New to Bit Coin and trying to wrap my hands around the fee structure. An internet post, about a year old said 0.2 mBTC. I searched the internet and nothing makes sense. I looking into setting up an account to fund my on line poker account.
What is the fee for transferring $500 US dollars?
Thanks
DO yourself a favor and force it to the smallest possible amount, which is 1 sat/B. Some wallets (but not all) allow you to manually force it a value. After that, do the transfer and wait like a day.
The fee is not really related to the amount, but the number of sources used. If all 500 USD come from a single source, it is something like 100 sats. But if its a few, like 4 or 5, maybe about 500 sats.
I don't do mBTC; but that amount sounds obscenely high. Most people do not need anything more than 1 sat per byte. Ask yourself the question: Can you wait a day? If yes, do it and with a proper wallet, in case of emergency, you can even accelerate it later yourself by adding more money to the fee, something that should almost never occur.
Simply put, the people paying more want it faster, but it is a competition. In the end paying a bit more would very likely give the same result, reduce the time to an hour or so. Not worth in my opinion, i disagree with wallet's current trend of "guessing best" fees, that's the kind of thing that unleashes artificial fee madness, as it creates a domino effect when "something abnormal" happens.
Just wait it out, and don't use Bitcoin for instant transactions, leave that for LN when its time comes. You'll be happier too. Consider banks, wire transfer takes days and even weeks when international. A day or two for a few sats is dirt cheap and "lightning" fast in comparison. Doesn't even need "out of chain" acceleration...
Unfortunately most online wallets, such as those in exchanges or gambling sites, don't let you set the transfer fee and impose you arbitrary rates (in addition to theirs).
