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453 sats \ 5 replies \ @ek 26 Dec 2023 freebie \ on: ELI5: total fee to send a 1M sat UTXO @ 100 sats/vB? bitcoin
You can use mempool.space. It shows you which fee you should set based on how fast you want to get your tx confirmed ("priority"):
https://m.stacker.news/9654
Btw, the fee has nothing to do with the value of your UTXO.
A 1k sats UTXO has to pay the same fee as a 1M sats UTXO since they probably would use the same amount of bytes in a block. Maybe that's where your confusion comes from?
If you want to get the absolute fee, you need to know how many (virtual) bytes your tx contains. That indeed depends on your UTXO but not on the value of your UTXO. For example, UTXOs from a multisig setup are more expensive since they contain larger scripts / "are more complicated".
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1 sat \ 0 replies \ @ek 26 Dec 2023
I should have used "fee rate" instead of "fee". Fee rates make it more clear that we're talking about sat/vB and not about an absolute fee in sats.
You can use mempool.space. It shows you which fee fee rate
Btw, the fee fee rate has nothing to do with the value of your UTXO.
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0 sats \ 3 replies \ @bitcoin_rationalist OP 26 Dec 2023
That’s helpful, thx!!
Is there a way to figure out how much it would cost to send a transaction? For example- if I have 1M sats that are made up of 5 inputs in a single sig HW wallet, how could I figure out how much the fee would be to send those 1M sats another wallet?
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100 sats \ 2 replies \ @ek 26 Dec 2023
Which wallet do you use?
Sparrow wallet shows you the transaction in hex. If you have the hex string, you should be able to divide the length of that hex string by 2 (since one byte basically fits into two hex characters: 0xff = 255 = 2^8 - 1 and one byte is 8 bits) to get how many bytes this transaction has.
However, since SegWit (Segregated Witness), we use "virtual bytes" for fee rates. So the witness part is weighted less. So it's actually more complicated than just counting bytes.
That's where my knowledge starts lacking, so I'll stop here. Hopefully someone else will chime in and explain it better to you in more detail.
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21 sats \ 0 replies \ @jakoyoh629 27 Dec 2023
Trnsation free Explained
https://blockchain-academy.hs-mittweida.de/2023/02/calculation-of-bitcoin-transaction-fees-explained/
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0 sats \ 0 replies \ @bitcoin_rationalist OP 1 Jan
Just realized I never responded to you- thx for the info. I have a ledger with a couple UTXOs that I need to consolidate.
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