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rmarin501
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October 13, 2017, 12:28:50 AM
 #1

I'm relatively new to Bitcoin. I'm planning on sending around $5,000 worth of Bitcoins. Should I send it using multiple transactions to avoid paying high fees? If so, what would be the recommended maximum amount per transaction, to minimize fees?
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October 13, 2017, 01:06:09 AM
 #2

What wallet are you using? Im using electrum wallet. If i want to make the transaction fast. There's an option to choose what is the amount of fee i would use. There's a gauge to adjust the fees to make the transaction. I think some wallets have that function also. Try to find it. If you want to minimize the fee. I think .0008Btc/kb is good enough. This may take hours though or even a day depends on the size of the transaction. But in my opinion, using normal fees is the best option to avoid inconveniences. I tried low transaction fees once and i will never do that again. I had a headache when i do that. Because hours after i send those funds. The transaction still unconfirmed status.

So if you want to send funds. Use normal amd above fees to avoid inconvenience. $5000 is a huge amount. You don't want it to get stuck. So normal fees and above is what i recommend.

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TryNinja
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October 13, 2017, 01:08:49 AM
 #3

Transaction fees are not defined by the amount sent. You could send $5 or $5000 worth of Bitcoin and pay the same amount in fees.
Instead, fees are determined by the size of your transaction, which is calculated by the amount of inputs and outputs your transaction has.

So if you want to save money, it's usually better to just send everything you can in one single transaction.

I suggest you to read this article (and watch the video) to understand how fees work: https://99bitcoins.com/bitcoin-fees-explained/

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October 13, 2017, 01:19:07 AM
 #4

I'm relatively new to Bitcoin. I'm planning on sending around $5,000 worth of Bitcoins. Should I send it using multiple transactions to avoid paying high fees? If so, what would be the recommended maximum amount per transaction, to minimize fees?

I know you are new to BTC but $5000.00 is not even a full coin at this point (assumes the $5200.00 record just set).  A single transaction of this size is not going to be expensive unless you want to pay an unneeeded premium fee to try and expedite the transaction.  My transactions complete reasonably fast with default Electrum fees as an example.  The post above did a good job of explaining.  I just wanted to confirm as a real world user's experience that it does work the way described.

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rmarin501
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October 13, 2017, 02:39:53 AM
 #5

What wallet are you using? Im using electrum wallet. If i want to make the transaction fast. There's an option to choose what is the amount of fee i would use. There's a gauge to adjust the fees to make the transaction. I think some wallets have that function also. Try to find it. If you want to minimize the fee. I think .0008Btc/kb is good enough. This may take hours though or even a day depends on the size of the transaction. But in my opinion, using normal fees is the best option to avoid inconveniences. I tried low transaction fees once and i will never do that again. I had a headache when i do that. Because hours after i send those funds. The transaction still unconfirmed status.

So if you want to send funds. Use normal amd above fees to avoid inconvenience. $5000 is a huge amount. You don't want it to get stuck. So normal fees and above is what i recommend.

I also use Electrum. Thanks for the input! So what would you call normal - would "within 25 blocks" on the Electrum options be good enough, or should it be at least 5-10 blocks?
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October 13, 2017, 02:53:41 AM
 #6

What wallet are you using? Im using electrum wallet. If i want to make the transaction fast. There's an option to choose what is the amount of fee i would use. There's a gauge to adjust the fees to make the transaction. I think some wallets have that function also. Try to find it. If you want to minimize the fee. I think .0008Btc/kb is good enough. This may take hours though or even a day depends on the size of the transaction. But in my opinion, using normal fees is the best option to avoid inconveniences. I tried low transaction fees once and i will never do that again. I had a headache when i do that. Because hours after i send those funds. The transaction still unconfirmed status.

So if you want to send funds. Use normal amd above fees to avoid inconvenience. $5000 is a huge amount. You don't want it to get stuck. So normal fees and above is what i recommend.

I also use Electrum. Thanks for the input! So what would you call normal - would "within 25 blocks" on the Electrum options be good enough, or should it be at least 5-10 blocks?

Next few blocks is normal, next block is fast.
rmarin501
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October 13, 2017, 03:22:16 AM
 #7

Transaction fees are not defined by the amount sent. You could send $5 or $5000 worth of Bitcoin and pay the same amount in fees.
Instead, fees are determined by the size of your transaction, which is calculated by the amount of inputs and outputs your transaction has.

