Topic: Will the transaction fee will high if I send small amount under $50 - page 2. (Read 505 times)

Thank you for pointing the correction Charles. I actually do call it “transaction fee” but sometimes when I type I forget and use “gas fee”. I was really used to the Ethereum network so that is why. In as much as I know to use “transaction fees”, I decided to look it up and yeah… You’re correct; But then, I’ll still research more Because of Solana being mentioned along with Bitcoin.

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. I hope you understand now. If still not, then the best way is to go to any explorer for example blockchair, once you will go there you can see the transaction fee for every single transaction on different priority levels.

If you don't know what are priority levels then, your high or lower transaction fee will make your transaction high or lower accordingly. The best way to complete your transaction is keep your transaction fee high by using the RBF.
You can use lighting network if you are facing some problem of high fee which we all are facing actually but keep in mind that you still have to actual fee that you have to pay normally. But it is for only single time, so after that you can make multiple transaction to that channel and if you are going to make a transaction to another channel then you have to shift that channel.

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.

If I'm not mistaken, the Chaptcha model replacement occurred several weeks ago or last month. I also regularly use ViaBTC to accelerate my transactions. Of course, I did this after the fees really went crazy due to the ordinal hype.

ViaBTC provides 100 transactions that can be accelerated for free every hour. And in the last month, every 1 hour there were actually lots of free transactions left. But in the last 2 weeks I also felt surprised. In fact, I also have the same thoughts as you. That there are those who take excessive advantage of this. using bots or whatever I don't know yet.

But I researched it and usually ViaBTC will immediately automatically provide 100 free transaction accelerations every time the hour is even. like 00.00, 01.00, 02.00 like that every hour. and I was really surprised because in just 1 minute the 100 free transactions would always run out and this had happened in the past few weeks. In fact, in just 30 seconds, I once checked, for example at 00.00.30, it turned out that there were only around 11 more free transactions left. and at that time I was almost late in entering my transaction. luckily it worked. Because every time I make a small transaction, I will do it, for example, at around 00.58. and then I copy the tx hash of my transaction and then paste it on ViaBTC at exactly 01.00. and it will work. because if I'm just 1 minute late then I won't get the free transaction because the 100 free transactions will have been used up in approximately 1 minute.

But there are certain hours when there will usually still be plenty left. So in 24 hours it's not always like that. Like I once checked at 01.30 UTC and there were still around 20 left. But in the next hour it turns out that this doesn't happen anymore, aka the transaction will quickly run out again in approximately 1 minute.

The fee is not called gas fee. This is not Ethereum network or an altcoin network that refers to their network transaction fee as gas fee. Bitcoin transaction fee is called 'transaction fee'. Or just call it fee.

If BRC20 tokens are getting more recognized, more people will be using the tokens and the more bitcoin network would be congested. I hope bitcoin developers will have something to do about this.

It’s really sad that one can’t transact small amount. Things like this discourage people who want to use Bitcoin as much as they can, for example OP. But then, one good thing I see here is that even if you’re transacting $1 Million, you’d likely pay the same amount as others transacting lower. But outside of Bitcoin, the banks may charge some percentage and this can take out some amount that will affect your balance. Anyways, I hope that the price for the gas fee can come down as soon as possible so people can transact more. The fee was always a lot more affordable/reasonable than this.

The thing is that if bitcoin is congested either you want to transact with little fee or larger fee it will be of same charge, secondly you have to understand that their is how you will send a low and amount thinking that it will go through while the congestion can make the small amount you want to transfer the charge might be times two of what you want to withdraw.

It is not wallet issue, but the protocol. Bitcoin fees are calculated base on transaction size and that is why you see that even fee estimation platform put fee rate and not the exact fee to be paid because it varies. The number of input of output is what the fee rate is calculated against. For example the second transaction with $50 still has a change remain so the output will be the address you are sending the $50 to another address then the change goes to any of the change address making it 1 input and two output and that’s why there is difference in price to be paid.

This kind of cases is why it’s advisable to consolidate your little inputs into one when the fee rate is extremely low so that when you try to send you will have a single input and then would pay less than having multiple inputs

Possibly yes, but I did use the free TX accelerator today and the free slots were available for more than 20 minutes so I guess it depends on the time zones, the traffic varies.

Since the congestion lot of people using viabtc free accelerator resulting in more traffic than before and to answer the captcha, if I am not wrong I saw beat 94% of users while submitting earlier today.

hd49728 is correct. The transaction fee doesn't depend on the amount you send.

As already said, the transaction fee depends on number of inputs and outputs.

In the left image, you are sending the whole balance and your transaction would have 1 output.
In the right image, you are not sending the whole balance and your transaction would have 2 outputs. The extra output is created for receiving the change makes the transaction larger and causes the fee to be higher.

