Bitcoin Forum
June 17, 2024, 06:39:44 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 [2]  All
  Print  
Author Topic: Totally newbie bitcoin user question  (Read 343 times)
hosseinimr93
Legendary
*
Online Online

Activity: 2436
Merit: 5385



View Profile
February 18, 2022, 07:25:24 PM
 #21

--------------------------
Third parties like moonpay or any other service usually charge you fee when trading bitcoin with fiat. It varies from one service to another service.
I haven't ever used moonpay and I don't know how much fee they charge you.

The other fee is the fee you pay for making a transaction. That's called transaction fee or network fee.
Note that bluewallet or other non-custodial wallets don't charge you any fee for the transactions you make and all the fee is paid to miners.

The transaction fee depends on following factors.

1. How fast you want you transaction to be confirmed
2. The network state
3. Number of inputs and outputs.
4. Addresses type.


What would have the lowest amount of processing/network fees?
The minimum fee rate you can use for a transaction is 1 sat/vbyte. Therefore, the minimum fee you can pay depends on number of inputs and outputs and addresses type.
Note that with paying the minimum transaction fee, there's a probability that your transaction takes a very long time to be confirmed.

Assuming that you have received all the fund in a single transaction and you want to spend all the fund to a single address, your transaction has 1 input and 1 output.

If your address is legacy (addresses that start with 1), the transaction size would be around 230 vbyte and the minimum fee would be around 230 satoshi.
If your address is nested segwit (addresses that start with 3)*, the transaction size would be around 160 vbyte and  the minimum fee would be around 160 satoshi.
If your address is native segwit addresses that start with bc1), the transaction size would be around 140 vbyte and the minimum fee would be around 140 satoshi.

Note that if your transaction includes more inputs or more outputs, it will be larger in size and you have to pay a higher transaction fee.


* Not all address that start with 3 are nested segwit.

▄▄███████▄▄
▄██████████████▄
▄██████████████████▄
▄████▀▀▀▀███▀▀▀▀█████▄
▄█████████████▄█▀████▄
███████████▄███████████
██████████▄█▀███████████
██████████▀████████████
▀█████▄█▀█████████████▀
▀████▄▄▄▄███▄▄▄▄████▀
▀██████████████████▀
▀███████████████▀
▀▀███████▀▀
.
 MΞTAWIN  THE FIRST WEB3 CASINO   
.
.. PLAY NOW ..
Trojane
Member
**
Offline Offline

Activity: 294
Merit: 28


View Profile
February 18, 2022, 07:49:15 PM
 #22

Wow, I'm so amazed at this development; yeah I never knew there's an app or something that allows users with disabilities like this to access crypto, even without the supervision of another  sound person, it's really an added advantage. I didn't see this thread early enough but atleast you've had so many suggestions to go with which can fetch whatever you want, so appalling Cry
I know how it feels but no worries, we're like a family here; whatever complaints you have just feel free to lay it down and someone will be there to respond,kudos for your courage.

████████████████            1 x B i t . c o m         |         THE WORLD CUP ADVENTURE            ████████████████
[  7 BTC WELCOME BONUS  ] [      1 BTC PRIZE FUND      ]
████████████████            ██                           P L A Y   N O W                           ██            ████████████████
Jdawg4 (OP)
Newbie
*
Offline Offline

Activity: 11
Merit: 13


View Profile
February 19, 2022, 12:10:56 AM
 #23

I don’t think it matters how quick anything happens when I’m buying bitcoin, because it doesn’t look like I can choose any faster or slower method for that matter when I’m buying it. Is that correct? So what can I do to get away with having no fees, or little fees when I buy bitcoin? Because all of that just confused me. :-) I think I need to reread the bitcoin for dummies book, unfortunately that was put out in 2016. :-) another question though that  may answer my earlier question, if I import a Wallet from another service into a service, would that wallet contain the transactions that I have made with it? Like if I do it on an app that charges me no fees, could I import that wallet into my primary bitcoin use app?
hosseinimr93
Legendary
*
Online Online

Activity: 2436
Merit: 5385



View Profile
February 19, 2022, 12:51:26 AM
 #24

I don’t think it matters how quick anything happens when I’m buying bitcoin, because it doesn’t look like I can choose any faster or slower method for that matter when I’m buying it. Is that correct?
Correct.
You can have control over the fee when you make a transaction yourself.

So what can I do to get away with having no fees, or little fees when I buy bitcoin?
As I said in my previous post, the fee you pay when buying bitcoin varies from one service to another. It's usually a percentage of the total amount of bitcoin you buy.

another question though that  may answer my earlier question, if I import a Wallet from another service into a service, would that wallet contain the transactions that I have made with it? Like if I do it on an app that charges me no fees, could I import that wallet into my primary bitcoin use app?
For making any bitcoin transaction, you have to pay the network fee.
If you import your wallet from one wallet to another one, you don't make any transaction and you don't pay any fee.

