Bitcoin transaction fees

[Btwwdv]

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[mocacinno]

I often send small amount of Bitcoin around 100,000 satoshi, is there a way to avoid paying a fee that is a significant proportion of the amount sent?

depends...
the recommanded fees depend on a couple of factors:
- the number of inputs used to create outputs
- the number of outputs
- the age of the inputs
- how long you're willing to wait (on average) to get added to a block

both the number of inputs and outputs make up the transaction size, the bigger the transaction size, the more fees will generally be needed. The size has nothing to do with the ammount of coins you're trying to send!!! it can be cheaper to send 100 BTC in a transaction with 1 input and 1 output than sending 0.00001 btc in a transaction with 10 inputs and one output.

basically,
if you try to use a minimal ammount of inputs and create a minimal ammount of outputs with inputs that were untouched for a couple of months, and you're willing to wait several hours to get included into a block (on average), you can add substantially less fees than when you're using a massive ammount of inputs that were just recently added to create a large ammount of outputs, and you want a reasonably chance of getting added to the next block.

One quick fix would be to let the coins age for a while, and try to generate multiple outputs in one transaction... This way, the single transaction will have a larger size, but the size will probably be smaller than the combined size of the individual transactions you otherwise would have made

[Ayers]

microtransactions was always a problem, what if i want to send 10k? i need to pay other 10k? that's stupid, it need to be fixed in some way, and sending with no fee is worse, because coins will never arrive

[GonerGenesis]

microtransactions was always a problem, what if i want to send 10k? i need to pay other 10k? that's stupid, it need to be fixed in some way, and sending with no fee is worse, because coins will never arrive

but with no fee there wont be any use for the miner or?

[erikalui]

For small amounts, you need to use a wallet that charges no fee. Xapo is a wallet that can be used (it charges no fee from its users and adds its own fee to confirm these transactions) else for bigger transactions, blockchain is the best.

[gentlemand]

Yup. Your only option is somewhere like Xapo that swallows the fees. I've no idea why they do it and how long they'll carry on doing it for, but it's a useful service for piddly amounts. Perhaps the lightning network will allow micropayments to go wide but I've no idea how.

[mocacinno]

Yup. Your only option is somewhere like Xapo that swallows the fees. I've no idea why they do it and how long they'll carry on doing it for, but it's a useful service for piddly amounts. Perhaps the lightning network will allow micropayments to go wide but I've no idea how.

For small amounts, you need to use a wallet that charges no fee. Xapo is a wallet that can be used (it charges no fee from its users and adds its own fee to confirm these transactions) else for bigger transactions, blockchain is the best.

you're both correct, xapo does pay the fee for you. This doesn't mean there is no fee to be payed, it just means xapo pays the bill. Personally, i'm rather weary of such services, if you're not paying, you're the product...

I don't know how they do it, but in order for their business model to be successfull, they have to make money from your account if they're willing to pay for your fee.
This is just my personal sentiment, it's not backed by any mathematical proof.

[HeroCat]

You can send 0.0001 BTC as transaction fee, so problem is solved. Keep in mind that you can have more than 24 hours for complete transaction. 

[jtipt]

I often send small amount of Bitcoin around 100,000 satoshi, is there a way to avoid paying a fee that is a significant proportion of the amount sent?

You can send multiple times in the same transaction, it's the best way to reduce tx fees if you send a lot small amounts. And using the minimum required fees of 0.0001 is best, instead of using the dynamic fees.

[OrangeII]

I also often send bitcoin small amounts, but nonetheless his fee is not reduced, just like I sent some bitcoin. I think there's a certain amount of the fee depends on the BTC that you send

[mocacinno]

I often send small amount of Bitcoin around 100,000 satoshi, is there a way to avoid paying a fee that is a significant proportion of the amount sent?

You can send multiple times in the same transaction, it's the best way to reduce tx fees if you send a lot small amounts. And using the minimum required fees of 0.0001 is best, instead of using the dynamic fees.

I'm not sure if i completely agree... A miner will look at the ammount of satoshi's per byte. If you use a lot of inputs and outputs, and the mempool is rather full, a 0.0001BTC fee might be waaaay to low, while at slow moments, creating a transaction with one input and one output and aged inputs, 0.0001BTC as a fee might be waaay to high.
I usually either use the dynamic fees my electrum wallet calculated, or i visit https://bitcoinfees.21.co/, look at the size of my transaction (in bytes) and multiply the ammount of satoshi's to get a fast or slow average inclusion time by the ammount of bytes (size of my tx).

I also often send bitcoin small amounts, but nonetheless his fee is not reduced, just like I sent some bitcoin. I think there's a certain amount of the fee depends on the BTC that you send

No, the fee depends on the size in bytes of your transaction. If you create 1000 transactions with one input and one output, you'll pay the same fee as if you'd send only one (there is no discount).
The thing is, if you create one transaction with, for example 200 inputs and 1000 outputs to replace the 1000 transactions with 1 input and 1 output, you'll usually pay a lot less fee (unless in very rare occasions).

The size of the transaction has NOTHING to do with the ammount of bitcoin you wish to send!!! The only thing is: if you send $5 worth of bitcoin, adding a 50 cent fee is huge, if you're transferring $1000.000 worth of bitcoin, adding a $10 fee is peanuts... That's why i've seen some people adding a way to high fee for bigger transactions. They just outbid everyone, and have a really, really high chance of getting added in the next block (still not 100% tough)

[raphma]

Just search for a wallet that doesnt charge you for that...
There are a few good wallets with no fee's for these transactions.

