Bitcoin Forum

Bitcoin fees are a little too high, don't you think? I have a few questions and would like to hear your opinions (See Below). Thank you for you time! :)

1) On average, how much are you paying for BTC transaction fees?
        a. Do you increase the fee as transaction size increases?
        b. Which wallets are you sending from and how long does the transaction take?

2) Let's say you are sending 1 BTC, how much would you pay for the fee?

3) Let's say you are sending 0.01 BTC, how much would you pay for the fee?

Right now is the best time for sending low fees and the transactions get confirmed quickly.

This is some of my latest transactions and apparently all of them are with not that big fees.

https://blockchain.info/tx/71abb7725d65032f611811d76a9df82885ac10afdbdf5ab4a92df577b692b146 - 5 sat/byte
https://blockchain.info/tx/3118227ab59ad3b8a93558eeec79b02880535b53e975269858e5702a7c5c4ac7 - 5 sat/byte
https://blockchain.info/tx/ff585e2698aef8c9d04ce816dc6441e2f751df50207f60d4fe80b5e4e6e4d62f - 70 sat/byte
https://blockchain.info/tx/f384b1213c97123180451ae997720d1dfb5e5cd4712b2b8ce0f77bb3c14796e5 - 6 sat/byte
https://blockchain.info/tx/66392e5c9c9c48977470c72d7d26e4d593c12aea211096b81f0095860f18d1f7 - 80 sat/byte

I think it's very good actually. Sending $121 worth of btc and paying $0.08 in fees only and the transaction going through without using any accelerators or anything is amazing.

I don't know what do you want better than that.

How do the transactions get though, the fees seem very low. Wasn't it around $2 per transaction?

I am quite often transact ,, I do not pay much attention to the cost of the transaction, maybe at least about 2 dollars, if in big amounts 0.01%

A few days ago i sent a payment and i had to pay $0,07 for fees, but the transaction got stuck and it took more than 18 hours to get the first confirmation.. That is why i will never send payments with less than $1 fees per transaction, maybe i can pay less than 10 cents per transaction, but waiting 18 hours is not worth it, i prefer paying a little bit more, and be able to proccess the payment quickly.

Transaction fee will depends on the size of your transaction the larger the size (sat/byte) the larger of your transaction fee.

And if you still converting bitcoin to USD in terms of fee then of course you will say that the fee is too high since 1 USD is equal to something on 0.0002+ BTC but that fee is just normal from 0.00009-0.0001 for faster confirmation

Since the transaction fee is based on satoshi/byte, the larger the transaction, the higher the fee, is that true? How much do you set for satoshi/byte?

I use Electrum, and I have it set to pay 5 satoshis per byte. Average transaction time, I've observed, is around 4 hours. It typically doesn't bother me because I only ever move around small amounts, and only to my own wallets, or to people I personally know. I'm a compulsive HODLer, so yeah.

If I'm going to deal with large amounts, however, I would consider using Electrum's dynamic pricing. I'll keep an eye on this thread for more insight.

I've never had problem with the fees, when i send payments i always use the Priority option, in most cases i use blockchain wallet for sending them, and the priority fees are about $1,50 (around 0.0003- 0.0005) but it gets confirmed in less than 15 minutes, so i guess it is very fast, i made a mistake last week, and the transaction took more than a day to get confirmed, i was lucky that i did not lost my bitcoins.

A while ago I read an article on BTC fees, but I've forgotten to save the link. How is the size of the transaction calculated? If I remember correctly, there is no way to get an accurate calculation, just a rough estimate.

1. I'd say right now, probably around 0.0003 BTC per transaction. I use electrum which automatically adjusts my fee level with the amount of inputs and outputs involved with the transaction(that increase the size of the tx).

2 and 3. Bitcoin fees have nothing to do with value of transaction but everything to do with the size it takes up in the blockchain. If you're asking for how much i'd be willing to pay, however, i would be prepared to pay around .05% of a transaction worth 1 BTC.

Transaction fees has nothing to do with amount of Bitcoin you send. It is more dependent upon the size of your transaction. The optimal fees at present is of 144 satoshis/byte. Your transaction can very well happen if you pay less than that but waiting time would be more. Recently, I send 0.05 btc at the fees of 0.0003 btc and it got confirmed in 30 mins.

When carrying out transactions, the sum of the fee is automatically set to 0.001. Typically, this number is rarely changed to users and the transaction is successful. The time of the transaction is usually different - from several hours to almost a day.

i would rather base the amount of unconfirmed transaction, mainly because nowadays despite the transaction volume is not as high as in the peak or literally less than 10k unconfirmed, the fee is being pumped too high  then most of the transactions with lower fee is severely delayed, although to benefit miners, the users are not good for them at all.
should be less than .0004 for lower byte or .0005 for higher bytes

all your questions have one answer:
transaction fees are set based on transaction size in bytes and it does not depend on how much bitcoin you are sending. you may send 0.01BTC and 10000BTC with the same amount of fee if their transaction sizes are the same.

your transaction size is determined based on how many inputs and outputs it has. in simple terms if you have received a lot of payments and now want to spend all of them, your transaction size will be huge and you will end up paying a lot of fee.

how much fee/byte you pay depends on whether the mempool is crowded or not. for example for the past ~12 hours the mempool contained more than 20,000 unconfirmed transactions. that means there will be a big competition for the small block size we have so you will have to pay a higher fee to compete with the others.

I am going to over simplify this for you. If you are a faucet user and you receive small dust transactions every week into a specific address, your inputs will be much bigger and this will increase the transaction size. When you want to spend these funds, the bigger transaction size will add to the cost of the fees for that transactions and you might be paying a lot more fees than the Bitcoin address where you simply had 1 or 2 inputs.

It is never a good idea to accumulate 100's of transactions into a single Bitcoin address, because you will suffer later, when you have to pay these fees.

Thats almost true.
The size of a transaction does not depend on the amount of BTC's you are sending... It depends on the amount of Input/Outputs.
Meaning, if you have 1 btc on 1 address and you Send your whole BTC to 1 address the Transaction is small.
But f you Send 0.5 btc to 5 addresses + address for change the Transaction is larger than the first.

On a number of occasions I have converted to litecoin as fees are lower and transaction quicker. Obviously there is a conversion fee but it suits me.