What is the minimal transaction fee for 10$ usd or 1000$ usd?

[Hanneswaser]

What is the minimal transaction fee for 10$ usd or 1000$ usd?

Hi, I am having difficulties to estimate minimal transaction fees for a potential case.

Following situation: the user would like to deposit 10$. How much transaction fees do I have to expect before the money arrives on my btc wallet? Do I need to consider a fixed amount per transaction or is it in %?


Thank you very much in advance!

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[Cantsay]

You can use https://mempool.space to check the current transaction fee.

Following situation: the user would like to deposit 10$. How much transaction fees do I have to expect before the money arrives on my btc wallet? Do I need to consider a fixed amount per transaction or is it in %?

No, it’s not a fixed amount per transaction. You can use as low as 1sat/vbyte depending on how fast you want your transaction to arrive and also how congested the network is. And also the amount you’re transacting plays no role in your transaction fee, which means the transaction fee you’re using to transact with $10 worth of BTC can be the same with that of $10,000 worth of BTC, it all depends on the size in terms of byte not the dollar equivalent.

[Hanneswaser]

Thanks everyone very much!

So if I look at this image
https://i.ibb.co/HDNpnZm/image.png

It says that low prio free is 8 sta/vB is $0.33
Does it mean that I will pay $0.33 for a transaciton of 10$ and the same for a transaction of $1000?

Thank you very much!

[Solosanz]

Bitcoin fee is different with centralized exchange fee where they will ask flat fee regardless how much your Bitcoin, current network condition etc.

Bitcoin fee is consist of how many of your inputs, how many of your outputs, current network condition, it will produce the size of your transactions and depend on you wiling to pay the fee in low priority, medium or high priority.

The more frequent you receive Bitcoin and the more address you want to send Bitcoin, the more fee you will pay to the miner.

It says that low prio free is 8 sta/vB is $0.33
Does it mean that I will pay $0.33 for a transaciton of 10$ and the same for a transaction of $1000?

Read my explanation above, if your $10 are come from two addresses and your $1,000 are come from single address, you will pay higher fee to send your $10.

[Z-tight]

Transaction fee is calculated in sats/vbyte, not in any other currency; and the tx fee you are going to pay is determined by the size of your tx, the wallet address you are using and how congested the network is.

It says that low prio free is 8 sta/vB is $0.33
Does it mean that I will pay $0.33 for a transaciton of 10$ and the same for a transaction of $1000?

Not so, the sizes of the transaction is what matters and not the amount that you are sending, that means the tx with more inputs and outputs will pay a higher fee.

[o_e_l_e_o]

It says that low prio free is 8 sta/vB is $0.33
Does it mean that I will pay $0.33 for a transaciton of 10$ and the same for a transaction of $1000?

Yes. No. Maybe.

Bitcoin transaction are based on the number of outputs, not the value of those outputs. If I have a single output of 1 BTC, then to spend that I only need to pay for one output. If I have ten outputs of 0.0001 BTC, then to spend that I will need to pay for all ten outputs. It will be cheaper for me to spend one output of 1 BTC than it would be for me to spend ten outputs of 0.0001 BTC, even though those ten outputs of 0.0001 BTC are only worth a fraction of the one output of 1 BTC.

An analogy is like sending cash in the post, where you are charged for the weight of the cash you are sending. If I send a single $100 bill it will be very cheap. If I send a few dozen coins it will be very expensive, even though the total value of the coins will be much less than that of the $100 bill.

The $0.33 flat fee given by mempool.space is based on an "average" segwit transaction which spends a single input (regardless of the value of that input). If your $10 payment and your $1000 payment are both from a single input, then yes, they will pay the same fee. If they require more than one input, then the total fee will vary, although the fee rate (in satoshis per virtual byte, or sats/vbyte) will remain the same.

[AHOYBRAUSE]

Well a lot of stuff has already been said.

For me, I always check here : https://jochen-hoenicke.de/queue/#BTC,2h,count  how high I will have to make the fee.
Some sites sometimes state wrong numbers about how high the fee should be for a fast or a medium fast transaction confirmation.
Looking at the mempool you can see it for yourself and can adjust it accordingly.

Never had any problem with it, works like a charm.

