How is the Bitcoin transaction fee calculated for small transactions

1

I tried to send 0.001 BTC with Bitcoin-Core, but for some reasons it charged me with a transaction fee of 0.00145271 BTC:

$ bitcoin-cli getinfo|grep balance
"balance": 0.03312022,
$ bitcoin-cli sendtoaddress my_bitcoin_address 0.001
$ bitcoin-cli getinfo|grep balance
"balance": 0.03066751,

Is there any way to know which fee am I going to pay before sending the transaction?

vdudouyt

Posted 2017-06-09T11:13:20.733

Reputation: 153

Possible duplicate of How to calculate transaction size before sending

– sr-gi – 2017-06-09T12:43:16.550

Note that fees are not paid relative to the amount of value transferred but respective to the data size of the transaction. This causes small transfers to be expensive relatively. – Murch – 2017-06-09T14:59:36.010

Answers

2

You can use bitcoin-cli estimatefee to estimate the fees required, and settxfee to set it. It's usually a bit trickier on the command line, a GUI wallet should show this information before you make the transaction though.

Daniel Morritt

Posted 2017-06-09T11:13:20.733

Reputation: 340

To be specific, if you use Bitcoin Core in the GUI mode, it shows you the fee rate before pressing send and the exact amount of fee in a confirmation window. – Murch – 2017-06-10T23:46:43.843

Asked: 2017-06-09T11:13:20.733

Viewed: 1 102 times

Active: 2017-06-09T12:45:11.663