About transfaction fees [question]

[ANON.PURGED]

Just wanted to ask about transaction fee , Im lil bit confused

So, yea transaction fee "to make the transaction priority high / normal / slow, the higher fee the higher priority"

The question , Is those fees are from my balance? Will my balance get decreased based on the fee?

For example, i only got $1 left in my wallet, then i will send $1 to my friend. But there is fee for about "0.50 cents" , Is that mean i wont be able to send whole $1 but i can only send 0.50 cents to him ?

Concepts:

Code:

Total Balance: $1
Transaction Fee: $0.50
Total Balance to be sent: $0.50 only instead of $1

Is that the transaction fee means ?

[unamis76]

Yes, the fees are from your balance. You can send a transaction without a fee. However, it's a very low amount and it probably will not confirm if you send it without a fee

You can read more about it here https://en.bitcoin.it/wiki/Transaction_fees

[Muhammed Zakir]

First of all, transaction fee is based on BTC not USD. Mixing both will make the calculation more complex.

Yes. Transaction fees are decreased from your balance. Current recommended fee for sending a 1000 bytes transaction is 0.0001BTC which is ~$0.02 at current value. If you can't use $0.02 as transaction fee, you can reduce 0.0001BTC to 0.00005BTC or so but remember, the priority of your transaction will decrease and as a result, it will take time for your transaction to be confirmed. It can be even dropped from network because of low fee.

[mayflor2]

Yes, the fees are from your balance. You can send a transaction without a fee. However, it's a very low amount and it probably will not confirm if you send it without a fee

You can read more about it here https://en.bitcoin.it/wiki/Transaction_fees

Yes, due to high network utilization, lately almost all transactions with zero fee will not be confirmed.    They will return to your wallet after some time.