How is the Bitcoin transaction fee calculated for small transactions

Question

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?

Possible duplicate of How to calculate transaction size before sending — sr_gi, Jun 09 '17 at 12:43
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, Jun 09 '17 at 14:59

score 2 · Answer 1 · answered Jun 09 '17 at 12:45

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.

answered Jun 09 '17 at 12:45

Daniel Morritt

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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 Jun 10 '17 at 23:46

How is the Bitcoin transaction fee calculated for small transactions

1 Answers1