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

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.

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.

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?

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.

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.

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.

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.

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.

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.

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.

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.

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.

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,


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

If there is failure error it could be:

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.

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.

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.

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.

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.

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

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

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.

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.

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.

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.

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.

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.

----------
Reference:
1. https://www.viabtc.com/tools/txaccelerator

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.

Bitcoin transaction fee is calculated with this formula

Transaction 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.

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.

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