[_act_]

It says that low prio free is 8 sta/vB is $0.33
Does it mean that I will pay $0.33 for a transaciton of 10$ and the same for a transaction of $1000?

Do not look at the amount, even in bitcoin. What you should be looking at is the fee rate that the sender used. If the sender use 7 or 8 or higher fee, expect the transaction to be confirmed fast.

But always look at the mempool, the sat/vbyte is not constant, you will see the sat/vbyte to be changing, if it gets higher than 8 sat/vbyte, the transaction may not be confirmed fast. But the mempool is not getting higher for now.

[pooya87]

In bitcoin, unlike other payment systems like your bank, we are paying for a portion of the finite amount of space called a "block". So when you want to buy more space in that block (ie. when your transaction size is bigger) you have to pay a higher "fee" and when there is more competition for that limited space (ie. network congestion) you also have to compete and pay a higher "fee".
And as others pointed out, your transaction size depends on how many inputs and outputs it has. So it doesn't matter if you are transferring $10 or $1000 as long as the tx size is the same.

[Outhue]

The thing about Bitcoin transaction is if you don't check by yourself through mempool.space or other you could be spending more money than you should just for transaction only, I like that you come on here and ask, when I was a newbie I always thought that the higher the BTC you are sending the higher your transaction fee must be, and since my wallet as adjustable transaction fee I will increase it myself depending on how my BTC I want to send.

I was a clown when it comes to transaction with Bitcoin, I've sent too much until I came on this forum, I learnt that even your very own Bitcoin wallet can charge you more than they should, I use trust wallet and when I want to make transaction that always charge me double, if it's 1$ on memepool, the wallet will charge 2$, days ago I spent 0.29$ on transaction fee but on default, trust wallet wanted to use 0.60$.

Bookmark mempool.space on your PC or mobile and always open it before sending BTC to other address, it's very handy.

[hosseinimr93]

Read my explanation above, if your $10 are come from two addresses and your $1,000 are come from single address, you will pay higher fee to send your $10.

This is not accurate.
Take note that it's not the number of addresses that matters. What determines the transaction size is number of inputs and outputs and it doesn't matter whether you have received your UTXOs to a single address or multiple addresses.

[Z-tight]

I use trust wallet and when I want to make transaction that always charge me double, if it's 1$ on memepool, the wallet will charge 2$, days ago I spent 0.29$ on transaction fee but on default, trust wallet wanted to use 0.60$.

Why are you using Trust wallet by the way, they are closed source and many users have reported issues of bugs on Trust wallet, i don't trust nor recommend them, they are even owned by Binance and that is another red flag. If you are using Trust wallet for multi-coin purposes, it is better to move your BTC's to Electrum or Sparrow in order to separate them from Altcoins, and if you want an open source solution to your Altcoins, there's unstoppable wallet or multi-coin hardware wallets that you can use.

[SquirrelJulietGarden]

Transaction fee in cryptocurrency depends on on chain conditions and fee rate you use for your transaction. It does not depend on value of your transaction.

You can make a $10, $100 or $1000 or even $1M valued transaction but can pay a same transaction fee.

However, at different times, the network, the blockchain will have different demands whilst its capacity to handle transactions will be the same. Therefore, if demand is high, you will need to pay higher transaction fee for your transaction. Sometimes you will have to pay very expensive transaction fee.

If you use centralized exchanges, they will charge you very expensive withdrawal fee.

[NomadTheSavior]

Transaction fee is dynamic, when there is barely any transactions happening the fee could only be 1 penny and when the network is super congested it could be $100. It really just depends on congestion of the network.

[hosseinimr93]

Transaction fee is dynamic, when there is barely any transactions happening the fee could only be 1 penny

The fee you have to pay for a bitcoin transaction, so that it can be relayed by the nodes can't be only $0.01 worth of bitcoin.
Even if you use the fee rate of only 1 sat/vbyte, your transaction is segwit and it includes only 1 input and 1 output, the fee would be around 110 satoshi which is around $0.03 worth of bitcoin.

[Faisal2202]

It says that low prio free is 8 sta/vB is $0.33
Does it mean that I will pay $0.33 for a transaciton of 10$ and the same for a transaction of $1000?

