little Mouse

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Quote from: HCP on May 08, 2020, 06:57:39 PM

Quote from: Little Mouse on May 06, 2020, 09:18:38 PM

What will be the minimum required fee for a transaction in bitcoin?

Technically, the minimum fee is actually zero. It is still a "valid" transaction with a fee of zero and can be included in a block.

Thank you for explaining that. I knew that technically it is zero. But I was looking for an answer because I read a local book on bitcoin where the information was not correct, that's why I got curious to know about this what if the fee is 1sat per byte.

HCP

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Quote from: Little Mouse on May 06, 2020, 09:18:38 PM

What will be the minimum required fee for a transaction in bitcoin?

Technically, the minimum fee is actually zero. It is still a "valid" transaction with a fee of zero and can be included in a block.

However, there is also the "minrelaytxfee" that most nodes use, to determine whether they will propagate the transaction across the network. It defaults (in Bitcoin Core) to 1 sat/byte (technically 0.00001000 btc/kbyte)... but each node is free to pick their own rate...

So... while you can create a transaction with a fee of "0", don't expect your transaction to propagate well... or at all. You'd most likely need to send it directly to a friendly miner (that hates money) to include it in their mempool directly. Tongue

bitmover

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Quote from: nc50lc on May 07, 2020, 09:57:56 PM

Note: sending '1 input - 1 output transaction' are pretty uncommon unless you have a UTXO with the exact balance (+few satoshi more) to be sent.
Otherwise you'll be sending all of that UTXO's amount (minus the fee) or send the desired amount but use the excess as fee.

They are not very uncommon, at least for me. I made some in my life, especially when I used a lot of exchanges, when I was buying and selling bitcoin.

A few times I have dumped all BTC from some wallet to an exchange address, or just to another wallet. In this case it would be more than 1 input but only 1 output.

Pffrt

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Quote from: Greatdev on May 08, 2020, 09:28:57 AM

Quote from: Little Mouse on May 06, 2020, 09:18:38 PM

What will be the minimum required fee for a transaction in bitcoin? Imagine, we have 1 input, 1 output (paying to myself) and the fee is 1 sat/byte. Then how much total fee we have to pay? Does this vary when it is segwit and legacy? If so, I am using native segwit address for both input and output.

It depends on the wallet you are using, some wallet uses auto transaction fee and in some wallets you can manually adjust how much you are willing to pay for a transaction fee, for example coinomi wallet and trust wallet supports manual transaction fee, mind you if the fee you adjusted is too low the transaction will fail

You have no idea what you are talking about, what transaction fee is and how transaction fee works. He is talking about fee customization and how low a fee can be. Read the above post.

Greatdev

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Quote from: Little Mouse on May 06, 2020, 09:18:38 PM

What will be the minimum required fee for a transaction in bitcoin? Imagine, we have 1 input, 1 output (paying to myself) and the fee is 1 sat/byte. Then how much total fee we have to pay? Does this vary when it is segwit and legacy? If so, I am using native segwit address for both input and output.

It depends on the wallet you are using, some wallet uses auto transaction fee and in some wallets you can manually adjust how much you are willing to pay for a transaction fee, for example coinomi wallet and trust wallet supports manual transaction fee, mind you if the fee you adjusted is too low the transaction will fail

pooya87

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Quote from: nc50lc on May 07, 2020, 09:57:56 PM

For the follow-up question: AFAIK, outputs aren't considered Witness (SegWit) data regardless of being legacy or SegWit address so it'll only be based form the input(s).

"witness" is similar to scriptsig, in some ways you can even call it scriptsig's replacement, although there are small differences such as witness only be stack items but for the most part it does the same thing. so outputs have nothing to do with witness. in fact in bitcoin we only evaluate outputs' value (amount) not the script and it can even contain an invalid script.

nc50lc

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Quote from: Little Mouse on May 07, 2020, 09:11:23 PM

Quote from: bitmover on May 07, 2020, 07:43:57 AM

This website is very good to calculate fees:

So, basically for segwit address type, it is 138 satoshi and for Legacy it is 192 for one input and one output. Is there anything different if I send BTC from segwit to Legacy or vice versa? Or the above fee is calculated based on the sender address?

Note: sending '1 input - 1 output transaction' are pretty uncommon unless you have a UTXO with the exact balance (+few satoshi more) to be sent.
Otherwise you'll be sending all of that UTXO's amount (minus the fee) or send the desired amount but use the excess as fee.
So it's logical to compute '1 input - 2 outputs (recipient and change)' for the minimum like my post above (depending on the purpose of this thread).
It could also be a few Bytes lower or higher depending on many factors.

For the follow-up question: AFAIK, outputs aren't considered Witness (SegWit) data regardless of being legacy or SegWit address so it'll only be based form the input(s).

Little Mouse

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Quote from: bitmover on May 07, 2020, 07:43:57 AM

This website is very good to calculate fees:

So, basically for segwit address type, it is 138 satoshi and for Legacy it is 192 for one input and one output. Is there anything different if I send BTC from segwit to Legacy or vice versa? Or the above fee is calculated based on the sender address?