[Ardenyham]

Yup. Your only option is somewhere like Xapo that swallows the fees. I've no idea why they do it and how long they'll carry on doing it for, but it's a useful service for piddly amounts. Perhaps the lightning network will allow micropayments to go wide but I've no idea how.

For small amounts, you need to use a wallet that charges no fee. Xapo is a wallet that can be used (it charges no fee from its users and adds its own fee to confirm these transactions) else for bigger transactions, blockchain is the best.

you're both correct, xapo does pay the fee for you. This doesn't mean there is no fee to be payed, it just means xapo pays the bill. Personally, i'm rather weary of such services, if you're not paying, you're the product...

I don't know how they do it, but in order for their business model to be successfull, they have to make money from your account if they're willing to pay for your fee.
This is just my personal sentiment, it's not backed by any mathematical proof.

xapo only pay transaction fee(or do it for free) when you send to another xapo address or when you send btc via xapo email address, to all other wallets, xapo reduce 20K to 30K fee from your wallet, xapo don't give trx link but if you add the btc address on the blockchain and look that, you'll see that xapo cast fee too.

[erikalui]

For small amounts, you need to use a wallet that charges no fee. Xapo is a wallet that can be used (it charges no fee from its users and adds its own fee to confirm these transactions) else for bigger transactions, blockchain is the best.

Yup. Your only option is somewhere like Xapo that swallows the fees. I've no idea why they do it and how long they'll carry on doing it for, but it's a useful service for piddly amounts. Perhaps the lightning network will allow micropayments to go wide but I've no idea how.

Do you have any idea how long the transactions take as I need them to be very quick, I can not wait a few hours for the transaction to confirm.

It takes time to confirm and if you need it to confirm fast, that could happen only when you add a fee and since you need to transfer a small amount, there would be no option except to wait. Unless you are transferring the bits within the wallet, like a Xapo member transfers bits to another xapo member, it takes a second else an hour.

[Cuidler]

depends...
the recommanded fees depend on a couple of factors:
- the age of the inputs

while at slow moments, creating a transaction with one input and one output and aged inputs, 0.0001BTC as a fee might be waaay to high.

The aged inputs are important only for free transactions, but because there are only few free transactions confirmed everyday, I would not give much hope free transaction confirms at all, yet in timmely manner OP need.

If you make very small fee and you have very aged inputs your transaction has slightly higher chance to be added if miner choose free transactions which your transaction might satisfy this condition as well, but not many miners ever consider relaying free transactions since Bitcoin Core 0.12 is widely used...

[raphma]

xapo reduce 20K to 30K fee from your wallet, xapo don't give trx link but if you add the btc address on the blockchain and look that, you'll see that xapo cast fee too.

i've already checked it, and that never happened to me..

in fact... i've just send a small amount to poloniex and verifyed at blockchain, no fees(not to me, they are paying the fees)..

[Kprawn]

For small amounts, you need to use a wallet that charges no fee. Xapo is a wallet that can be used (it charges no fee from its users and adds its own fee to confirm these transactions) else for bigger transactions, blockchain is the best.

Only problem with that option would be that the other parties will have to have a wallet on Xapo too, or they will never see those funds. The fee will also apply to those tx's when you go back onto the

Blockchain. These tx's are done off-chain on Xapo's servers and then you can export the total to the life Blockchain. I hope to see some Blockchain solutions soon with side chains, that would replace

services like Xapo. 

[Patatas]

I often send small amount of Bitcoin around 100,000 satoshi, is there a way to avoid paying a fee that is a significant proportion of the amount sent?

You can choose to avoid paying fee completely if it was 2013 and we had n number of miners.Times have changed,block rewards are low,solo miners can't really afford doing stuff for free while paying a good amount for electricity charges.If you just google a bitcoin transaction calculator ,you will be presented with a lot of options.Although I advice you to pay a little more then the calculated fee if you don't have the patience to watch your transaction getting accepted by the node on low priority basis.

[amacar2]

There is coinbase wallet in which if you pay between coinbase wallet addresses you don't have to pay fees and also there is one bitgo instant wallet which is accepted in some sites by now and it also works similarly like coinbase with no fee to do transaction in bitgo accepted sites.

[sana54210]

Yup. Your only option is somewhere like Xapo that swallows the fees. I've no idea why they do it and how long they'll carry on doing it for, but it's a useful service for piddly amounts. Perhaps the lightning network will allow micropayments to go wide but I've no idea how.

For small amounts, you need to use a wallet that charges no fee. Xapo is a wallet that can be used (it charges no fee from its users and adds its own fee to confirm these transactions) else for bigger transactions, blockchain is the best.

you're both correct, xapo does pay the fee for you. This doesn't mean there is no fee to be payed, it just means xapo pays the bill. Personally, i'm rather weary of such services, if you're not paying, you're the product...

I don't know how they do it, but in order for their business model to be successfull, they have to make money from your account if they're willing to pay for your fee.
This is just my personal sentiment, it's not backed by any mathematical proof.

xapo only pay transaction fee(or do it for free) when you send to another xapo address or when you send btc via xapo email address, to all other wallets, xapo reduce 20K to 30K fee from your wallet, xapo don't give trx link but if you add the btc address on the blockchain and look that, you'll see that xapo cast fee too.

I am using xapo for a long time and my balance has never reduced. It's the same after sending the bitcoins. They give their internal trx ID when we send bitcoins to an external address and if we have any doubts, we can use the same while contacting their support.

They add their own fee while sending bits and it is because the money in our xapo wallet isn't the same as we can see on blockchain. They keep rotating the funds from our account but we still own them at the end of the day.