Yes, It means yes. But in my view the fee is too low which could delay your transaction for longer than expected time but your transaction will be completed if not then nothing to worry about because if it will not be completed then it will reflect back into your account. New users of BTC sometimes get panic when there transactions got stuck or delayed for longer period of time.

The only reason is, most of the big firms, institutions are running there own nodes and they mostly select the highest fees to provide highest priority to there transactions. Which means due to those transaction your one could stack under hundreds of other ones. I hope my reply would be of help to you.

[noormcs5]

It says that low prio free is 8 sta/vB is $0.33
Does it mean that I will pay $0.33 for a transaciton of 10$ and the same for a transaction of $1000?

Yes. No. Maybe.

Bitcoin transaction are based on the number of outputs, not the value of those outputs. If I have a single output of 1 BTC, then to spend that I only need to pay for one output. If I have ten outputs of 0.0001 BTC, then to spend that I will need to pay for all ten outputs. It will be cheaper for me to spend one output of 1 BTC than it would be for me to spend ten outputs of 0.0001 BTC, even though those ten outputs of 0.0001 BTC are only worth a fraction of the one output of 1 BTC.

An analogy is like sending cash in the post, where you are charged for the weight of the cash you are sending. If I send a single $100 bill it will be very cheap. If I send a few dozen coins it will be very expensive, even though the total value of the coins will be much less than that of the $100 bill.

The $0.33 flat fee given by mempool.space is based on an "average" segwit transaction which spends a single input (regardless of the value of that input). If your $10 payment and your $1000 payment are both from a single input, then yes, they will pay the same fee. If they require more than one input, then the total fee will vary, although the fee rate (in satoshis per virtual byte, or sats/vbyte) will remain the same.

Yes, i myself have experienced it here Electrum Wallet RBF Feature and learned that Tx fees depend upon the number of outputs and it does not matter if the value of those outputs is big or small.

I assume that most people have this wrong perception in mind that the bigger the value of the amount being transferred from one wallet to another, the higher will be the fee when in reality it is not. Once I came to know about it the whole bitcoin fee structure thing has changed in my mind and now I see the tx fee in the right context.

[SamReomo]

It says that low prio free is 8 sta/vB is $0.33
Does it mean that I will pay $0.33 for a transaciton of 10$ and the same for a transaction of $1000?

If you are sending Bitcoin to a single output address then you will have to pay only $0.33 per transaction even if the amount you are sending is one Bitcoin of one hundred Bitcoin. The transaction fee will remain the same for each single output. The lowest transaction fee one can set is at 1sat/vbyte, but if you want to have a smooth transaction then I would recommend to set a fee higher than 5sat/vbyte as that would help to increase the speed of transaction because the miners always prefer to add the transactions into the block that has higher fees.

In case if you want to send $1000 and the fee is 8sat/vbyte, and you're sending that transaction to a single output address then the fee will always remain same, but if you're sending a transaction where you have multiple output address then you will have to multiply the fee for all those addresses. Let's suppose if you are paying $0.33 for single output transaction then you would be paying $3 for multiple output transaction.

[Z-tight]

Yes, It means yes.

It doesn't always mean yes, there are other factors to be considered, it could be yes or no sometimes, read the other posts before yours to understand those factors.

The only reason is, most of the big firms, institutions are running there own nodes and they mostly select the highest fees to provide highest priority to there transactions. Which means due to those transaction your one could stack under hundreds of other ones. I hope my reply would be of help to you.

Running your own node gives you privacy, and you can verify and validate things locally, but you still have to pay fees that are worth incentivizing a miner to add your tx into their block to be mined, and running your own node in this case doesn't give you any specific advantage because any BTC user can attach a high tx fee to their transaction, whether they run a node or not.

[o_e_l_e_o]

Let's suppose if you are paying $0.33 for single output transaction then you would be paying $3 for multiple output transaction.

That's a bit of an exaggeration.

The $0.33 comes from mempool.space applying a rate of 8 sats/vbyte to a 140 byte segwit transaction, which will have one input and two outputs. Adding additional inputs to such a transaction adds 68 vbytes per input, and adding additional outputs adds 31 vbytes per output. You would have to go up to around 13 inputs and 13 outputs before you reached a fee of $3 at 8 sats/vbyte.