Re:An $814M Mystery Near the Heart of the Biggest Bitcoin Ex...
by vasilipupkin on Tuesday December 05, 2017 @10:13AM
(#15852154)
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?
[ Parent
| on HN ]
Re:An $814M Mystery Near the Heart of the Biggest Bitcoin Ex...
by nathan_f77 on Tuesday December 05, 2017 @10:31AM
(#15852292)
Fees 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.
Re:An $814M Mystery Near the Heart of the Biggest Bitcoin Ex...
by goialoq on Tuesday December 05, 2017 @11:15AM
(#15852643)
Parent was saying that you can lower your percentage by raising your transaction size.
Re:An $814M Mystery Near the Heart of the Biggest Bitcoin Ex...
by simias on Tuesday December 05, 2017 @11:16AM
(#15852655)
The 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.