Bitcoin Sending Fees From Nano Ledger S Plus Quesions?

[jerry0]

I haven't done a send or receive transaction on a while in my nano ledger s plus.  The last time I did this was a while back.  The thing is if I want to send btc from it to an exchange, how are the fees to do it now?  I remember a while back a few times the fees were very high.  Then it went down.  I recall you could send it and choose a fee in if you want it to be slower speed or average speed or very fast.  


Is mempool still the site to check this?  So low priority is still fine?  Back then I recalled you could actually do a transaction with no fee or something but you had to use this site like accelerator or something?  I recalled you could use it but that site only allowed x amount of transactions for free.  Or was it a low fee?  I forgot exactly about that.



The thing is a while back I believe when I used electrum to send bitcoin to nano ledger a while back, even though I did many transactions, I recall because I had so many inputs, the fees were high whether I do it all in one transaction or in bulk.  Is that true?



So to make this situation simple.  Say if one wants to send 0.01 btc from nano ledger to an exchange.  But in the end, you want to send 0.05 btc to an exchange.  Is the fee you going to pay whether you send 0.01 five different times going to be about the same as sending 0.05 btc at once assuming the Bitcoin sending fees are around the same at around the same time?  It has to do with the more inputs you have, you have to pay more regardless?  A while back when I used electrum, I did send and receive btc with many transactions.  So when I went to send it to nano ledger a while back, I recalled even if I send a lot at once or a big portion of it, the fees were similar to if I did a lot of transactions.  



Does anyone have the answer to this?  The thing I thought back then was to save on transaction fees, you minimize sending transactions and do it in 1 or 2 transactions.  But doing that compared to 5 transactions of smaller amounts would still be the same?  But it depends on which btc your nano ledger s is choosing the btc from?  The thing is I always counted it as the last one first out but of course I have no idea how the nano ledger Plus does it unless I check the transaction history after it is done.  I recalled with electrum, you could actually choose which wallet address in electrum you want the btc to be sent from.  If I only want to use ledger live with nano ledger s plus like I have been for a while, what is recommended here?  Do you send it all at once depending on how much total you want to send to an exchange like with 1 or 2 transactions... 2 because you want to do 1 test transaction make sure before you do the 2nd one... or just do 5 transactions or more in lesser amounts.  Will the fees always be more doing it 5 transactions if it's for the same amount of btc?  Example... 0.05 btc in 1 or 2 transactions or 0.05 btc in 5 transactions?

[Zaguru12]

I haven't done a send or receive transaction on a while in my nano ledger s plus.  The last time I did this was a while back.  The thing is if I want to send btc from it to an exchange, how are the fees to do it now?  I remember a while back a few times the fees were very high.  Then it went down.  I recall you could send it and choose a fee in if you want it to be slower speed or average speed or very fast.  What is the average sending fee now?  What is the site to check this?  There was a site that showed the average fees at the moment but forgot what the name of the site was.  Anyone know?


Now if you send the lowest fee, how long does it take?  What about medium fee and a high fee?



The thing is a while back I believe when I used electrum to send bitcoin to nano ledger a while back, even though I did many transactions, I recall because I had so many inputs, the fees were high whether I do it all in one transaction or in bulk.  Is that true?

You can use the sites help for fee rate aggregation
https://mempool.space/
https://mempool.jhoenicke.de/#BTC,24h,weight

Lowest fees means your transaction isn’t have a fee rate with high priority and since miners usually use this as the basis for selection of transactions, your transaction might take time before been selected that’s why it is always advice to take use priority fee rate when you’re in hurry to get the transaction completed. The duration of when the transaction will arrive heavily depends on the time a block is mined and when your transaction is actually added to a block, blocking mining has an average of 10 minutes time frame

So to make this situation simple.  Say if one wants to send 0.01 btc from nano ledger to an exchange.  But in the end, you want to send 0.05 btc to an exchange.  Is the fee you going to pay whether you send 0.01 five different times going to be about the same as sending 0.05 btc at once assuming the Bitcoin sending fees are around the same at around the same time?  It has to do with the more inputs you have, you have to pay more regardless?

Input of a transaction are handle as a UTXO so meaning you actually did Recieved 0.05 bitcoin at once then that’s one UTXO and you can send the whole of that as a single input provided the transaction fee is also covered in it and it will be cheaper than multiple inputs regardless of how many bitcoin they are. For example if the inputs are 0.01 as UTXO then you need to send five or more of this UTXO to actually been able to accumulate the 0.05 bitcoin intending to send and since the input is more then the transaction size will be bigger and therefore the transaction will be more expensive in terms of feee because fees are measured base on transaction size.

