Transaction Fees

[gobs93]

I was looking to use one of the Bitcoin ATM machines. I was wondering how high transaction fees would reach if I send bitcoin from the ATM to breadwallet, followed by breadwallet to Binance. Been considering around $800 (AUD) but wondering how much of a wedge the two transactions will take out of that.

[SFR10]

The first issue is, are those transactions are going to be sent by recommended fees (green bar) as seen here: https://bitcoinfees.earn.com/#fees
Assuming if all of the involved addresses are "P2PKH" and there's 1 input and 1 output, it results to 192 bytes in terms of size, then you have to multiply that by the recommended fee (by that time)

Sample:

192 x 510 (recommended fee at the time of posting this) = 97,920
In BTCitcoin = 0.00097920BTC

Formula for transaction size (for this sample) = # of inputs multiply by 147 + # of outputs multiply by 34 + 10 + # of inputs
Those should give you a rough estimate of the cost for each of those transactions...

[GraciousBanshee47]

wow that's equivalent to $11 USD... Well, probably not too high for an $800 worth transaction.

[Ciucas]

Yeah, it's better to make bigger transactions, because the Transaction fee it's the same if you make a 100$ transaction or a 10.000$ transaction

[neo444]

the fee of transaction in bitcoin is very high but if you want don't lose more money in fee transaction you can make exchange from btc to btc cash because the fee of transaction with bitcoin cash is very low for exemple in coinbase the fee of transaction with btc cash is 0.01$ so if you make an exchange you gonna save the totality of your money