Transaction fees

[VSB3773]

I new to Bitcoin.  I am in a situation where I have to set up a wallet for one transaction only.

When you create a wallet and purchase Bitcoin the transaction fee will have to be added to it as well?  The purchase amount is $350.00.  I hear transaction fees can be very expensive.  Will the transaction fee cost as much as my initial purchase?

Is it true you have to wait until exactly the right to time to send the transaction to save on the fee.  Can anyone please help me?

[NeuroticFish]

I new to Bitcoin.  I am in a situation where I have to set up a wallet for one transaction only.

When you create a wallet and purchase Bitcoin the transaction fee will have to be added to it as well?

I fail to understand how's that "a wallet for one transaction only". A wallet can receive as many transactions as they are sent towards it, pretty much.
I also fail to understand the link between this odd wallet and the fees at purchasing bitcoin. The transaction fee is paid by the sender, not the receiver.

So let's see.
Transaction fees are rather low... for years now. Let me make it clear: the tx fee for a simple transaction now should cost some 25 cents.
But: various services, especially exchanges, have a rather big withdrawal fee which they may call transaction fee. A good/correct exchange service should write down somewhere either the amount you'll receive, either the amount you'll pay for the withdrawal, or both.

I recommend you write a bit more about the wallet setup you want to make and about the service where you want to buy the coins from. It will allow people come with better answers (without the need for guessing what you try to do).

[promise444c5]

You mentioned purchasing Bitcoin..Are you planning to buy your Bitcoin from a centralized exchange? Do you already have an account, or are you still considering the whole buying process?

I hear transaction fees can be very expensive.  Will the transaction fee cost as much as my initial purchase?

No it’s not..  I will advice you to read more on what you’re about to do so you won’t lose your money because of mistakes.

Is it true you have to wait until exactly the right to time to send the transaction to save on the fee.  Can anyone please help me?

Not really, you can send anytime, but there are periods when the market is congested. Trying to make transactions during congestion periods will eventually cost you more than normal if you want your transaction to get confirmed faster, but it depends on the level of congestion.

[Upgrade00]

You'll need to give more information on what your question is. Is the wallet you're creating on an exchange or a non custodian one? If it's an exchange, which is it? Are you setting up the wallet for one transaction only for privacy reasons?
Except you're using an exchange that charges high withdrawal fees you'll have no issues with Bitcoin fees at the moment.

The advice to wait for the right time to send is done for input consolidation and not general transactions. You can do either now cause if you're patient enough a <1 sat/vbyte transaction will still get confirmed.

[Z_MBFM]

I new to Bitcoin.  I am in a situation where I have to set up a wallet for one transaction only.

When you create a wallet and purchase Bitcoin the transaction fee will have to be added to it as well?  The purchase amount is $350.00.  I hear transaction fees can be very expensive.  Will the transaction fee cost as much as my initial purchase?

Is it true you have to wait until exactly the right to time to send the transaction to save on the fee.  Can anyone please help me?

Bitcoin transaction fees are now very low, but sometimes the fees increase slightly due to network congestion. However, Bitcoin transaction fees have decreased a lot over the past year. If you want to make a Bitcoin transaction equivalent to $350, I don't think $0.5-$1 will be too expensive, it is a normal transaction fee. However, if you buy Bitcoin from a centralized exchanger and withdraw it to your personal wallet, then this fee amount may be different because it is not a network fee, it is a fee determined by the platform, so you may have to pay a relatively higher fee there.

[Obim34]

You mentioned purchasing Bitcoin..Are you planning to buy your Bitcoin from a centralized exchange? Do you already have an account, or are you still considering the whole buying process?

I think he already bought with exchange and trying to move it into another wallet, that calls for his confusion. Centralized Exchanges are fastest ways for newbies to buy Bitcoin, according to him, he bought $350 worth of Bitcoin and that's a reasonable amount for him to be careful.

Is it true you have to wait until exactly the right to time to send the transaction to save on the fee.  Can anyone please help me?

The forum will need further interpretation before knowing what to advise, but fees are cheaper, Centralized exchanges usually have a higher fee compared to non custodial wallets, but the fees are never as high as your worth of Bitcoin.

[IjawMan]

I new to Bitcoin.  I am in a situation where I have to set up a wallet for one transaction only.

When you create a wallet and purchase Bitcoin the transaction fee will have to be added to it as well?  The purchase amount is $350.00.  I hear transaction fees can be very expensive.  Will the transaction fee cost as much as my initial purchase?

Is it true you have to wait until exactly the right to time to send the transaction to save on the fee.  Can anyone please help me?

This is ridiculous to my understanding that people still believe that Bitcoin transaction fees are too expensive in the present day. Not without bitcoin lightening address you can still send as little as some cent for a 350 dollars transaction. You can dictate the fees if you are using electrum wallet and time of reception of transaction as well and it will not cost an expensive transaction fees for it
Please do your research keenly as I'm not sure there is a one time transaction  Bitcoin wallet either.

[sunsilk]

I hear transaction fees can be very expensive.  Will the transaction fee cost as much as my initial purchase?