This is the main reason why it is always recommended to use wallet which has coin control feature so that you can manage your one UTXO properly,

[Cookdata]

I haven't done a send or receive transaction on a while in my nano ledger s plus.  The last time I did this was a while back.  The thing is if I want to send btc from it to an exchange, how are the fees to do it now?  I remember a while back a few times the fees were very high.  Then it went down.  I recall you could send it and choose a fee in if you want it to be slower speed or average speed or very fast.  What is the average sending fee now?  What is the site to check this?  There was a site that showed the average fees at the moment but forgot what the name of the site was.  Anyone know?

The transaction fees fluctuate but for now,. It's very low. You can get your Bitcoin transaction mine with less than 1sat/vbyte but ledger doesn't support min relay fee below 1 sat/vbyte for now, you have to customize your fees between the range of 1 sat/byte or slightly higher depending on how congested the mempool are at the moment but most often, 1 sat/vbyte should get your transaction included in a block quickly.

You can use some of this site to check the transaction fee rate.
https://mempool.space/
https://jochen-hoenicke.de/queue/#BTC,24h,fee/
https://mempool.observer/

Now if you send the lowest fee, how long does it take?  What about medium fee and a high fee?

There are some miners that accept a transaction as low as 0.1sat/vbyte but you will have to connect your ledger to their node for your transaction to get included in any block they found. It may take some time depending on how fast the miner was able to find the next block.

The thing is a while back I believe when I used electrum to send bitcoin to nano ledger a while back, even though I did many transactions, I recall because I had so many inputs, the fees were high whether I do it all in one transaction or in bulk.  Is that true?

The more inputs you have on your transaction, the more bytes you are going to have, you are going to be paying for every byte included in that transaction but you can get discounted if you are using a segwit address.

Spending from plenty outputs of Native segwit are cheaper than when you are spending from many legacy address but taproot are way cheaper than native segwit, your address outputs is going to determine what fees you will be spending and how busy the network is at that moment.

So to make this situation simple.  Say if one wants to send 0.01 btc from nano ledger to an exchange.  But in the end, you want to send 0.05 btc to an exchange.  Is the fee you going to pay whether you send 0.01 five different times going to be about the same as sending 0.05 btc at once assuming the Bitcoin sending fees are around the same at around the same time?  It has to do with the more inputs you have, you have to pay more regardless?

Your transaction fee doesn't depend on the quantity of the Bitcoin you are going send, it's the input that's going to determine it.

You can have 0.5 Bitcoin on a segwit address and have 0.1 Bitcoin in a legacy address, you will be surprised that when sending the Bitcoin to exchange, you are going to be spending much fee on the legacy than the segwit because inputs of legacy is larger than that of segwit.

[jerry0]

The thing is I used electrum way back then though and did lot of transactions.  I recall even receiving coins to the same address a while back.  I then read you shouldn't do that.  So did doing that increase the fees?  


The thing is with a nano ledger s plus, you can always just try previewing what are the sending fees if you do 0.01 btc send compared to 0.05 btc right?  Well it seems you can't since well if you do one for 0.01 btc, the next 0.01 btc transfer you have no idea?  But the 0.05 btc transfer you would know if you put that since that is all you plan to transfer?  So is it always best to transfer the total amount of btc you want to an exchange first?  That should and always cost you the same or less than if you do 0.01 BTC transfers 5 times or like 0.005, 0.01 and say some other amounts and it could be 10 transfers?


Is it possible if you want to send 0.05 btc, the fee would be a ridiculous amount even if you use the lowest priority fee?  What would that be?  The thing is even if you use low priority, how long does that even take now?  Back then I recalled it could take hours or a day even when low priority but that was years ago.  Then when it got to normal, I think low priority still is done within 30 minutes?  If you want 10 minutes or less, always do medium priority or high priority right?  The thing is back then with electrum, I never used the coin control much or knew how to use it.  I recalled when I sent btc from electrum to nano ledger, I did many transactions as I wanted to do multiple transactions.  With the nano ledger, I would send or receive as normal but never look at coin control or anything like that.  But if I send 0.05 btc, should the btc be sent from my last transaction received?  My last few transactions on nano ledger has been receive and not sending.  

[Cookdata]

The thing is I used electrum way back then though and did lot of transactions.  I recall even receiving coins to the same address a while back.  I then read you shouldn't do that.  So did doing that increase the fees?  

