Will the transaction fee will high if I send small amount under $50

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Quote from: Davidvictorson on December 18, 2023, 11:17:41 PM

Quote from: bitcoin talk on December 18, 2023, 10:50:58 PM

Will the transaction fee will high if I send small amount under $50

The bitcoin network and network congestion doesn't care whether your transaction amount is $10 or $100. Whenever the network is congested and the fees for transaction is $42, that is what you will pay for the transaction amount. The network congestion is one of the factors responsible for a high transaction fee. The two ways to minimize the transaction fees are to wait for the times when there will be lower network congestion or use another cryptocurrency.

The bitcoin transaction doesn't care about the amount in dollar but using another network isn't the immediate solution to get a transaction done faster.

There is a high chance that the OP might have less than $50 in his wallet and that's could be a sum of differents unspent transaction outputs (UTXOs) from different wallet addresses and if he try to spend those outputs, the network will request for high fees bigger than when you try to send the same amount in a single UTXO, this is to tell you that the more outsputs you have in your wallet, the more fees you might likely pay in sats to be able to spend them. This is why it's advisable to consolidate your outputs to a single address anytime the fees are lower.

Not only outputs might increase the transaction fees of bitcoin transaction, the wallet address is also part of it, a person sending bitcoin from a legacy address(address that start with 1) will consume more fees than an segwit address( address that start with bc1q or bc1p). The OP need to check these factors before determining how much the network will charge him if he want to spend bitcoin.

hosseinimr93

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Quote from: bitcoin talk on December 25, 2023, 12:25:15 AM

Is there any chance a $100 bill you need to pay can cost you another $100 in fee rate even if your not in a rush? Do we just leave the default fee slider as it when you are paying the bill?

Again, what matters is the fee rate and that's what miners prioritize transactions based on.
The total fee you pay for a transaction is equal to virtual size of transaction (in vbyte) multiplied by fee rate (in sat/vbyte) and it doesn't matter how much bitcoin you send. The (virtual) size of the transaction depends on number of inputs and outputs and addresses types.

Let's say you want to make a transaction including 100 legacy inputs and 1 output. Your transaction would be around 14,700 vbyte in (virtual) size.
If you are not in a hurry and you make the transaction with the fee rate of only 20 sat/vbyte, it would cost you more than $120 worth of bitcoin.

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Quote from: hosseinimr93 on December 22, 2023, 05:07:43 AM

First of all note that what matters is the fee rate (in sat/vbyte), not the total value of the fee you paid.
Miners prioritize transactions based on their fee rate. The more fee rate you use for your transaction, the faster it can be confirmed.

Miners can include up to 1 vMB of transaction in each block. Since the block space is limited, every time they mine a block, they include the transactions with highest fee rates to maximize their profit and it doesn't matter when they have received a transaction.

If you made a transaction 1 week ago with the fee rate of 50 sat/vbyte and that's still unconfirmed, your transaction has lower priority than a transaction with 51 sat/vbyte even if the 51 sat/vbyte transaction has been made a few seconds ago.

Is there any chance a $100 bill you need to pay can cost you another $100 in fee rate even if your not in a rush? Do we just leave the default fee slider as it when you are paying the bill?

livingfree

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Quote from: buwaytress on December 22, 2023, 11:28:53 AM

Quote from: livingfree on December 22, 2023, 10:16:45 AM

Then your transaction will be stucked up.

You've used the right words to describe the situation and that happens. So for example you've paid that $50 worth of fee and then it goes $100 worth of fee, those who will be paying the $100 will get prioritized than yours.

Um. No. Your transaction doesn't get stuck, it just gets pushed farther down the queue.

And you're really mistaken about the value of the fee. Dollar value has nothing to do with how miners prioritise; it's the weight of your fee vs the size of your transaction. A really small transaction (byte size) can pay $5 and still have a bigger weight value than a large tx (in bytes) with a $100 fee.

This is purely expressed as satoshi per byte. The more satoshi per byte you pay as fee, the higher up the queue your tx is.

Errmm.. you're right and prolly I've just explained it too subtle.

About the fee, I've just made it as an example for him to understand it easily for which I've used the worth of $ instead of sats/vB. But thank you for the additional details and corrections that you've said.

hosseinimr93

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Quote from: buwaytress on December 22, 2023, 11:28:53 AM

it's the weight of your fee vs the size of your transaction. A really small transaction (byte size) can pay $5 and still have a bigger weight value than a large tx (in bytes) with a $100 fee.

