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

[tbct_mt2]

I never said that, I think you didn't properly read what I wrote, because I said that if you are trying to send a transaction larger than 0.01 BTC which you just received, and you haven't received any other transaction that is also above the amount in a single transaction, I didn't mean you have no balance, I meant that you haven't received more than 0.01 BTC or the amount you are trying to send, then the wallet will combine multiple inputs to complete the amount, and that increases the inputs and then the transaction fees will be higher.

Whatever explanation you gave is non sense and does not change the fact that you did not understand about the issue, or you understood it but expressed it inaccurately with your shitpost.

If it is a first case, your post is a shitpost, that is clear and can not be denied because as you can read your post again, it's exactly what you posted.

However, if you are making a transaction that is larger than 0.01 you just received, and there are no other balance in you wallet that you received in a single transaction which is higher than the amount you are trying to send, then the wallet will use multiple inputs for the transaction, which increases the transactions size, and then the fees also increase.

If it is a second case, your post is still bad because it conveys the inaccurate information while it should contain correct information to guide newbies. If it is the case, you need to improve your writing but I think your writing is not bad, it's just you carelessly made your post.

[Plutomanian]

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?

Bitcoin transactions fees typically doesn't lean on the amount of Bitcoin one is sending out, either in vast numbers or miniature figures of Bitcoin, what solely that can change the transaction fee is if Bitcoin is been ditched in size and in bytes. The exchange is able to tell how much inflow and outflow particularly at the network fee diverse in different time zone.

All what I'm trying to say is simple, if one is sending $100 worth of Bitcoin and and sending another $10,000 worth of Bitcoin, the transaction will be the same as long the network fee is similar and also diverse with the same time zone. There's absolutely no ways about it and this explains it all.

If you feel you're not convinced, let's break it to similar phase, a person sending 0.0002 Bitcoin and a person sending 5BTC can roughly share the exact same fee because of the network fee and time rate is intact. What can potentially change Bitcoin transaction fee is simple, check how much it costs by the exchange you're using to transfer Bitcoin and the withdrawal fee detachly.

[Uhwuchukwu53]

Most people don’t just accumulate a big amount in just a single transaction (which equals one UTXO) so the fees always turn out to be more and feels like it related to the amount.

Centralized exchanges charge expensive withdrawal fees on users but they don't charge more withdrawal fees because users withdraw bigger funds. Big or small withdrawal, centralized exchanges at the same time apply same withdrawal fee on all users, and you will not pay more or less than the others because your withdrawal value is bigger or smaller than the other's withdrawal values.

You can’t be sure about that actually.. it’s always the particular CEX that knows how they run their stuffs. There are so many ways to withdraw Bitcoin at the same time from CEX but internal withdrawal by converting do not generally incite so much fees like external withdrawal.

Generally they are also factors affecting that, you can’t tell unless you’re part of the system or directly have access.. but I do notice that withdrawal could cost more based on amount but I can’t tell if theres a limit to which it stops increasing.

I will agree completely on your point, through experience encounter by me while certain transaction, it's observed that little transaction most time in regular basis can cost more charges when Marge together compared when it's done once or twice with same amount that is withdraw over time in regular basis. I equal believe that that charge difference between smaller withdrawal and big withdrawal is not that much, this can be best determine by practical measure if one have target amount very big and withdraw it also withdraw smaller amount such test will tell it's different better, secondly the transaction charge difference is always determine by exchanges as moving your Bitcoin to other exchange may require little fees differences.

[Findingnemo]

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.

No exchange offers the withdrawal of bitcoin in cents even if they can do that. I guess OP is moving the funds on other chain because exchanges offering withdrawing bitcoin on other chains which can be cheaper or even free but don't get deceived by that. WBTC or bitcoin as erc20 token is not actual bitcoin.

[drangos]

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...

