Does Bitcoin transaction fee grows based on how much you sending?

[HeatBit]

Guys I want to know something about Bitcoin wallet.

I've been able to transfer small amount of Bitcoin from the exchange to my wallet, back and forth and the fee is like 12 cent to 14 cents but I want to know what will happen if i move big amount.

To get what I am saying clearly, does Bitcoin transaction fee gets bigger when the Bitcoin you plan to move is also bigger or they stays the same?

[hosemary]

The fee you pay when making a Bitcoin transaction doesn't depend on the amount of Bitcoin you send. It depends on number of inputs/outputs, addresses types, how busy the network is, and how fast you want your transaction to be confirmed.
Note that when you make a withdrawal from an exchange, the transaction is made by the exchange, not you, and they can charge any amount of fees they want. Exchanges usually charge a fixed amount, regardless of the withdrawal amount.

[SquirrelJulietGarden]

Guys I want to know something about Bitcoin wallet.

I've been able to transfer small amount of Bitcoin from the exchange to my wallet, back and forth and the fee is like 12 cent to 14 cents but I want to know what will happen if i move big amount.

To get what I am saying clearly, does Bitcoin transaction fee gets bigger when the Bitcoin you plan to move is also bigger or they stays the same?

How much in equivalent $ you are sending does not affect transaction fees.

Because Bitcoin transaction fees is calculated with this formula

Code:

Transaction fee = transaction size * fee rate.

Fee rate is what you are freely to choose.
Transaction size does not depend on your transaction value (how much).

How to calculate transaction Size (vbytes) for Segwit Addresses.
https://jlopp.github.io/bitcoin-transaction-size-calculator/
https://bitcoinops.org/en/tools/calc-size/
You can try with this plot and understand more.
Plot your transaction in the mempool
https://bitcoindata.science/plot-your-transaction-in-mempool

[FP91G]

Guys I want to know something about Bitcoin wallet.

I've been able to transfer small amount of Bitcoin from the exchange to my wallet, back and forth and the fee is like 12 cent to 14 cents but I want to know what will happen if i move big amount.

To get what I am saying clearly, does Bitcoin transaction fee gets bigger when the Bitcoin you plan to move is also bigger or they stays the same?

The Bitcoin network fee depends on the load of the crypto network. Network fee is also depends on transaction size (vBytes). Transaction size depends on the number of inputs and outputs involved in your specific transaction.
https://coin.space/bitcoin-network-fee/

If you have one input and two outputs: change and transaction, the transaction fee doesn't depend on the amount. You can send the entire input so you don't have change, which will save you on the fee.

[Hatchy]

I'll keep it simple and short. The fees you pay depend mainly on the size of your transaction in virtual bytes and the fee rate you choose.. The number of inputs and outputs affects the transaction size. If your wallet needs to combine multiple UTXOs to make a payment, the transaction becomes larger in vBytes, which usually means a higher fee at the same fee rate.. Your wallet then estimates an appropriate fee rate based on how quickly you want the transaction confirmed and the current network conditions. Some wallets give you different fee options, while others also allow you to manually choose the fee rate.

[SeriouslyGiveaway]

I'll keep it simple and short. The fees you pay depend mainly on the size of your transaction in virtual bytes and the fee rate you choose.. The number of inputs and outputs affects the transaction size. If your wallet needs to combine multiple UTXOs to make a payment, the transaction becomes larger in vBytes, which usually means a higher fee at the same fee rate.. Your wallet then estimates an appropriate fee rate based on how quickly you want the transaction confirmed and the current network conditions. Some wallets give you different fee options, while others also allow you to manually choose the fee rate.

If you over pay fee with too high fee rate, some wallet softwares have warnings about that for you so that you can decrease the fee rate for your transaction before broadcasting it to Bitcoin mempools and waiting for a confirmation.

Fee rate estimators and suggestion from wallet softwares can be not too accurate and Bitcoin users must check Bitcoin mempools by themselves and compare information that get from Bitcoin mempools and wallet suggestions.
https://mempool.space/
https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

[Creeper0]

From my practical experience, I have come across two types of effects on Bitcoin transaction fees. One is network congestion and the other is time rate.

When the network is busy, you usually have to pay a little more. However, you can set the transaction fee independently in the wallets if you want. If the network is busy, the wallet will suggest you to pay a higher fee.
For fast transactions, you basically have to pay a higher fee according to the market congestion. If you do not have any problem with time, then you can reduce the fee. But when you need a fast transaction, you have to pay a higher fee, otherwise there is a possibility of delay in the transaction. However, the fee never increases/decreases based on the amount.
There may be differences in the case of exchanges, I usually do not trade Bitcoin on exchanges, so I am not used to it.