To be more accurate, miners prioritize transactions based on the fee paid for each virtual byte of data and what matters is sat/vbyte.
It's possible that a transaction has lower fee rate (in sat/byte) than another transaction, but it has higher priority due to having smaller virtual size.

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Quote from: livingfree on December 22, 2023, 10:16:45 AM

Then your transaction will be stucked up.

You've used the right words to describe the situation and that happens. So for example you've paid that $50 worth of fee and then it goes $100 worth of fee, those who will be paying the $100 will get prioritized than yours.

Um. No. Your transaction doesn't get stuck, it just gets pushed farther down the queue.

And you're really mistaken about the value of the fee. Dollar value has nothing to do with how miners prioritise; it's the weight of your fee vs the size of your transaction. A really small transaction (byte size) can pay $5 and still have a bigger weight value than a large tx (in bytes) with a $100 fee.

This is purely expressed as satoshi per byte. The more satoshi per byte you pay as fee, the higher up the queue your tx is.

livingfree

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Quote from: DYING_S0UL on December 22, 2023, 01:10:20 AM

Had a small question. Suppose today the average transaction fee is $50 and I sent over some BTC to another address. Now imagine the next day, the fee went up twice meaning $100, then what would happen? Will this effect my previous (pending/unconfirmed) transaction that I made? I'm not sure if I used the right words to describe my confusion.

Then your transaction will be stucked up.

You've used the right words to describe the situation and that happens. So for example you've paid that $50 worth of fee and then it goes $100 worth of fee, those who will be paying the $100 will get prioritized than yours.

It sucks that you've paid the high fee worth $50 but then the network fee is also volatile as it changes depending on how clogged it is. But it wouldn't surge that much quickly but it's possible.

hosseinimr93

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Quote from: DYING_S0UL on December 22, 2023, 01:10:20 AM

Had a small question. Suppose today the average transaction fee is $50 and I sent over some BTC to another address. Now imagine the next day, the fee went up twice meaning $100, then what would happen? Will this effect my previous (pending/unconfirmed) transaction that I made? I'm not sure if I used the right words to describe my confusion.

First of all note that what matters is the fee rate (in sat/vbyte), not the total value of the fee you paid.
Miners prioritize transactions based on their fee rate. The more fee rate you use for your transaction, the faster it can be confirmed.

Miners can include up to 1 vMB of transaction in each block. Since the block space is limited, every time they mine a block, they include the transactions with highest fee rates to maximize their profit and it doesn't matter when they have received a transaction.

If you made a transaction 1 week ago with the fee rate of 50 sat/vbyte and that's still unconfirmed, your transaction has lower priority than a transaction with 51 sat/vbyte even if the 51 sat/vbyte transaction has been made a few seconds ago.

kentrolla

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That's not how it works as transaction fee depends on network congestion but I will my get into details on the transaction fee dynamics and rather suggest you based on the amount you have mentioned. I would suggest don't do transaction if you want to do it for $50 as fees will be much higher considering current situation.

DYING_S0UL

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Quote from: dansus021 on December 19, 2023, 10:47:29 PM

if you want to send a transaction just look at the https://mempool.space/ to figure it out the best fee right now.

But the fee nowadays is crazy 50$ might only can be used as the fee only.

Had a small question. Suppose today the average transaction fee is $50 and I sent over some BTC to another address. Now imagine the next day, the fee went up twice meaning $100, then what would happen? Will this effect my previous (pending/unconfirmed) transaction that I made? I'm not sure if I used the right words to describe my confusion.

cryptoaddictchie

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Quote from: Volimack on December 21, 2023, 12:51:00 AM

Yes, Currently, if you want to do any transaction, you will have to pay high fees and it will take a long time to complete the transaction, which is very frustrating. There are already many transactions pending which are not completed yet, There are many transactions which are still pending for a week or more. Each transaction now incurs higher fees than before.

Thats right, I even planning to withdraw but abortef it cause the fees Im gonna spend is way more than enough for a food budget a week. Damn, I dont know why its clogged so much except with the ordinals activity. I guess all we can do is hold our bitcoin for now and wait for these fees to die calm and die down.