▄▄███████▄▄
▄██████████████▄
▄██████████████████▄
▄████▀▀▀▀███▀▀▀▀█████▄
▄█████████████▄█▀████▄
███████████▄███████████
██████████▄█▀███████████
██████████▀████████████
▀█████▄█▀█████████████▀
▀████▄▄▄▄███▄▄▄▄████▀
▀██████████████████▀
▀███████████████▀
▀▀███████▀▀
.
 MΞTAWIN  THE FIRST WEB3 CASINO   
.
.. PLAY NOW ..
Jdawg4 (OP)
Newbie
*
Offline Offline

Activity: 11
Merit: 13


View Profile
February 19, 2022, 01:28:03 AM
Last edit: February 19, 2022, 01:42:12 AM by Jdawg4
 #25

Could I am poured one wallet to another wallet and then the wallet that I am poured into would have the balance from the other wallet? Also, where do the fees  come from when I’m buying bitcoin? Because as I said earlier when I did my mock order, I was still only paying $50, which is how much I said I wanted to buy in the first place. Are  fees assessed in the amount of bitcoin that I received, meaning I would receive less due to fees?
I don’t think it matters how quick anything happens when I’m buying bitcoin, because it doesn’t look like I can choose any faster or slower method for that matter when I’m buying it. Is that correct?
Correct.
You can have control over the fee when you make a transaction yourself.

So what can I do to get away with having no fees, or little fees when I buy bitcoin?
As I said in my previous post, the fee you pay when buying bitcoin varies from one service to another. It's usually a percentage of the total amount of bitcoin you buy.

another question though that  may answer my earlier question, if I import a Wallet from another service into a service, would that wallet contain the transactions that I have made with it? Like if I do it on an app that charges me no fees, could I import that wallet into my primary bitcoin use app?
For making any bitcoin transaction, you have to pay the network fee.
If you import your wallet from one wallet to another one, you don't make any transaction and you don't pay any fee.
hosseinimr93
Legendary
*
Online Online

Activity: 2436
Merit: 5385



View Profile
February 20, 2022, 12:16:39 PM
 #26

Could I am poured one wallet to another wallet and then the wallet that I am poured into would have the balance from the other wallet? Also, where do the fees  come from when I’m buying bitcoin? Because as I said earlier when I did my mock order, I was still only paying $50, which is how much I said I wanted to buy in the first place. Are  fees assessed in the amount of bitcoin that I received, meaning I would receive less due to fees?
You need to know how a bitcoin wallet works.
Your bitcoin are on the blockchain, not on your wallet. Your wallet only include your keys and use them for making transactions. All your keys (private keys, public keys and addresses) are all derived from your seed phrase.
When you export your seed phrase from a wallet and import it into another wallet, you actually move your keys to a new wallet and use the new tool which does the same thing. In this case you don't make any transaction. The balance that is shown in your old wallet can be seen on your new wallet too.


I would receive less due to fees?
Yes.

▄▄███████▄▄
▄██████████████▄
▄██████████████████▄
▄████▀▀▀▀███▀▀▀▀█████▄
▄█████████████▄█▀████▄
███████████▄███████████
██████████▄█▀███████████
██████████▀████████████
▀█████▄█▀█████████████▀
▀████▄▄▄▄███▄▄▄▄████▀
▀██████████████████▀
▀███████████████▀
▀▀███████▀▀
.
 MΞTAWIN  THE FIRST WEB3 CASINO   
.
.. PLAY NOW ..
Jdawg4 (OP)
Newbie
*
Offline Offline

Activity: 11
Merit: 13


View Profile
February 20, 2022, 02:50:44 PM
 #27

OK… So if I am Porten wallet into another, could I send the money that is in the new wallet somewhere, or what I have to send it from the old walletOK… So if I imported one wallet into another, could I send the money that is in the new wallet somewhere, or would I have to send it from the old wallet??
Could I am poured one wallet to another wallet and then the wallet that I am poured into would have the balance from the other wallet? Also, where do the fees  come from when I’m buying bitcoin? Because as I said earlier when I did my mock order, I was still only paying $50, which is how much I said I wanted to buy in the first place. Are  fees assessed in the amount of bitcoin that I received, meaning I would receive less due to fees?
You need to know how a bitcoin wallet works.
Your bitcoin are on the blockchain, not on your wallet. Your wallet only include your keys and use them for making transactions. All your keys (private keys, public keys and addresses) are all derived from your seed phrase.
When you export your seed phrase from a wallet and import it into another wallet, you actually move your keys to a new wallet and use the new tool which does the same thing. In this case you don't make any transaction. The balance that is shown in your old wallet can be seen on your new wallet too.


I would receive less due to fees?
Yes.
Edith1994
Newbie
*
Offline Offline

Activity: 14
Merit: 16


View Profile
February 21, 2022, 11:17:31 PM
 #28

I will advice you to try binance

Binance is a safe and secure platform to buy and sell cryptocurrencies quickly using our streamlined buy/sell process. You're just three steps away from your first Bitcoin.

https://www.binance.com/en/buy-sell-crypto
Pages: « 1 [2]  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!