It depends on address type you use, how many inputs in your wallet and how many output you want to send, but in general the current Bitcoin transaction is high, it's around $10 at this time.
So if you only send $11 it means the $10 will be paid for fee and the $1 will arrive to the destination address.
For an alternative, you can use altcoins e.g. BSC, Polygon etc.
Topic: Will the transaction fee will high if I send small amount under $50 - page 3. (Read 505 times)
December 18, 2023, 11:23:24 PM
December 18, 2023, 11:16:55 PM
Transaction fee is not dependent on the amount you sent. It is depends on how fast you want the amount to credit (confirm)into the recipient wallet. If you want the amount to credit in 10 minutes you need to use high priority fee. If not then you can use low priority fee. To check the current fee you can visit mempool.space, it will give the average fee that is currently required for a transaction to confirm depending on the priority.
December 18, 2023, 11:14:06 PM
The best explanation has been given by hd49728 but I don't know if it is too technical for the little knowledge the OP has. Trying to simplify it, I would say that the fee does not depend on the quantity. Right now you need approximately a minimum of $10 fee to send a transaction that is likely to be confirmed, whether it is $50 or $50,000. The inputs are more important, i.e. it is not the same if you have received $50 (or $50,000) in a single transaction than if you have received 5 transactions of $10, which will increase the cost. The type of address you are using also affects.
December 18, 2023, 10:39:52 PM
Will the transaction fee will high if I send small amount under $50
Actually, regarding fees, you can set them yourself. No matter how big or small the amount of btc that will be sent. However, if it's a small transaction like $50USD, I think you can still use a fee of around 19sats/vB even when the fee increase is currently occurring due to congestion on the Bitcoin network which has not yet subsided. Because with this number of transactions and with this fee, at least you can use the free accelerator service from ViaBTC.1 I use it often and it works pretty quickly. But there are limits to the accelerator service per hour. that is, only 100 transactions will be accelerated. And currently, in just 1 minute, 100 transactions are always used on viaBTC. which indicates many are using it now.But if you want your transaction to arrive quickly then of course using the recommended fee (the highest currently) is the best. But it will definitely be much larger than the total you sent.
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Reference:
1. https://www.viabtc.com/tools/txaccelerator
December 18, 2023, 10:17:41 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.
December 18, 2023, 10:12:51 PM
Will the transaction fee will high if I send small amount under $50
Bitcoin transaction fee is calculated with this formulaTransaction fee (sat) = Transaction size (vbyte) * fee rate (sat/vbyte)
Transaction size will depend on some factors
- Inputs and Outputs. The more inputs and the more outputs, the bigger size.
- Transaction type. You can use Segwit address for less transaction size.
Why people should be using SegWit addresses
Fee rate will depends on network, miner capacity to confirm transaction and demand of Bitcoin users that cause Bitcoin mempools are clear or congested.
You can not control it and you only can choose a fee rate that is good for you.
https://mempool.space/
https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight
https://mempool.jhoenicke.de/#BTC,24h,weight
Bitcoin transaction fees - Everything in one
Bitcoin transaction fee does not depend on how big or small the value of your transaction. I mean you will have a same transaction fee for two transactions with same transaction type, same inputs, output numbers and same fee rate. Even transaction 1 has its value is $50 and transaction 2 has its value is $1M, transaction fee can be the same like $25. I think till this example, you get the answer.
December 18, 2023, 09:58:41 PM
It's good to note that it's not directly correlated with the transaction amount with how much you are going to pay in fees. Mostly it's about the congestion or how much TX's are being done. If there are people who are paying higher amounts to get their transactions confirmed, it will even be worse for you who would pay standard.
I believe that's mostly the case. Congestion and the fee demand or standard fees to get the transactions confirmed.
I believe that's mostly the case. Congestion and the fee demand or standard fees to get the transactions confirmed.
December 18, 2023, 09:50:58 PM
Will the transaction fee will high if I send small amount under $50
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