Bitcoin Forum

I haven't sent a btc in a long time.  I use to use electrum... then used nano ledger s.  With electrum, back when btc was in three figures, i recall playing around with the sending fee where you could send btc for a few cents... or even 0 cents.  But also did send using the regular fee.  With nano ledger s, i always recall sending with the default sending fee.



As of now, what are the default sending btc fee?  I did recall the higher amount of btc you send... the higher was the price.

Actually, there is no default it always depends on the network.

Use this tool below to check what is recommended transaction fee
- https://jochen-hoenicke.de/queue/#0,24h

Under "mempool size in MB" use your mouse to check which fees are below 1MB size because those fees below 1Mb are faster than paying a low fee above 1Mb.

You cannot make a transaction without paying fee.
A transaction with zero fee will be rejected by nodes and won't be relayed.
The minimum fee you need to pay is 1 sat/byte, so your transaction is accepted by nodes.


The transaction fee doesn't depend on the amount of bitcoin you send.
The transaction fee depends on your transaction size (which is a function of number of inputs and outputs) and how fast you want your transaction to be confirmed.

And note that you can pay a lower fee if you use segwit addresses.

I did a transaction a few days ago and my only fee was 4000  satoshi.I think Bitcoin cuts the lowest fees. It is transaction from coinbase wallet

It depends, from where you want to send it?, it's a wallet or exchange?, most wallets including Electrum that you mentioned will give you the ability to set your own transaction fees.

Exchanges usually have a fixed withdrawal fee of 0.0005btc per transaction and rarely you can find any exchange that charges less fee, but if you want to send Bitcoin from your own wallet you can lower the transaction fees to as low as 0.0001btc which is worth 2.6 USD now, and you can even go lower than that but keep in mind that if you set it to very low you probably have to wait a long time for it to get confirmed since the Bitcoin network is quite busy at the moment.

I use Johoe's Bitcoin Mempool Statistics daily. When you combine it with the number of transaction per block, you could make the perfect calculations:

https://www.blockchain.com/charts/n-transactions-per-block

Currently, if you want a confirmation within 1 block, you must set the transaction fee to 120+ sat/b.

If you are not in a hurry, you could pass a transaction within an hour or two with 1/2 of that.

On the jochen-hoenicke.de (https://jochen-hoenicke.de/queue/#0,24h) website, you are provided with three charts and you can combine the top and bottom charts (Unconfirmed transaction count (mempool) and Mempool size in MB) to get a fee you can use.

Temporarily, you can get very quick confirmation with 2 sat/vbyte as the mempool is falling and almost touching the 1 sat/vbyte. With a few days left for the holidays, I think mempool will be cleared more and unconfirmed transactions with 1 sat/vbyte will be confirmed.

Just to add for OP, you can alternatively refer from the thread created by tranthidung (https://bitcointalk.org/index.php?action=profile;u=1292764.). However, he only updates his thread weekly or when the transaction fee is relatively low, still, it's a good reference to make sure when is the correct timing to transfer your coins or you decided to consolidate your inputs.

[1] Re: Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC (https://bitcointalk.org/index.php?topic=5250569.msg55935232#msg55935232)

Furthermore, I always recommend this thread if you want to dig deep on how transaction fees are being calculated, how to minimize the fees and what not.

[2] Beginner's Guide to Transaction Fees (https://bitcointalk.org/index.php?topic=5251213.0)