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Quote from: bitcoin talk on December 18, 2023, 10:50:58 PM

Will the transaction fee will high if I send small amount under $50

Yes, Currently, if you want to do any transaction, you will have to pay high fees and it will take a long time to complete the transaction, which is very frustrating. There are already many transactions pending which are not completed yet, There are many transactions which are still pending for a week or more. Each transaction now incurs higher fees than before.

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Quote from: bitcoin talk on December 18, 2023, 10:50:58 PM

Will the transaction fee will high if I send small amount under $50

You can but, it's impractical at this point as the fees are very high,

You can used viabtc as someone suggested, but you have,

Quote

Paste or enter the TXID you want to accelerate. The volume of a single transaction must be ≤0.5 KB, and the transaction fee rate should be ≥ 0.0001 BTC/KB.

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

If there is failure error it could be:

Quote

Out of quota: 100 FREE transactions are supported per hour. Please resubmit your TXID at next new hour (e.g. 13:00 sharp) or use Paid Service if it surpasses the hourly limit.

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Note that Bitcoin transaction fees are not proportionate to transaction value. Instead, blockchain transaction data size determines them. The charge may be similar whether you transfer $5 or $500. It's important to remember that you can choose the transaction charge.

The network appears to be stagnant. Choosing a lesser cost may reduce transaction performance. This is because miners prioritize high-fee transactions. A low cost may be inexpensive, but patience is needed.

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Quote from: ZAINmalik75 on December 20, 2023, 02:52:10 AM

It does not matter how small and big is your transaction, the power used to validate that transaction will be remain same, and the transaction fee will also, so even if you are doing $50 or $5 transaction the transaction fee will remain the same.

This is not totally true, even if you select the same fee rate for two different tx's being broadcasted at the same time, the total fee would only be the same if the different tx's are of the same size and if they use the same address type. That is because tx fees are calculated based on the tx size, situation of the network and the address type used, it doesn't just remain the same like you say.

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Quote from: 0t3p0t on December 20, 2023, 10:54:03 AM

Nah, if you use transaction accelerator you can use the minimum or lower priorities. Recently, I checked the mempool and fee is like $14.49 so it is reasonable to use Viabtc's accelerator on this situation where fees are quiet high. If you are lucky to have successful submission then no need to wait for another hour to avail it's service.

You need to spend more than 0.0001 BTC for the fees, currently it's $4.79, It definitely cheaper than paying $14, but it's still high. The transactions size must be lower than 500 bytes, so if you have many inputs, you can't since the size would be higher than 500 bytes.

Also remember, there's no guarantee your transaction would be speed up.

Quote

Paste or enter the TXID you want to accelerate. The volume of a single transaction must be ≤0.5 KB, and the transaction fee rate should be ≥ 0.0001 BTC/KB.

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Quote from: bitcoin talk on December 18, 2023, 10:50:58 PM

Will the transaction fee will high if I send small amount under $50

Nah, if you use transaction accelerator you can use the minimum or lower priorities. Recently, I checked the mempool and fee is like $14.49 so it is reasonable to use Viabtc's accelerator on this situation where fees are quiet high. If you are lucky to have successful submission then no need to wait for another hour to avail it's service.

benalexis12

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Quote from: bitcoin talk on December 18, 2023, 10:50:58 PM

Will the transaction fee will high if I send small amount under $50

Oh, if you do the transaction fee now, it's still a bit expensive and will be deducted from your balance on the $50 you want to withdraw. You might have less than $40 left.

Even if we use viabtc, some say it's hard to keep up because it seems like there are a lot of people waiting every hour that passes for the first 100 to submit a free submission. Just yesterday, the bitcoin fee was so high that it reached 40 dollars. It's shocking.

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Quote from: Gladitorcomeback on December 19, 2023, 07:40:49 AM

when I use safepal wallet (not recommended)

Side question: why do you use it if it's not recommended?

Quote from: jrrsparkles on December 19, 2023, 02:13:27 PM

I guess it depends on the time zones, the traffic varies.

You are correct. I noticed ViaBTC's accelerator availability indeed varies during the day.

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Quote from: bitcoin talk on December 18, 2023, 10:50:58 PM

Will the transaction fee will high if I send small amount under $50

The fee or transaction sending fee will remain the same, even if you send a small amount of Bitcoin. But even so, if you don't know, the transaction fee can be adjusted to suit your wishes. But if, for example, the bitcoin transaction fee in the mempool is rising, and you set it at a low cost, it is certain that the transaction will take a long time to be confirmed.

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