Transaction fees question

[Fynall]

Hi. I have a question about the transaction fees. Is 0.00422465 BTC/kB a fee of 0.00422465 BTC which is roughly 12.12 USD $ on the present market price? The key here is the kB, I don't fully understand it. Do you pay that fee to the blockchain (miners) for every kB worth of transaction on the blockchain? But how does one transaction differ in size from another transaction? How many kB is a transaction of 1 bitcoin, 2 bitcoin, etc. Since eventually, they will reach the limit of 21 million bitcoins. I'm guessing transactions can still happen with the creation of new blocks, but at that point, no more bitcoins will be created. Furthermore, if at 21 million there can be no more bitcoins created, what happens if many people lose their bitcoins (access to them), does it at all affect the value of bitcoin for other users who still have their address? I know this is a lot of questions, I've read a few articles but they don't seem to help. At the very least, however, I need to understand the fees per kb thing that is confusing me. Is the fee really ~12 USD$? Because that's absurdly high.

[Abdussamad]

KB refers to kilobytes. The amount of space the tx takes up in the blockchain not the amount of bitcoins transferred.

The size of the transaction is determined by the number of inputs and outputs. A typical transaction with 1 input and 2 outputs is about 226 bytes in size. So 0.00422465 btc/KB will result in a 0.00093 btc fee for a typical 226 byte transaction.

There is an image here that will go some way towards explaining what an input and output is: https://bitcoin.org/img/dev/en-transaction-propagation.svg

If you have a lot of small inputs like small payments from faucets then that can result in a large transaction with high fees.

Since the bitcoin supply is fixed when some people lose bitcoins it means that all the remaining bitcoins become that much more valuable.

[Fynall]

KB refers to kilobytes. The amount of space the tx takes up in the blockchain not the amount of bitcoins transferred.

The size of the transaction is determined by the number of inputs and outputs. A typical transaction with 1 input and 2 outputs is about 226 bytes in size. So 0.00422465 btc/KB will result in a 0.00093 btc fee for a typical 226 byte transaction.

There is an image here that will go some way towards explaining what an input and output is: https://bitcoin.org/img/dev/en-transaction-propagation.svg

If you have a lot of small inputs like small payments from faucets then that can result in a large transaction with high fees.

Since the bitcoin supply is fixed when some people lose bitcoins it means that all the remaining bitcoins become that much more valuable.

Thanks, really appreciate the reply. However, if 99% of the people no longer have access to their bitcoins, then doesn't that mean that there are fewer people who will accept bitcoins to buy stuff? I doubt that if 1 bitcoin is left that it will be worth billions of dollars and everyone else will then share fractions of a single bitcoin. Maybe I'm obtuse but it's pretty counterintuitive.

[Abdussamad]

KB refers to kilobytes. The amount of space the tx takes up in the blockchain not the amount of bitcoins transferred.

The size of the transaction is determined by the number of inputs and outputs. A typical transaction with 1 input and 2 outputs is about 226 bytes in size. So 0.00422465 btc/KB will result in a 0.00093 btc fee for a typical 226 byte transaction.

There is an image here that will go some way towards explaining what an input and output is: https://bitcoin.org/img/dev/en-transaction-propagation.svg

If you have a lot of small inputs like small payments from faucets then that can result in a large transaction with high fees.

Since the bitcoin supply is fixed when some people lose bitcoins it means that all the remaining bitcoins become that much more valuable.

Thanks, really appreciate the reply. However, if 99% of the people no longer have access to their bitcoins, then doesn't that mean that there are fewer people who will accept bitcoins to buy stuff? I doubt that if 1 bitcoin is left that it will be worth billions of dollars and everyone else will then share fractions of a single bitcoin. Maybe I'm obtuse but it's pretty counterintuitive.

yes if 99% lose all their coins then it'll certainly turn them off bitcoin. i thought you meant the normal levels of losses due to mistakes .