755 sats \ 5 replies \ @Scoresby 26 Dec 2023 \ on: ELI5: total fee to send a 1M sat UTXO @ 100 sats/vB? bitcoin
Bitcoin fee rates talk about how much data is required to explain the transaction, not how much bitcoin there is.
So, complicated scripts like multisigs or paying to a whole lot of different addresses will be more expensive to send because they take up more bytes. The simpler the transaction, the smaller the amount of data required to express it and the cheaper it will be.
1000 bitcoin locked with a single key in a segwit address us less bytes than 1000 sats locked in a 12 of 12 multisig address. In this example, its cheaper to send the 1000 bitcoin utxo than the 1000 sat utxo.
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?
Also adding this question on another response in case you don’t know!
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It depends on the output type of the UTXOs you are spending.
If they start with
1…, they are Pay to Public Key Hash (P2PKH) aka legacy outputs and spending them their inputs weight 148 vB3…, they are probably Pay to Script Hash-wrapped Pay to Witness Public Key Hash (P2SH-P2WPKH) aka wrapped segwit outputs and spending them weighs 91 vB for each (since you said they're single-sig)bc1q…they are Pay to Witness Public Key Hash (P2WPKH, native segwit v0) and their input weight is 68 vBbc1p…they are Pay to Taproot (P2TR, native segwit v1) outputs and weigh 57.5 vB to spend
So, if e.g. your UTXOs were P2PKH 5 × 148 vB × 100 s/vB = 74 000 sats, if they’re P2WPKH it’s 5 × 68 vB × 100 s/vB = 34 000 sats.
To that you’ll still need to add the weight of the recipient output, change output, and transaction header. Outputs are also different weight depending on type, ranging 31–43 vB. The header should be either 10 vB or 10.5 vB depending on whether your inputs are segwit or not.
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You are a saint
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This website might be helpful:
I think you are looking at 800 vbytes, @ 100 sats per vybte total fee is 80000 sats.
(I'm not totally sure on that, it sounds a little high to me).
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This.
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