So if you want to save money, it's usually better to just send everything you can in one single transaction.

I suggest you to read this article (and watch the video) to understand how fees work: https://99bitcoins.com/bitcoin-fees-explained/

OIC. Thanks TryNinja and everyone for all the info!  =)
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October 13, 2017, 12:31:46 PM
 #8

I'm relatively new to Bitcoin. I'm planning on sending around $5,000 worth of Bitcoins. Should I send it using multiple transactions to avoid paying high fees? If so, what would be the recommended maximum amount per transaction, to minimize fees?
There is no maximum amount of Bitcoins to sent in one transaction : fees are the same whatever the amount.
But, for large amount, my advice is to make 2 transactions :
 - the first with a minimum amount (fees + a few satoshis) to test the destination address and the transaction duration,
 - the second with the total amount you want, even high, when the first transaction is confirmed.

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October 13, 2017, 02:29:15 PM
 #9

I'm relatively new to Bitcoin. I'm planning on sending around $5,000 worth of Bitcoins. Should I send it using multiple transactions to avoid paying high fees? If so, what would be the recommended maximum amount per transaction, to minimize fees?

This is one of the most misundestood thing about BTC.
The fees are not calculated using percentual part of transfered amount (as we know from bank sector ... those thiefs).

Actually sending larger amounts at once is much better. With growing BTC price it's being less and less suitable for sending small amounts.
In other words: for sending 1 USD worth BTC you most probably end up paying a very same fee as sending e.g. 10 000 USDs worth BTCs.

So go ahead. Make one big tx.

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October 13, 2017, 02:44:06 PM
 #10

I'm relatively new to Bitcoin. I'm planning on sending around $5,000 worth of Bitcoins. Should I send it using multiple transactions to avoid paying high fees? If so, what would be the recommended maximum amount per transaction, to minimize fees?

I have sent large transactions many times and i can tell you from experience, its obviously a little scary at first, but once you start making transactions regularly, it becomes less daunting.  If I were you, any you ever send any amount of money to yourself, send a quick test transaction, it will help alleviate the stress of you thinking you did something wrong.  Once you see the test amount show up on the other side, you know you have the address right, then you can just send the rest. 

As for the fee, its up to you.  If you are sending it to yourself, there is no rush, so a small fee (especially on the weekends when the mempool is less full) should be no problem, and will eventually go through.  If it doesnt (worse case scinario) because you own both accounts, you can always reset the fees and resend via Child pays for parent features that are available on some wallets.  There are a few other options as well.

Long story short.  Send a quick test transaction, prior to sending any large amount, and dont worry!
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October 13, 2017, 05:40:59 PM
 #11

I'm relatively new to Bitcoin. I'm planning on sending around $5,000 worth of Bitcoins. Should I send it using multiple transactions to avoid paying high fees? If so, what would be the recommended maximum amount per transaction, to minimize fees?
There is no maximum amount of Bitcoins to sent in one transaction : fees are the same whatever the amount.
But, for large amount, my advice is to make 2 transactions :
 - the first with a minimum amount (fees + a few satoshis) to test the destination address and the transaction duration,
 - the second with the total amount you want, even high, when the first transaction is confirmed.

Thanks CarlOrff & P3rplexamous for that tip on an initial test transaction!  Good idea.  =)
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October 13, 2017, 05:46:14 PM
 #12

The fees will not vary depending on the amount sent.

Fees are calculated depending on the complexity of the transaction, measured by its size in bytes.


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October 13, 2017, 07:31:57 PM
 #13

The fees will not vary depending on the amount sent.

Fees are calculated depending on the complexity of the transaction, measured by its size in bytes.

But the amount sent may increase the complexity of transaction and increase its size in bits. More bitcoins send may be equal to more inputs, if the address received lots of transactions that are still unspent
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October 14, 2017, 12:57:11 AM
 #14

The fees will not vary depending on the amount sent.

Fees are calculated depending on the complexity of the transaction, measured by its size in bytes.

But the amount sent may increase the complexity of transaction and increase its size in bits. More bitcoins send may be equal to more inputs, if the address received lots of transactions that are still unspent

More bitcoins doesn't always mean more inputs - you could have a single 1000 BTC input or a thousand 0.001 BTC inputs, and it would cost less to send the 1000 BTC in that case.

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