Ethereum: How to calculate the bitcoin tx fees?

Calculation of Bitcoin event charges in Ethereum

If you transfer funds to two Ethereum wallets, including bitcoin, there are fees that can eat to protect your wallet. In this article, we examine how to calculate transaction fees to send or receive bitcoins to send or receive bitcoins.

Understanding Bitcoin Transaction Fee Mechanism Understanding **

Bitcoin is a peer-to-peer cryptocurrency that uses a decentralized system to promote events without any need for brokers, such as banks. To enable a quick and cheap event, all nodes of the network charge a salary to save the event in a public main book (blockchain). This prize is called “event fee”.

Calculation of Bitcoin training fees in Ethereum

Payments for sending or receiving bitcoins on the Ethereum network, you must follow these steps:

Step 1: Enter the wallet of the sender and the buyer

First, identify the sender and buyer’s wallet that is attended by the event. The sender’s wallet usually has a unique title (eg.

Step 2: Calculate the transaction fee using the formula

The Ethereum transaction fee is determined by the minimum amount of ether (ETH), which must be paid to cover the costs of managing trade. This minimum amount is called “basic fee”. In addition, there are other fees for the event:

* Transaction Fee (TXFEE) : A small additional fee charged because of the convenience of using the Ethereum network.

* GAS Awards : The cost of using Ethereum Network Gas, which measures the calculated time to perform a particular activity.

To calculate the full transaction fee, the following formula is:

TX fee = basic fee + gas charge

The basic fee is usually about $ 0.0005 ETH (eg $ 15) per event.

Step 3: Convert ETH payments to BTC charges

Since there is a fixed number of bitcoins, Ethereum awards can be converted to bitcoin payments with the current market price of a bitcoin.

• Change ETH fees to USD : Tell ETH at the current USD/ETH exchange rate (about 0.00016 USD/ETH).

• Moving ETH fees to BTC rewards : Share the full ETH fee with the number of existing bitcoins, which is approximately 10^18 (eg $ 15 ÷ 1,000,000 000 USD).

Example Calculation

Suppose we want to send a 0.001 BTC wallet to “Wallet” B.

Wallet The title is: “1a1zpqy2kp3p4yjf9v5v5vygmmp7faf”

Wallet Title: “1zktcqkkhtqj”

Basic fee = 0.0005 eth

Gas costs can be low as the event is likely to pass through several knots, so we ignore them to calculate.

ETH conversion to USD:

$ 15 ÷ $ 1 000 000 ≈ 0.0000015 USD / ETH /

ETH fee: $ 15 x 0.0000015 ≈ $ 0.00225

Transform ETH for BTC payments:

0.00225 USD ÷ 10^18 ≈ $ 0.000025 BTC

The Ethereum transaction fee is about 0.00000025 BTC.

Conclusion

When sending or receiving bitcoins on the Ethereum network, you can calculate events related to a simple formula and a conversion course. Remember that gas costs are generally low and should not be taken into account during calculation. If you understand how Bitcoin transaction fees work, you will be aware of the creation of cryptocurrencies.

I hope this article helped me understand how to calculate the Bitcoin event fees at Ethereum!

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