Having many utxo on a single transaction is going to exponentially increase your bytes by time you plan to send them all to another address. Not only that, your privacy is also at risk.

However, with transaction fee rate low as 1 sats, you can consolidate them all together to one address so when you are ready to spend them, even if transaction fee is high at the time, you wouldn't have to worry about paying the fee.

The thing is with a nano ledger s plus, you can always just try previewing what are the sending fees if you do 0.01 btc send compared to 0.05 btc right?  Well it seems you can't since well if you do one for 0.01 btc, the next 0.01 btc transfer you have no idea?  But the 0.05 btc transfer you would know if you put that since that is all you plan to transfer?  So is it always best to transfer the total amount of btc you want to an exchange first?  That should and always cost you the same or less than if you do 0.01 BTC transfers 5 times or like 0.005, 0.01 and say some other amounts and it could be 10 transfers?

If you have no use of sending all your Bitcoin to an exchange, there is no need to send everything at once.
Anytime you try to send transaction, the Nano doesn't pick fee out of no where, it recommend it for you base on the network fee but you don't have to use it, you can customize your fee to lower fee if you can wait. It's always good to use of the websites above to track transaction fee rate so you don't have to over pay fees.

Is it possible if you want to send 0.05 btc, the fee would be a ridiculous amount even if you use the lowest priority fee?  What would that be?  The thing is even if you use low priority, how long does that even take now?  Back then I recalled it could take hours or a day even when low priority but that was years ago.  Then when it got to normal, I think low priority still is done within 30 minutes?  If you want 10 minutes or less, always do medium priority or high priority right?  The thing is back then with electrum, I never used the coin control much or knew how to use it.  I recalled when I sent btc from electrum to nano ledger, I did many transactions as I wanted to do multiple transactions.  With the nano ledger, I would send or receive as normal but never look at coin control or anything like that.  But if I send 0.05 btc, should the btc be sent from my last transaction received?  My last few transactions on nano ledger has been receive and not sending.  

It's all depends on how miners find the next block. If mining difficulty is high, it will take more than 10 minute for your transaction to be included in a block because miners have to find a block before your transaction can be mine.
You can use fee rate as high as 10 sats/vbyte and your transaction can take 30 minutes for it to be included if the miners hasn't found any block at the moment.

In a scenario where blocks are found often and your transaction isn't included due to low fee, you can adjust your fee again. You can bump the fee with RBF or CPFP.

Don't get your self worry about time transaction will get mine. Make sure you use mempool or any above to track fee rates before you send any transaction and you will be fine unless you are always in a rush or something.

[jerry0]

How did I get so many utxo in the first place?  If you do lot of transactions, you get it no matter what right?  So it doesn't matter even if you used a new receiving address each time?  When I used electrum back then, I recalled I use the same receiving address for many transactions.  Then after a while, I used a new receiving address each time as I read you are suppose to do that.  Then when I sent BTC to nano ledger s, any transaction I did with receiving BTC, I used whichever receiving address ledger live showed.  Whenever I sent BTC, I would click on the fee amounts and just look at what the fees were for each one before I send.  I usually just use the low or medium fee and then do it.  The thing if you were to test different amount of BTC and say low priority for each, well that is going to show your the preview fee right even though you aren't going to do that amount?


I mean imagine you want to send 0.1 BTC fee to an exchange but want to know if it cost less doing 1 or 2 transactions or 5 transactions.  Assuming you are not using coin control to send, it always cost less with 1 or 2 transactions right?


The thing is would it be possible for someone to somehow have so many transactions where a sending fee might cost them hundreds of dollars or even more if they do one transaction?

[rat03gopoh]

How did I get so many utxo in the first place?  If you do lot of transactions, you get it no matter what right? 

1 input tx (with 1 txid) to 1 recepient address is counted as one UTXO, regardless of the amount of sat/BTC. If you receive 5 input txes with different txids to 1 or 5 different addresses in Electrum, you now have 5 UTXOs.

well that is going to show your the preview fee right even though you aren't going to do that amount?

Yes.

I mean imagine you want to send 0.1 BTC fee to an exchange but want to know if it cost less doing 1 or 2 transactions or 5 transactions.  Assuming you are not using coin control to send, it always cost less with 1 or 2 transactions right?

Electrum will randomly select or combine UTXO(s), even if there are amounts in a UTXO that actually hold 0.1 BTC. So the issue isn't just how many output txes you want to split, but how many UTXOs you want to spend.

The thing is would it be possible for someone to somehow have so many transactions where a sending fee might cost them hundreds of dollars or even more if they do one transaction?

Yes.