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bitcoin fees are crazy high but fixed per block, right? in other words, if I were to send 2 mln usd, the fee would actually be low in % terms?
by vasilipupkin 9y ago
bitcoin fees are crazy high but fixed per block, right? in other words, if I were to send 2 mln usd, the fee would actually be low in % terms?
- nathan_f77 9y agoFees aren't fixed per block, and they're also not a percentage. Exchanges and Bitcoin software suggest a fee that ensures a quick confirmation, but you can choose whatever fee you want. Transactions with a higher fee are prioritized by miners, because then they make more money. Coinbase always uses a really high fee (around $3.50), so your transactions are always confirmed as fast as possible. I made a few transactions recently where I set the fee to $0.20, and it just took a few hours before it was confirmed. So if it's not urgent, you can send $2 million USD with a fee of $0.20.
- goialoq 9y agoParent was saying that you can lower your percentage by raising your transaction size.
- deleted 9y ago[deleted]
- simias 9y agoThe fee is not fixed but what matters is the size of the transaction (in bytes) and not the amount. So normally it's cheaper to move 1 thousand BTC from a single address to an other than 0.1BTC from 10 addresses to 20 others.