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rich1616 (OP)
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February 13, 2020, 11:37:06 PM
 #1


      Hi all . I just deposited the minimum amount allowed  [ 0.00010 ] , of bitcoin into my Kraken exchange account ,as a " test" transaction ,before i send a larger amount . So , 0.000 1  btc is about $1.10 aprox. but the miner fee was aprox $0.45 . I think i forgot to check /change the transaction speed/amount of block confirmations needed ...? If i sent $ 100 ,would it be the same fee ? Kraken is no fee to deposit , so is the miner fee roughly% 0.5  ?     Therefor, i need some guidance ,before i send larger amount. Any advice greatly appreciated . Smiley Smiley Smiley
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February 13, 2020, 11:44:18 PM
Merited by nc50lc (1), Heisenberg_Hunter (1)
 #2

Bitcoin mining fees are unrelated to the amount. They vary according to the size of the transaction (which is something more technical, but basically: more inputs/outputs = bigger transaction = higher fees). In most cases, you pay the same whether you sent 0.001 BTC or 100 BTC.

They also vary according to the state of the network. Blocks have a limited size, so they can only include a number of transactions per block (which is mined every ~10 minutes). If a lot of transactions are waiting to be confirmed, the ones with the highest fees will go first. Your wallet probably suggested a high fee because there were many unconfirmed transactions in the mempool with a fee that was higher than the usual. But most wallets overpay and suggest a fee that is higher than the necessary.

Which wallet are you using? You can check the average fee in websites like Coinbin[1] and BitcoinFees[2] and use one according to that number and to how fast you want your tx to be mined (if you are in a hurry, you can use a bigger fee. If you don't mind waiting a few hours for a confirmation, you can lower it).

[1] http://coinb.in/#fees
[2] https://bitcoinfees.earn.com/

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JeromeTash
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February 14, 2020, 03:38:43 AM
 #3

If i sent $ 100 ,would it be the same fee ? Kraken is no fee to deposit , so is the miner fee roughly% 0.5  ?     Therefor, i need some guidance ,before i send larger amount. Any advice greatly appreciated . Smiley Smiley Smiley
Even if you had sent $1 Million at that very same time, the fee would have been the same. The fees just vary from time to time depending on the state of the network i.e depending on how busy it is and also the size of your transaction data in bytes

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nc50lc
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February 14, 2020, 04:35:56 AM
Merited by Heisenberg_Hunter (1)
 #4

Bitcoin mining fees are unrelated to the amount. They vary according to the size of the transaction (which is something more technical, but basically: more inputs/outputs = bigger transaction = higher fees). In most cases, you pay the same whether you sent 0.001 BTC or 100 BTC.
In addition to this, the size is more on the inputs than the outputs. But both contribute to the transaction size and weight.

@rich1616 Inputs are the number of UTXOs that the transaction have used.
In simple words, each time your addresses received bitcoins, it's saved in the blockchain as a "UTXO" (receiving twice to the same address will also create 2 UTXOs);
whenever you create a transaction, your wallet decides how many inputs to use depending on the amount you want to send.

For example: if you've received a lot of small amounts like 0.0005+ btc 30 times before and you want to send 0.01,
your wallet will use 20+ inputs with about 4,000 bytes size that's too "heavy" even for a 7sat/byte fee rate (multiply it).
and will result with higher fees than a 1 input transaction with plus/minus 250bytes size.

You can also consider SegWit addresses for lower input weight.

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February 14, 2020, 05:07:05 AM
 #5

If i sent $ 100 ,would it be the same fee ? Kraken is no fee to deposit , so is the miner fee roughly% 0.5  ?     Therefor, i need some guidance ,before i send larger amount. Any advice greatly appreciated . Smiley Smiley Smiley
Even if you had sent $1 Million at that very same time, the fee would have been the same. The fees just vary from time to time depending on the state of the network i.e depending on how busy it is and also the size of your transaction data in bytes

Not if you don't let the wallet "guess" it, a decent wallet would let you manually choose the fee, and for most situations the smallest of 1 sat/B is good enough.

Number of inputs matter, and larger amounts tend to come from more inputs, but at 1 sat/B that million dollar transfer would probably cost a few cents.

Also sending from bech32 addresses (bc1q+) is cheaper.

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February 14, 2020, 06:12:22 AM
 #6


unless you want to overpay, NEVER use this site.
they are intentionally reporting higher than normal fees even though the text claims the value to be "minimum". either stick to your wallet if you trust its accuracy (like Electrum) or analyze mempool yourself using a better site such as https://jochen-hoenicke.de/queue/#0,24h

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rich1616 (OP)
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February 15, 2020, 06:18:54 PM
 #7


    Thanks for all replies .....i appreciate your time . ... Smiley Smiley Smiley
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February 15, 2020, 07:34:50 PM
 #8

Lots of websites like exchange site doesn't support manual sat/byte fee for transactions but if you are transferring funds bettee use bech32 address or use electrum wallet as mention in previous post above to be able to transfer funds with low transaction fee. I have use a wallet where the transaction fee is 0.495493 usd which I can'f manually set the sat/byte transaction fee.
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