Exactly. The fees for Bitcoin transactions aren't directly proportional to how much BTC is being sent. Rather the fee is primarily determined by the amount of transaction data bytes or vbytes and the fee rate you select. So the cost of a small amount and a large amount will be virtually the same if they are of similar size. The size of the transaction can also be influenced by the number of inputs and outputs involved in the transaction. Which can also impact the fee. Another factor to consider is network congestion. As the more users that compete for the same block space. The higher the fee rates tend to be. Hence the fees for bitcoin transactions may vary greatly even if the volume of the transactions remains identical.

[Ashawowo(OS)]

Some wallets give you different fee options, while others also allow you to manually choose the fee rate.

Sometimes the manual fee rate is a trap if you don't know how to use it properly, it is important you visit websites that provides fee rate to observe what is considered low, moderate and high priorities just before you transact and not from what you saw earlier. Using medium priority fee rate at least is advised if you want your transaction to be included in a block sooner.

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

Exchanges charge a fixed fee for every transaction you want to carry out, but here is the trade-off, exchanges would not allow you have more than 1 receiving address, which means if you want to send coins to 20 addresses, you'll have to initiate that process 20 times and pay the exact same fee, so it becomes expensive and makes it better to use a wallet "pay to many" option when making transaction with higher number of outputs, so that you pay the fee at once.

[iBaba]

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 transaction fee does not mostly depend on the the amount of bitcoin you want to send, because fees are mainly based on the size of the transaction and how busy the network is, for example if you are sending 0.001 bitcoin and sending 1 bitcoin can cost the same fee if the transaction have similar size and if you have many small amounts of bitcoin that need to be combined, the transaction can be come lager and cost more.

So if you are sending a large amount of bitcoin does not automatically mean a higher transaction fee, but still remember that an exchange may charge it own withdrawal fee which is separate from the bitcoin network fee

[Don Saga]

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 main reason that transaction fees for one transfer could differ from another is mostly because of the market congestion and also transaction size (number of inputs).

A transaction made in a busy network would likely have a higher transaction fee compared to a transaction made in a less busy network. The longer the cycle takes to produce a new block space, the more congested the mempool becomes which would agitate the increase in the transaction fee in many occasions.

[DubemIfedigbo001]

If you feel you're not convinced, let's break it to similar phase, a person sending 0.0002 Bitcoin and a person sending 5BTC can roughly share the exact same fee because of the network fee and time rate is intact. What can potentially change Bitcoin transaction fee is simple,

This isn't entirely correct, A person who is sending 0.0002 BTC can spend more than someone sending 5BTC if the person sending 0.0002BTC has more UTXO sets to aggregate, maybe he has 3 UTXO sets that sums up to the 0.0002BTC being sent, the fees could increase further if there is a change, while the person sending 5BTC and has only one input and output(assuming there is no change) pays less. in a nutshell, the fee you pay depends on the size of your transaction and not the amount you're sending.

check how much it costs by the exchange you're using to transfer Bitcoin and the withdrawal fee detachly.

In a wallet, we make reference to fee rate, some set it automatically, while in some, you can manually set it. You've to check for the fee rate and ensure you set it to an acceptable fee rate that would incentivize miners to include it in a block faster. Exchanges are into business, their fees are not a direct reflection of the actual fee rate.

[Catenaccio]

This isn't entirely correct, A person who is sending 0.0002 BTC can spend more than someone sending 5BTC if the person sending 0.0002BTC has more UTXO sets to aggregate, maybe he has 3 UTXO sets that sums up to the 0.0002BTC being sent, the fees could increase further if there is a change, while the person sending 5BTC and has only one input and output(assuming there is no change) pays less. in a nutshell, the fee you pay depends on the size of your transaction and not the amount you're sending.

In addition, even with same transaction sizes, different people can choose different fee rates for their transactions so they will pay same transaction fees or cheaper/ more expensive than the other person.

More UTXOs if considerable can surely cause bigger transaction size but if difference of UTXO is only one, it is not always true.

