additional fees

[schnib]

Hey,

i always wondered where the additional fees when sending a transaction come from?
It is 0.0005BTC on top for me, while the regular dynamic fee right now is something about 0.0007.

[1713549422]

1713549422

[shorena]

Hey,

i always wondered where the additional fees when sending a transaction come from?
It is 0.0005BTC on top for me, while the regular dynamic fee right now is something about 0.0007.

Blocks are currently limited to hold up to 1 MB worth of transactions. The more bitcoin is used the more demand for this space is created and thus its price increases. Additionally some people tend to overpay when their wallet has no dynamic fee options so they can remember a fixed amount, which over time increases the price as well.

[schnib]

Ok but why doesn't the dynamic fee just change then?
And the 0.0005 isn't even used for mining fee, is it ?

[ranochigo]

Ok but why doesn't the dynamic fee just change then?
And the 0.0005 isn't even used for mining fee, is it ?

The transaction fees is calculated in relation to the transaction size. If the dynamic fee is currently 0.0007BTC/KB and your transaction size is 2KB, your transaction would have to pay 0.0014BTC of fee. If your transaction size is 0.2KB, your fee will be 0.00014BTC.

The transaction fee is directly sent to the miner, Electrum takes no cut.

[ThomasV]

You probably have created a wallet with two-factor authentication, where transactions are cosigned by Trustedcoin.
An extra fee is charged per transaction, with a discount if you buy prepaid transaction.
Click on the Trustedcoin icon in order to see the billing options.

[schnib]

You probably have created a wallet with two-factor authentication, where transactions are cosigned by Trustedcoin.
An extra fee is charged per transaction, with a discount if you buy prepaid transaction.
Click on the Trustedcoin icon in order to see the billing options.

Thanks.
This was the reason.

Now i got another question:
When i want to send another transaction, over 80% of my balance. It increases the dynamic fee to 0.0021 , which is really high, it comes even with a warning by electrum.
Does this have to do something with the fact that i have coins on 3 different receiving address so it costs more fee to transfer them all at once to another address ?

[ranochigo]

Now i got another question:
When i want to send another transaction, over 80% of my balance. It increases the dynamic fee to 0.0021 , which is really high, it comes even with a warning by electrum.
Does this have to do something with the fact that i have coins on 3 different receiving address so it costs more fee to transfer them all at once to another address ?

Yes. The more inputs/outputs you have, the larger your transaction will be. Since you are sending from 3 different addresses, the number of inputs you will include in your transaction is definitely bigger.

Just to be clear, is the 'dynamic fee' the fee that is incurred for that transaction?

[Abdussamad]

You probably have created a wallet with two-factor authentication, where transactions are cosigned by Trustedcoin.
An extra fee is charged per transaction, with a discount if you buy prepaid transaction.
Click on the Trustedcoin icon in order to see the billing options.

Thanks.
This was the reason.

Now i got another question:
When i want to send another transaction, over 80% of my balance. It increases the dynamic fee to 0.0021 , which is really high, it comes even with a warning by electrum.
Does this have to do something with the fact that i have coins on 3 different receiving address so it costs more fee to transfer them all at once to another address ?

It depends on the number and size of inputs too. Have you received a lot of small amounts from say faucet sites? Those small amounts cost a lot to spend.

On newer versions of electrum you get a slider on the send tab that allows you to lower the transaction fees at the cost of slower confirmation. In my experience even with the lower fees you get pretty fast confirmation. So perhaps you should upgrade to the latest and greatest electrum ?

[kolloh]

It depends on the number and size of inputs too. Have you received a lot of small amounts from say faucet sites? Those small amounts cost a lot to spend.

Yeah, when sending a ton of small inputs, you can expect to pay quite a bit more in fees. You can enable the Coins tab in the latest electrum to control which specific inputs you are using in your transaction to help limit the number of inputs and lower the fees as well.