Recently i came to know that there was a 800M$+ transaction with fees around 1$,how is this remotely possible?
To my knowledge the transaction fees is actually a reward for the mining computers for successfully helping us create a block on the block chain.With such low fees wouldnt miners be discouraged to do so i.e. wouldn't mining become less profitable.
The calculation of the transaction fees differs on the number of inputs you make on the said transaction, so in direct answer it doesn't matter how much you transact but the transaction fees will be based on your transaction size because miners can only confirm 1MB in each block. And also transaction fees does have to do on the supply-and-demand, like the more transaction the miners have to do, the higher the fees because there are a lot of more users than miners itself.