4 ms·

That transaction cost 0.00530724 BTC or 55$. Why is it different than the final one?

• miguelmota 7y ago
  The final transaction is a total of 13611 bytes in size while the test one is 1220 bytes. There is a fee per byte in the Bitcoin UTXO model. An unspent transaction output (UTXO) contains information about who can spend the bitcoin so there is a fee attached to every byte of information in a UTXO because miners spend computing power processing every byte. The final transaction contained 15 UXTOs which made it a lot larger in size than the test one which only contained 4 UTXOs. The final transaction had a fee of 480 satoshis per byte and the test one had a fee of 435 satoshis per byte. 13611 * 480 = 6533280 sats which is 0.06533280 BTC which is ~$675 USD 1220 * 435 = 530700 sats which is 0.00530700 BTC which is ~$55 USD if you're wondering why the fee per byte is not the same for both transactions, it's probably because the recommended fee fluctuates depending on network congestion throughout the day. If you're wondering why the transaction fee per byte is higher than average, well it's probably because the sender is a billionaire who doesn't really care and just wants their transaction processed quickly.
  • bredren 7y ago
    You don't have to be a billionaire to want your btc transaction processed quickly.
    • miguelmota 7y ago
      Well yes obviously it doesn't matter but that fee is way higher than average for a fast transaction meaning they're ok with spending a lot more than the average sender.