0

For example, how much would the fee be to send $350 to someone? The person is trying to tell me it would cost $270 for 225 bytes

1
  • 2
    A person is telling you this is the fee? Why is there a person involved? This makes me wonder if you are somehow caught up in a scam. Can you elaborate on the situation at all? – chytrik May 10 '20 at 22:07
4

The Bitcoin transaction fee depends on :

  • The size of the transaction
  • The current feerate

The transaction fee in $ depends in addition on the price of a bitcoin in dollar.

Simply put, the size of the transaction basically depends on the number of time you received bitcoins in the past (if you want to send 350$ the transaction size will be higher if you received a hundred times 3.5$ than if you received ten times 35$). This is the number of inputs of the transaction.

The feerate depends on the current demand for block space.

The bytes were 225

The estimated fee rate for your transaction to be included in one of the next ten blocks (1h40) is currently of 0.00002121btc / kilovbyte.

The current price of a bitcoin in dollars is about 8800$ / btc.

This transaction would cost you about 0.042$ (to be confirmed in the next ten blocks).

>>> 0.00002121 * 225 * 8800 / 1000
0.04199579999999999

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.