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Title: Understanding BTC fee structure Post by: TheLight75 on December 11, 2017, 03:06:33 AM New user here. How does the fee structure on BTC transactions work? I made a tiny test buy the other day and then transferred it to my personal wallet. I assumed that whatever transaction fee was involved would come out of my transferred amount. When I pull up the transaction now on block trail, I see the following:
Amount I transferred: 0.01567472 Listed fee: 0.00094134 1 input: 0.01770000 2 outputs: 0.01567472 (to me) & 0.00108394 (fee I assumed?) I received the full amount of my transfer, so who's covering the fee that kicks back to the miners for confirming it? Is it being paid by freshly mined BTC? Title: Re: Understanding BTC fee structure Post by: pooya87 on December 11, 2017, 04:28:45 AM first, two things you shouldn't confuse:
1. fee that the place you bought bitcoin from is taking from you when you make a withdrawal this is a fixed amount, usually higher than the reality and the service provider (eg. exchange) decide how much they take from you. 2. fee that you pay when you are making a bitcoin transaction on chain, on your own. this is based on two things: your transaction size in bytes and how big mempool is and how much others are paying. the bigger your transaction size in bytes, the bigger your fee is going to be. the bigger the mempool (number of unconfirmed transactions) the bigger the fee you have to pay if you want your transaction to be confirmed faster. http://bitcoinfees.21.co/ Amount I transferred: 0.01567472 Listed fee: 0.00094134 1 input: 0.01770000 2 outputs: 0.01567472 (to me) & 0.00108394 (fee I assumed?) no the second output is the "change". they put 0.0177 in and got 2 outputs out : 0.01567472 + 0.00108394 = 0.01675866 the difference which is 0.00094134 goes to miners as fee automatically. https://en.bitcoin.it/wiki/Change |