Post
Topic
Board Bitcoin Discussion
Re: Will the transaction fee will high if I send small amount under $50
by
aoluain
on 19/12/2023, 11:10:13 UTC
Will the transaction fee will high if I send small amount under $50
Actually, regarding fees, you can set them yourself. No matter how big or small the amount of btc that will be sent. However, if it's a small transaction like $50USD, I think you can still use a fee of around 19sats/vB even when the fee increase is currently occurring due to congestion on the Bitcoin network which has not yet subsided. Because with this number of transactions and with this fee, at least you can use the free accelerator service from ViaBTC.1 I use it often and it works pretty quickly. But there are limits to the accelerator service per hour. that is, only 100 transactions will be accelerated. And currently, in just 1 minute, 100 transactions are always used on viaBTC. which indicates many are using it now.
But if you want your transaction to arrive quickly then of course using the recommended fee (the highest currently) is the best. But it will definitely be much larger than the total you sent.

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Reference:
1. https://www.viabtc.com/tools/txaccelerator


Yes you can set the fees yourself if you are using a hardware wallet for example but your transaction
will not be prioritised, fine if its not an urgent transaction.

If you are using an exchange there probably isnt a option to set the transaction fees.

I did a check on coinbase just now, to sent $50 worth of Bitcoin is costing about $33, to sent $300, it
is costing the same!

The OP can check every so often to see when the most opportune time is to make the transaction, again
provided its not urgent you have to pick the best time.