For example with difference between Native Segwit and Taproot.
With inputs: 1 Native Segwit input is 10.5 vbytes larger than 1 Taproot input.
With outputs: 1 Native Segwit output is 12 vbytes smaller than 1 Taproot output.

You can see difference.
If there are same number of many inputs consolidated from Taproot inputs will have smaller size than the one consolidated with same number of Native Segwit inputs.
However, if a transaction is 1 input and 2 output, if it is for Taproot transaction size will be larger than the one for Native Segwit.

[Aanuoluwatofunmi]

Before you can perform any transaction, it is expected that you check the mempool to see how congested it is or not, this will give you also the clue on the transaction fee, if you also make use of a wallet that enables you to customize your fee before performing a transaction, it will still be something you will find more interesting to use, everything about bitcoin is made to the suitability of every user to afford making a transaction without having a centralized barrier or high fee rate.

[SquirrelJulietGarden]

Before you can perform any transaction, it is expected that you check the mempool to see how congested it is or not, this will give you also the clue on the transaction fee

This is only needed if people use non custodial wallets that allow them to customize fee rate. If they store bitcoin in custodial wallets on centralized exchanges, checking mempools is mostly useless. Because centralized exchanges usually apply static withdrawal fees that are barely updated while are expensive.

if you also make use of a wallet that enables you to customize your fee before performing a transaction

A good wallet must provide basic but important features for users such as: coin control feature, fee rate customization. Without these things, it's a bad wallet even it is non custodial wallet.

It's possible to experience it with this site for choosing a Bitcoin wallet. There is a filter with many options, people can filter wallet step by step, feature by feature.
https://bitcoin.org/en/choose-your-wallet

[Antotena]

All what I'm trying to say is simple, if one is sending $100 worth of Bitcoin and and sending another $10,000 worth of Bitcoin, the transaction will be the same as long the network fee is similar and also diverse with the same time zone. There's absolutely no ways about it and this explains it all.

If you feel you're not convinced, let's break it to similar phase, a person sending 0.0002 Bitcoin and a person sending 5BTC can roughly share the exact same fee because of the network fee and time rate is intact. What can potentially change Bitcoin transaction fee is simple, check how much it costs by the exchange you're using to transfer Bitcoin and the withdrawal fee detachly.

The exchange does not determine the fee, it's the wallet that calculate the fee for you. You can send $100 Bitcoin and $1000 bitcoin and pay the same fee rate and it will get confirm because the size of $100 could be bigger and equal to the size of $1000. The first transaction can be multi sig and the second can be a single signature transaction, these is why transaction size is not calculated with dollar amount but the size of the total byte in the transaction.

If you are making withdrawals from the exchanges, it's a different thing. The centralized exchanges in this case use flat fee, if you are taking $100 from the exhange, they can charge you $5 and if you are taking $1m of Bitcoin from the exchange, they are going to charge you the same flat fee. This is how the exchange does their business and it's not stable, the fee today can change tomorrow because they work as the network fee increases with demands.

[batang_bitcoin]

The main reason that transaction fees for one transfer could differ from another is mostly because of the market congestion and also transaction size (number of inputs).

A transaction made in a busy network would likely have a higher transaction fee compared to a transaction made in a less busy network. The longer the cycle takes to produce a new block space, the more congested the mempool becomes which would agitate the increase in the transaction fee in many occasions.

The network congestion(a lot of unconfirmed txs) really makes the tx fee expensive but, it seems that we're not experiencing that anymore or at least the network is stable that it provides 1-5 sat per vB and it's not reaching 10 sats per vB. Unlike during the time when the market was congested, IIRC, it went 100 sats v/B. I hope that this clog won't be happening anymore to the network so that we won't have to pay so much fee just to transact for a couple of dollars. I'm not missing that experience but, that's heck of a part of someone's experience that media was covering that the tx fee was more expensive than a cup of coffee.