Bitcoin fees

[Floczy]

I did wonder if Bitcoin transactions have any limit so I decided to check and i saw that that Bitcoins transaction limit is when the fees are higher than the value of what you want to withdraw,
‎and It is regarded as dust, just like wanting to withdraw ₦1000 and the fees is ₦2000 it doesn't just make sense 
‎
‎Ans Also I came across something that satisfied a question I had for a very long time, which is the inconsistency of Bitcoin fees daily,
‎it's as a result of Many people sending Bitcoin at the same time, so fees will rise at that time because block space will become scarce
‎that is why fees rise during major news events or an aggressive rally
‎
‎You know it's good to explore more things about Bitcoin that we don't know about, sometimes just create time and study more about it so you will not have to be at risk of mistakes in future

[promise444c5]

Fees is not just about what you want to send, it’s about the size of your transaction .

it's as a result of Many people sending Bitcoin at the same time, so fees will rise at that time

Yes and No (not only) but this is why I said No:

Normally, top priority transaction fees is likely to go higher when more people are trying to carry out transactions on-chain but due to the magnitude, people will struggle to get their transaction confirmed because Miners can choose any transaction if everyone uses same transaction fee all through even though they normally prioritize high fees..

Since miner have priority, anyone that wish to get their transaction include in a block early raise their  transaction fee slightly higher or more higher than others so the Miners can prioritize their transactions over others..
The more the number of people  that set an increase during that period,  the higher the priority fee  becomes , making the network congested.

But on a normal day anyone can just decide to set a higher fee for a reason or no reason , so far not too much people are doing that ,there won’t be any congestion.

[Charles-Tim]

Fees is not just about what you want to send, it’s about the size of your transaction.

For legacy addreses, the size of the transaction will determine the bitcoin transaction fee because the size is also the virtual size. In bitcoin transaction, the virtual size (vsize or vbyte) or the transaction weight of the transaction will determine the transaction fee.

[Cookdata]

I did wonder if Bitcoin transactions have any limit so I decided to check and i saw that that Bitcoins transaction limit is when the fees are higher than the value of what you want to withdraw,
‎and It is regarded as dust, just like wanting to withdraw ₦1000 and the fees is ₦2000 it doesn't just make sense  

This analogy explain limit but it's wrong to map it to dust limit. Limit isn't calculated in currency which in this bitcoin case we can use $ but it's wrong, it's calculated in sats.

Another thing you need to know is that this limit varies from script to script. Legacy is bigger with 546 sats, taproot is 330 sats and native segwit is 294. The same limit on legacy of 546 sats can be spent if you have that on segwit versions, so put script into consideration.

‎Ans Also I came across something that satisfied a question I had for a very long time, which is the inconsistency of Bitcoin fees daily,
‎it's as a result of Many people sending Bitcoin at the same time, so fees will rise at that time because block space will become scarce
‎that is why fees rise during major news events or an aggressive rally

Yes, Bitcoin transaction fee are not static but the variation has nothing to do with your total transaction size. Transaction fees can be as low as 1 sat/vbyte and your transaction size can be large if you have many inputs and outputs, and the type of scripts you are spending on your transaction.

Mempool surge shouldn't be your problem if you have the above in consideration, transactions can spike and after a while it will reduce but if your transaction size is big, there is no any other ways than to pay for all the sats in that transaction.

[Obim34]

‎Ans Also I came across something that satisfied a question I had for a very long time, which is the inconsistency of Bitcoin fees daily,
‎it's as a result of Many people sending Bitcoin at the same time, so fees will rise at that time because block space will become scarce
‎that is why fees rise during major news events or an aggressive rally

The bigger fees, the quicker miners include your transaction inside the next block, pay higher it is included faster, pay an average fee and it is included in a descent time frame, and paying less than average, miners may overlook your transaction and consider those with higher and average fees before including your transaction inside a block.

Also know that fees will be higher when withdrawing from exchanges, two fees are paid into one, which covers both the transaction and service charge, fees are not easily adjustable in exchanges unlike using decentralized wallets.

[Agbamoni]

‎Ans Also I came across something that satisfied a question I had for a very long time, which is the inconsistency of Bitcoin fees daily,
‎it's as a result of Many people sending Bitcoin at the same time, so fees will rise at that time because block space will become scarce
‎that is why fees rise during major news events or an aggressive rally
‎

During an unquestionalble event that creates panic among Bitcoiners, most Bitcoiners will opt out of investment for the meantime. By so doing, they withdraw their money so fast, which sometimes causes congestion in the network. For your transaction to mine faster due to the quick drop in price of Bitcoin, you have to pay higher fees. If you have a little patience, the transaction will be added to a block where the charge will be decent. As far as I know, transaction fees are a largely discussed topic. The more we discuss, the more we learn.