I also thinking same but practically when I use safepal wallet (not recommended) there is dramatically a fee difference for different btc value. When I click on maximum btc(57$) ,the fee shows 11.86$ and with same network fee when I want to send 50$ then I have to pay 15$ fee.

What do you think it is wallet issues or something I have not learned yet?

https://mempool.space/ will launch a service speed up the confirmation of the transaction in exchange for withdrawing your money from your balance. In addition to RBF, all you need is to make sure that you have sent sufficient fees according to your situation, and if you change the mempool and you are in a hurry, you can use RBF, viabtc, or mempool in the future.
There are many options, but the most important thing is that you learn how to calculate your fees correctly, and this video may help you ----> https://www.youtube.com/watch?v=MPQMCVVhExY

Yes you can set the fees yourself if you are using a hardware wallet for example but your transaction
will not be prioritised, fine if its not an urgent transaction.

If you are using an exchange there probably isnt a option to set the transaction fees.

I did a check on coinbase just now, to sent $50 worth of Bitcoin is costing about $33, to sent $300, it
is costing the same!

The OP can check every so often to see when the most opportune time is to make the transaction, again
provided its not urgent you have to pick the best time.

At current price of Bitcoin, $2 is bigger than a minimal amount of satoshi for dust attack that is a little bit more than $0.2 now.
What is meant by Bitcoin dust
Legacy: 546 satoshi
Native Segwit: 294 satoshi
Taproot: 330 satoshi

The total input numbers are used for one transaction (Sending) will increase its transaction size, that will increase it transaction fee.

https://bitcoinops.org/en/tools/calc-size/
With Legacy address, transaction type P2WPKH, you can see different in transaction size with same output number (1), and two different input numbers (1 and 25).

1 input: transaction size is 109.5 vbytes
25 inputs: transaction size is 1741.5 vbytes

It's true.

Have you tried it recently? They changed to a new captcha not so long ago, after which the transaction accelerator was available most of the hour. It used to tell me I beat 95% of the users with the captcha. Now, it tells me I beat 8% of the captcha, and the accelerator is instantly unavailable. So I can only conclude bots fill it up. Maybe someone created a paid service that relies on ViaBTC.

hd49728 has given the correct answer. The fee paid is determined by

• The fee rate used, which is determined by how congested the mempool is. The higher the congestion, the higher the fee rate and the higher the fee that would be paid
• The number of inputs and outputs. As the inputs increase in a transaction, it makes the weight and virtual size of the transaction to increase. Also the output increases the transaction fee. The higher the output the higher the fee, but we can say increase in output still decrease the transaction fee because if you send to individual address one by one, the fee paid will be high than sending to many addresses at ones.
• The address type used. If you use segwit, the fee to be paid will be lower than while using legacy addresses.

I don't think so. If it's on Dex like trust wallet it will charge you like $13 for transaction fee. But if you use multisig wallet like blue wallet or electron wallet you will need to set your transaction fee according to mempool conjection maybe like using.
Fast==>medium or low. The fast transaction required higher sat/vbite to accelerate your transaction for fast and quicker transaction. Just like someone paying higher fee on ATM que to be the first set of people to achieve their target. And it has maximum of 1hour to confirm the transaction in mempool.

While the medium requires lesser fee compeard to the fast and it poses as second to the first transaction. And it could take 3 hours to confirm it's transaction.
While slow transaction takes time for it to be confirm in mempool with a lower fee and it's take about 24hours to complete it's confirmation. And this transaction is best to use use accelerator to boost it's transaction.

Yeah the amount you send has nothing to do with the fee.

You can send a million dollars using 1 input and your fee could be $10

Or you can send $100 using 100 inputs and your fee would be like $500 or so.

Right now it doesn’t make sense to send small amounts. Try and use a different alt if you need to send someone small amounts. The fees will eat you alive.

I think the OP received a good response from @hd49728, and more intuitively, I want to share with you a practice that I myself used recently when I made a trade of about $60 equivalent which corresponds to BTC and also costs about $4 transaction fee, waiting time is less than 5 hours.

So I think you should also consider carefully whether you are willing to accept speed up and spending more fees. By the way, I think you should also pay attention to this tool if you regularly transaction BTC https://www.viabtc.com/tools/txaccelerator/

If you received the $50 in 25 seperate transactions of $2 each, the fees on the transaction will be higher than someone sending $100,000 which was received in a single transaction.

The network does not recognize dollar equivalent of bitcoins, only separate transactions which form inputs. The higher the number of inputs the larger the fee.

Fee is not an accurate way to explain this. There is no universal fee paid on transactions at any time, what miners set is the feerate.
This for example can be $10/vbyte (it's normally calculated in sats/vbyte). If my transaction has a bigger size (vbytes), then I'll pay higher.