The fees for more than a year now didn't became so expensive. At usual cost, it's only 1 sat/vB and that's around $0.11.

Is it true you have to wait until exactly the right to time to send the transaction to save on the fee.  Can anyone please help me?

When the network is clogged, the fees increases too and that question of yours is a yes if the network is experiencing so much traffic.

But as I've said, for more than a year now, the network has been stable and smooth so you do the transaction as you please any time now.

[Patikno]

I new to Bitcoin.  I am in a situation where I have to set up a wallet for one transaction only.

When you create a wallet and purchase Bitcoin the transaction fee will have to be added to it as well?  The purchase amount is $350.00.  I hear transaction fees can be very expensive.  Will the transaction fee cost as much as my initial purchase?

Is it true you have to wait until exactly the right to time to send the transaction to save on the fee.  Can anyone please help me?

I think the OP needs to provide more details regarding the transaction you intend to make, so that forum users here can provide further clarification and accurate answers.

However, allow me to provide a brief explanation, some of which may be relevant to your question:

 1.  If you withdraw from a centralized exchange, you will be charged a transaction fee for the withdrawal to your wallet, and as far as I know, some centralized exchanges charge higher transaction fees than the main network fees (from non-custodial wallets, or personal wallets). Cmiiw.
 2.  Currently, gas fees on the Bitcoin network are relatively low, and you don't need to worry anymore. As an alternative, you can use the Lightning Network, which has even lower gas fees.
 3.  You should be aware of cases of incorrect gas fee input, and as far as I know, this is due to manually entering the fee amount.
 4.  I suggest you try making a small Bitcoin transaction first, as a trial run. It is better to give yourself time to try out small transactions, rather than regretting it later when making a large transaction.

Well, I think you should carefully read the explanations from our forum friends here, including mine. I hope this helps. If you are still unsure, don't hesitate to ask questions, so you don't go down the wrong path.

By the way, I recommend that you don't give anyone else permission to access your Bitcoin wallet. It is sensitive data, that shouldn't be shared with anyone; only you should have the key.

[BitMaxz]

I believe you should first specify which exchange you purchased BTC from because I do not believe they charge transaction fees other than trading fees. Alternatively, I believe you are purchasing BTC from a centralized exchange and intend to withdraw BTC from there; each exchange has different withdrawal fees, so I recommend that you tell us where you intend to purchase BTC so that we can calculate how much in fees will be charged to you.

OKX currently has a stable 0.000015 BTC or 1500 sats, as the network is much more stable now, ranging from 1 to 5 sats. Unlike other exchanges, they rely on network fees and do not request additional fees.

[hosemary]

At usual cost, it's only 1 sat/vB and that's around $0.11.

You can't calculate the transaction fee from the fee rate without knowing the transaction size.
The fee you pay for a transaction equals the fee rate multiplied by its (virtual) size, which depends on number of inputs and outputs and their types.

[rat03gopoh]

When you create a wallet and purchase Bitcoin the transaction fee will have to be added to it as well?  

Let me simplify this. If that's all the BTC you have, then yes, the transaction fee will only be deducted from that amount (unless the seller can cover the cost, which is rare).

The purchase amount is $350.00.  I hear transaction fees can be very expensive.  Will the transaction fee cost as much as my initial purchase?

This depends on your purchase source, which will determine the transaction size: whether it's a centralized service or an individual. But for now, network fees are relatively cheap (I don't think you'll spend more than $5).

[nc50lc]

When you create a wallet and purchase Bitcoin the transaction fee will have to be added to it as well?  The purchase amount is $350.00.  I hear transaction fees can be very expensive.  Will the transaction fee cost as much as my initial purchase?

You need to be specific on this.
But here's the thing; purchasing bitcoins doesn't actually involves Bitcoin until the sending part, even less if it's a centralized exchange where it's just "credited" to your account after purchase.
What I'm saying is if it's about buying, its expensive fees are mostly "service fee" and a small portion for the actual transaction fee which is very cheap (in average) this past few months.
You need to be specific because different services offer different rates.

Scammers can also use that "buzz word" (fees can be expensive) as a setup when they're convincing their victims to make it believable that they need to deposit bitcoins in order to withdraw their purchase.
So mentioning the platform will save you the trouble for later since we can immediately tell if it's a scam
or if not, tell you how the service fee/transaction fees they apply as well.

[Peanutswar]

~
When you create a wallet and purchase Bitcoin the transaction fee will have to be added to it as well?  The purchase amount is $350.00.  I hear transaction fees can be very expensive.  Will the transaction fee cost as much as my initial purchase?

Is it true you have to wait until exactly the right to time to send the transaction to save on the fee.  Can anyone please help me?

If you are using an exchange of course, there is a fix transaction fees. See image below as references.


<sub>Source: https://www.okx.com/fees/withdrawal-info

Source: https://www.binance.com/en/fee/cryptoFee</sub>

But if you tried to check the transaction fees with the bitcoin network, I dont seems that quite expensive right now its been a months seen that it was way below.


_{Source: https://mempool.space/}

When sending your funds, you need to consider having an extra BTC sats for the fees, the payee/sender always covers the transaction fees.