The transaction fees in the Bitcoin network scale with the weight of the transaction rather than the amount spent. The biggest contributor to transaction weight are the inputs. You can spend unspent transaction outputs (UTXO) together and it is more cost effective to do so, but you will still need to create at least an additional input per UTXO.
Therefore, the cost of adding an input to the transaction is what determines the effective value of a UTXO. Besides spending multiple UTXO together, the cost can also be lowered by using more weight efficient transaction outputs. You should look to use a wallet that supports native segwit outputs since they cost less than half of legacy outputs to spend.
Still, it may be impractical to receive particularly small amounts per Bitcoin transactions. As Tony mentioned, the Lightning Network could be more practical for quick and cheap payments.
You can get bonuses upto $100 FREE BONUS when you:
π° Install these recommended apps:
π² SocialGood - 100% Crypto Back on Everyday Shopping
π² xPortal - The DeFi For The Next Billion
π² CryptoTab Browser - Lightweight, fast, and ready to mine!
π° Register on these recommended exchanges:
π‘ Binanceπ‘ Bitfinexπ‘ Bitmartπ‘ Bittrexπ‘ Bitget
π‘ CoinExπ‘ Crypto.comπ‘ Gate.ioπ‘ Huobiπ‘ Kucoin.
Comments