[DanWalker]

This thread might be helpful to you: To tell how Cheap Bitcoin Transaction is

Sending Big BTC does not necessarily mean higher fee. Fee will depend on size of your transaction and the required fee rate at that time. That is, a transaction of 0.001 BTC and 10 BTC is the same number.

If your BTC is spread across many small UTXO then the wallet will have to spend many inputs at once. This will make your transaction larger and the fee will also increase at the same sat/vB rate.

On the other hand, if 10 BTC comes from single UTXO then the fee may not be unusually large. And if there is network congestion then fee rate will also increase.

[suzanne5223]

To get what I am saying clearly, does Bitcoin transaction fee gets bigger when the Bitcoin you plan to move is also bigger or they stays the same?

No, you can use the same 12-14 cents when making a transaction of bigger Bitcoin.
The transaction fee is an incentive for a miner, but if there are huge transactions in the mempool, then the number of transactions the miners can fit inside the block, miners will tend to choose transactions with high fees. In this period, the higher your tx fee, the faster your transaction gets mined.
You can use a wallet like Electrum with the mempool features to pay the best fee based on the mempool condition.

[Mahiyammahi]

To get what I am saying clearly, does Bitcoin transaction fee gets bigger when the Bitcoin you plan to move is also bigger or they stays the same?

This one is actually an interesting question, If you would like to learn mechanism behind this it's more fascinating and interesting you would find.

I won't make these things too complicated for you to understand. Let me be simple to understand you the basics of how these works if you wants to learn more you can later deep dive more into these technical sections.

The transaction in Blockchain for bitcoin usually works in a block. So there is a limited capacity for a each block for your transaction can be stored. Those who pays more fees encourage miner's to complete their transaction on the block , so a general fees might be slower and cheaper. It always calculate in sats/vB.

Another thing is Bitcoin transaction works in UTXO . The more UTXO it will be the more fee's ut will consume. Think of it like a bank note. You can have a note on 10$ , $100 and , $1000 . Each note is an UTXO. Bitcoin transaction works in a chunk of UTXO .  So the more transaction you made more fees it will consume.

[GeorgeJohn]

I've been able to transfer small amount of Bitcoin from the exchange to my wallet, back and forth and the fee is like 12 cent to 14 cents but I want to know what will happen if i move big amount.

If you move big amount the transactions fee will still remain same charges..The fee changes due to the current price of Bitcoin, and the reason you noticed that the cent have changed from lower to higher, is due to the price of Bitcoin has dropped...

To get what I am saying clearly, does Bitcoin transaction fee gets bigger when the Bitcoin you plan to move is also bigger or they stays the same?

I think i have answered you this question...it depends on the input and output, but remember that both charges the same, if have said it before..

[Upgrade00]

It may seem to some at first glance that the higher the bitcoins you send the higher the fee, but if this happens it's only because your transaction may be taking multiple inputs from your wallet which affects the fee you pay. If you receive a million dollars from one input and want to send that, it will be cheaper than $100 you received in multiple batches, leading to more inputs.

Here is a topic I wrote about transaction fees a couple years back; Beginner's Guide to Transaction Fees

[BitMaxz]

I've been able to transfer small amount of Bitcoin from the exchange to my wallet, back and forth and the fee is like 12 cent to 14 cents but I want to know what will happen if i move big amount.

I do not know what exchange you use when withdrawing BTC from the exchange, but how did you get 12 cents to 14 cents?
Because, as far as I know, most exchanges have fixed fees to every withdrawal. No matter how much you withdraw, you only need to pay the withdrawal fee, the same as when you withdraw small amount.

Would you mind telling us what exchange because that 12 to 14 cents is pretty cheap compared to binance and OKX.

[Royal Cap]

To get what I am saying clearly, does Bitcoin transaction fee gets bigger when the Bitcoin you plan to move is also bigger or they stays the same?

The issue actually depends more on the structure of the transaction than the amount of BTC, suppose you send 0.01 BTC and then another time you send 1 BTC. If both transactions have the same number of inputs and outputs and the same fee rate, then the network fee can be almost the same even if you send 1 BTC. Bitcoin fees are basically determined by the data size of the transaction and the fee rate at that time.

