Will the transaction fee will high if I send small amount under $50

[hosseinimr93]

Had a small question. Suppose today the average transaction fee is $50 and I sent over some BTC to another address. Now imagine the next day, the fee went up twice meaning $100, then what would happen? Will this effect my previous (pending/unconfirmed) transaction that I made? I'm not sure if I used the right words to describe my confusion.

First of all note that what matters is the fee rate (in sat/vbyte), not the total value of the fee you paid.
Miners prioritize transactions based on their fee rate. The more fee rate you use for your transaction, the faster it can be confirmed.

Miners can include up to 1 vMB of transaction in each block. Since the block space is limited, every time they mine a block, they include the transactions with highest fee rates to maximize their profit and it doesn't matter when they have received a transaction.

If you made a transaction 1 week ago with the fee rate of 50 sat/vbyte and that's still unconfirmed, your transaction has lower priority than a transaction with 51 sat/vbyte even if the 51 sat/vbyte transaction has been made a few seconds ago.

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[livingfree]

Had a small question. Suppose today the average transaction fee is $50 and I sent over some BTC to another address. Now imagine the next day, the fee went up twice meaning $100, then what would happen? Will this effect my previous (pending/unconfirmed) transaction that I made? I'm not sure if I used the right words to describe my confusion.

Then your transaction will be stucked up.

You've used the right words to describe the situation and that happens. So for example you've paid that $50 worth of fee and then it goes $100 worth of fee, those who will be paying the $100 will get prioritized than yours.

It sucks that you've paid the high fee worth $50 but then the network fee is also volatile as it changes depending on how clogged it is. But it wouldn't surge that much quickly but it's possible.

[buwaytress]

Then your transaction will be stucked up.

You've used the right words to describe the situation and that happens. So for example you've paid that $50 worth of fee and then it goes $100 worth of fee, those who will be paying the $100 will get prioritized than yours.

Um. No. Your transaction doesn't get stuck, it just gets pushed farther down the queue.

And you're really mistaken about the value of the fee. Dollar value has nothing to do with how miners prioritise; it's the weight of your fee vs the size of your transaction. A really small transaction (byte size) can pay $5 and still have a bigger weight value than a large tx (in bytes) with a $100 fee.

This is purely expressed as satoshi per byte. The more satoshi per byte you pay as fee, the higher up the queue your tx is.

[hosseinimr93]

it's the weight of your fee vs the size of your transaction. A really small transaction (byte size) can pay $5 and still have a bigger weight value than a large tx (in bytes) with a $100 fee.

To be more accurate, miners prioritize transactions based on the fee paid for each virtual byte of data and what matters is sat/vbyte.
It's possible that a transaction has lower fee rate (in sat/byte) than another transaction, but it has higher priority due to having smaller virtual size.

[livingfree]

Then your transaction will be stucked up.

You've used the right words to describe the situation and that happens. So for example you've paid that $50 worth of fee and then it goes $100 worth of fee, those who will be paying the $100 will get prioritized than yours.

Um. No. Your transaction doesn't get stuck, it just gets pushed farther down the queue.

And you're really mistaken about the value of the fee. Dollar value has nothing to do with how miners prioritise; it's the weight of your fee vs the size of your transaction. A really small transaction (byte size) can pay $5 and still have a bigger weight value than a large tx (in bytes) with a $100 fee.

This is purely expressed as satoshi per byte. The more satoshi per byte you pay as fee, the higher up the queue your tx is.

Errmm.. you're right and prolly I've just explained it too subtle.

About the fee, I've just made it as an example for him to understand it easily for which I've used the worth of $ instead of sats/vB. But thank you for the additional details and corrections that you've said.

[bitcoin talk]

First of all note that what matters is the fee rate (in sat/vbyte), not the total value of the fee you paid.
Miners prioritize transactions based on their fee rate. The more fee rate you use for your transaction, the faster it can be confirmed.

Miners can include up to 1 vMB of transaction in each block. Since the block space is limited, every time they mine a block, they include the transactions with highest fee rates to maximize their profit and it doesn't matter when they have received a transaction.

If you made a transaction 1 week ago with the fee rate of 50 sat/vbyte and that's still unconfirmed, your transaction has lower priority than a transaction with 51 sat/vbyte even if the 51 sat/vbyte transaction has been made a few seconds ago.

Is there any chance a $100 bill you need to pay can cost you another $100 in fee rate even if your not in a rush? Do we just leave the default fee slider as it when you are paying the bill?

[hosseinimr93]

Is there any chance a $100 bill you need to pay can cost you another $100 in fee rate even if your not in a rush? Do we just leave the default fee slider as it when you are paying the bill?

Again, what matters is the fee rate and that's what miners prioritize transactions based on.
The total fee you pay for a transaction is equal to virtual size of transaction (in vbyte) multiplied by fee rate (in sat/vbyte) and it doesn't matter how much bitcoin you send. The (virtual) size of the transaction depends on number of inputs and outputs and addresses types.


Let's say you want to make a transaction including 100 legacy inputs and 1 output. Your transaction would be around 14,700 vbyte in (virtual) size.
If you are not in a hurry and you make the transaction with the fee rate of only 20 sat/vbyte, it would cost you more than $120 worth of bitcoin.

[Cookdata]

Will the transaction fee will high if I send small amount under $50

The bitcoin network and network congestion doesn't care whether your transaction amount is $10 or $100. Whenever the network is congested and the fees for transaction is $42, that is what you will pay for the transaction amount. The network congestion is one of the factors responsible for a high transaction fee. The two ways to minimize the transaction fees are to wait for the times when there will be lower network congestion or use another cryptocurrency.

The bitcoin transaction doesn't care about the amount in dollar but using another network isn't the immediate solution to get a transaction done faster.

There is a high chance that the OP might have less than $50 in his wallet and that's could be a sum of differents unspent transaction outputs (UTXOs) from different wallet addresses and if he try to spend those outputs, the network will request for high fees bigger than when you try to send the same amount in a single UTXO, this is to tell you that the more outsputs you have in your wallet, the more fees you might likely pay in sats to be able to spend them. This is why it's advisable to consolidate your outputs to a single address anytime the fees are lower.

Not only outputs might increase the transaction fees of bitcoin transaction, the wallet address is also part of it, a person sending bitcoin from a legacy address(address that start with 1) will consume more fees than an segwit address( address that start with bc1q or bc1p). The OP need to check these factors before determining how much the network will charge him if he want to spend bitcoin.