I buy some btc every month and then sending it to my ledger. I know that the ledger generates new deposit address every time I want to deposit. Does this practice have anything to do with the fee needed for future withdraw from ledger?
Im asking because yesterday when I wanted to withdraw some btc, ledger suggested me this:
https://preview.redd.it/sqfvfiweer1c1.png?width=476&format=png&auto=webp&s=93fdb8dc883bb0d13269b327e9a59c172b993a8c
Is this normal or may it be caused by using different addresses for deposits?
I know about mempool, it shows 60 sat/b for medium fee. Should I “skip” ledgers proposed fees and use ones form mempool.
Look into UTXO’s (unspent transaction output)
Essentially, when you deposit Bitcoin into your wallet, it creates a new UTXO. When you spend Bitcoin, you must use one or more UTXOs to create a new transaction.
If you have many small UTXOs, it can lead to higher transaction fees when you try to spend your Bitcoin. This is because each UTXO requires a separate transaction input, which increases the size of the transaction and thus the transaction fee.
Why do you buy the most dysfunctional crapcoin? The fees are high because it has miniscule transaction capacity.
Check out BitcoinCash and Monero, these work perfectly.
See here for an extreme example how splitting BTC can bite:
/r/btc/comments/17xinlw/btc_transfer_fee_24k_on_20k_transfer
And be aware BTC network fees are huge: https://bitcoinfees.cash/
Yeah, if you have lots of smaller amounts on separate addresses, and your wallet needs to recombine them into a transaction, that transaction will be bigger in (byte) size and your fees will be in proportion to that size.
Which can be really high if there are lots of inputs to the transactions and the fees on the BTC network are high due to congestion.
This dysfunctionality was introduced by artificially limiting the block size on BTC. We can “thank” the Bitcoin Core developers and their corporate masters for that.
Someone already mentioned solutions here (using other coins instead of BTC).
Your other option is to wait and hope the BTC fees will come down again at some point (I think they will, but it could be an awfully long time).
Use BCH so you don’t have to deal with high fees created by Blockstream and the central banksters on BTC.
https://bchfaq.com/what-is-the-difference-between-bitcoin-and-bitcoin-cash-part-1/
The high fees per byte have nothing to do with how you received the money. It’s just that the fees are currently higher because of lots of activity on the bitcoin chain in the last month, that have queued up all transactions that pay less than 40 sat per byte. Paying 60 sat per byte right now is possible, but can be risky, if the transaction is time critical. Your transaction may confirm in a few minutes, or it may be queued until next year depending on whether the congestion intensifies now or not.
If you receive a lot of small transaction, you will also need more bytes to send out large amount of money, as you need to combine many incoming coins to one big transaction. Thus the total fee will be larger. This will happen whether you use the same address or different addresses on your ledger. The way to get around this is to regularly during low fee times (not now) to send all your money to a new address on your hardware wallet. Thus you pay a fee when the fees are low and save when you need to move funds during high congestion. The drawback is loss of privacy as everybody can see the funds going to one address on the blockchain.