However the issue of UTXO is important here. Suppose you have 1 BTC in a UTXO, then sending 1 BTC with it can be a relatively small transaction but if the same 1 BTC is divided into 0.1 BTC and is in 10 different UTXOs then it may take 10 inputs to use them together, resulting in a larger transaction and an increase in the fee. So sending more BTC is not a higher fee but how big the transaction is and what the network fee rate is.

[EL MOHA]

There may be differences in the case of exchanges, I usually do not trade Bitcoin on exchanges, so I am not used to it.

Yes there is differences while you’re using your self custodial wallet to exchanges, for exchanges you are not paying the network fees alone you’re also for exchange charges and that’s why the fee for withdrawal is usually very high while using exchanges. With exchanges you don’t have the ability to customize your fee because the exchanges are the ones that send your bitcoin because they usually send it in batch.

Where it is bad is when they use low fee and the transaction get stuck they hardly increase the fee rate.

Would you mind telling us what exchange because that 12 to 14 cents is pretty cheap compared to binance and OKX.

I am also curious of the exchange because most of the exchanges I know of actually charges within the range of $3 to $6 currently and this is still because the bitcoin network fee rate is actually low at the moment

[Hypnotizer]

Guys I want to know something about Bitcoin wallet.

I've been able to transfer small amount of Bitcoin from the exchange to my wallet, back and forth and the fee is like 12 cent to 14 cents but I want to know what will happen if i move big amount.

To get what I am saying clearly, does Bitcoin transaction fee gets bigger when the Bitcoin you plan to move is also bigger or they stays the same?

Well.. this is just one of the many things that separate bitcoin transactions from that of the Banks, the amount you are sending doesn’t really affect the fees, other factors like network congestion et cetera are what determines whether the fees will be high or low.

You should use one of the many free resources available online to learn more about how the transaction really works and also read the replies on this thread and other related ones to grab the full picture. Many replies on this thread already covers the basics on how it works, so you’re good to go.

[Hamza2424]

I do not know what exchange you use when withdrawing BTC from the exchange, but how did you get 12 cents to 14 cents?
Because, as far as I know, most exchanges have fixed fees to every withdrawal. No matter how much you withdraw, you only need to pay the withdrawal fee, the same as when you withdraw small amount.

Would you mind telling us what exchange because that 12 to 14 cents is pretty cheap compared to binance and OKX.

I was also wondering, which exchange could have such low withdrawal fees? As far as I remember, Binance has around >0.00002 BTC fee, so it is not in cents. Maybe he made a mistake in calculating the transaction fee, or what if he was withdrawing on different networks?

Anyway, would love to hear from OP which exchange he is using. I have not checked OKX for a long time now, but I am sure the fee is not even in cents there. As a matter of fact, I don't think that on any exchange the fee is in cents when we withdraw funds from it.

[PrivacyG]

One thing many people often do not do is consolidating Inputs.  And I mention this particularly because I believe this is the biggest reason people spend a lot of money on Fees instead of consolidating in time.

If you receive 1 million Dollars worth of Bitcoin in a single transaction, it will be VERY cheap to spend it.  If you receive 1 million Dollars worth of Bitcoin in 1000 separate transactions of 1000 Dollars each and then want to spend it all, because your transaction is a lot bigger with 1000 total Inputs it will cost a lot more.  When you keep adding Bitcoin in your Wallet, it is a good idea to consolidate all the UTXOs every now and then so you spend from 1 single larger Input and not from 100 small ones.

[Cryptomultiplier]

To get what I am saying clearly, does Bitcoin transaction fee gets bigger when the Bitcoin you plan to move is also bigger or they stays the same?

The fees at any moment of performing any transactions is dependent of the data size in bytes available on the Blockchain and at same time, it is a function of the current market demand in terms of block space, this is what is responsible for the fees to be paid at the time.

So also, if the transaction process emphasizes details of the elaborate internal design of which looks identical, then it won't matter the amount of fees to be paid because it would be same for a small or large amount altogether.

[Donk1]

Well that's one of the best things about Bitcoin when compared to our traditional banking system. Basically no matter how much you are sending it would almost certainly cost the same fee because the Bitcoin network doesn't charge based on the amount you're moving out of your wallet it measures fees based on the size of the transaction data, which are often in bytes or vbytes. And you can basically understand how the fees are changed if you check your transaction's data size and also how busy the Bitcoin network is at the moment.Like most times when a lot of folks wants to send or move their bitcoin at the same time, the space gets tight and you will have to pay higher fees if you want your transactions to be processed much faster that's all...