Quote from: hd49728 on May 07, 2020, 09:11:39 AM

I usually visit the site: https://coinb.in/#fees to check transaction fee. If I see the recomended fee is at 1 or 2 satoshi/byte, I will set up my fee at 1 satoshi/byte.

Bitcoin Transaction Fees - Everything in one

Thank you for linking the thread. I am not looking for what's the current fee or how much fee I should use. I was looking for the total fee with 1 sat per byte.

JeromeTash

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There is a bitcoin explorer i got to know about a few of days ago thanks to this guy's Post
It is https://btc.bitaps.com/

If you don't want to stress about figuring out what fee you can use at that very moment then it can be quite helpful to you. It displays fees in three different categories
Their lowest being Minimal (confirmation within 3-6 blocks), then Optimal (confirmation within 1-2 blocks) and lastly Express (confirmation within the Next block)

The transaction fee is analyzed from the last 36 blocks.

What i loved about the explorers is that the best fee is displayed in real time and it keeps changing every second but it's very helpful if you don't want to pay excess fees while at the same time avoiding your transaction getting stuck for hours or even days.

For example this afternoon Electrum showed that you need to use a fee of at least 97.7 sats/byte for your transaction to be confirmed on the next block but this website was showing 30.57 sats/byte at that time from an express transaction.

Ryker1

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Well, thank you for this discussion because I always wanted how to have low transaction fees using the SegWit address.
As I know SegWit transaction is smaller because it was calculated per bytes and you can be modified using the Electrum wallet.

Perhaps it is good to share this [ https://en.bitcoin.it/wiki/Weight_units ]. This was explained the weight for Legacy and SegWit transactions to know how to calculate the transaction fee.

hd49728

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Quote from: bitmover on May 07, 2020, 07:43:57 AM

This website is very good to calculate fees:

That site provides a great tool to have an overview on Bitcoin transaction fees and waiting time to get confirmations.

Quote

I made last week a transaction with 1 sat byte from a native segwit to a native segwit, 1 input and 2 output, and the price was less than 0.01 usd at the time. And it confirmed pretty fast, in about 3 hours.

Personally, I always tell people to use 1 sat byte in transaction. It is cheap and gets confirmed in less than a day.

To set up fee at 1 sat/byte, people should remember to activate Replace-by-Fee in their wallet. With that option, in case their transaction has not yet confirmed for a few days and they suddenly have urgent needs, they can boost their transaction.

I usually visit the site: https://coinb.in/#fees to check transaction fee. If I see the recomended fee is at 1 or 2 satoshi/byte, I will set up my fee at 1 satoshi/byte.

Bitcoin Transaction Fees - Everything in one
Make sure to avoid wasting BTC for too high fees – step by step guide

bitmover

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Quote from: Little Mouse on May 06, 2020, 09:18:38 PM

What will be the minimum required fee for a transaction in bitcoin? Imagine, we have 1 input, 1 output (paying to myself) and the fee is 1 sat/byte. Then how much total fee we have to pay? Does this vary when it is segwit and legacy? If so, I am using native segwit address for both input and output.

This website is very good to calculate fees:

I made last week a transaction with 1 sat byte from a native segwit to a native segwit, 1 input and 2 output, and the price was less than 0.01 usd at the time. And it confirmed pretty fast, in about 3 hours.

Personally, I always tell people to use 1 sat byte in transaction. It is cheap and gets confirmed in less than a day.

nc50lc

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For legacy, it's straightforward: feerate multiplied by the transaction's size.
Eg. A typical 1 input - 2 outputs transaction with a total of approx 250Bytes data will use a fee rate of 1sat/B = 250satoshi (0.00000250BTC) fee.

For SegWit, you'll have to compute the Weight which is the Raw Byte of non-Witness data multiplied by four and Raw Byte of Witness data multiplied by one.
Then, 1/4 of the weight is the vByte (virtual Bytes) which will be used to compute the total fee instead of the total size in disk.
Eg. A 1 input P2SH-SegWit - 2 outputs transaction with an approx total of 166 vBytes at 1sat/B = will pay 166satoshi (0.00000166BTC) fee
Wallets supporting SegWit (Electrum for example), will automatically use the vByte as "Size" instead of the raw bytes (so don't stress out the computation).

Use Blockstream blockexplorer to see the exact values, blockchain.com's size is incorrect.

pooya87

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the minimum value for transaction fees to be considered valid is zero.
everything else is standard rules that are enforced by the nodes as some sort of preference and it increases/decreases based on network activity that is the number of transactions in the memory pool (waiting to be included in a block) and the fees they pay. at times this can create some sort of competition that increases the fees. and nowadays almost no node and no miner accept anything below 1 satoshi/byte.

the fee is calculated the same way for any type of transaction, based on its weight. but SegWit transactions have a lower weight compared to a legacy transaction with the same number of inputs and outputs so you'll end up paying less.

P.S. take a look here: https://coinb.in/#fees

Little Mouse

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What will be the minimum required fee for a transaction in bitcoin? Imagine, we have 1 input, 1 output (paying to myself) and the fee is 1 sat/byte. Then how much total fee we have to pay? Does this vary when it is segwit and legacy? If so, I am using native segwit address for both input and output.

Topic: What is the minimum fee for a transaction? (Read 340 times)