Transaction fee

English Trading
1

Hi all,

What are the transaction fees from one wallet to another wallet?
And how many seconds or minutes does it take?

Cheers

Jamal

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0.155381 ADA + 0.000043946 (ADA/Byte) x size-of-transaction

so typically ~ :ada:0.2

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I have to know… How did you type the ada symbol :thinking: :sweat_smile:

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I was thinking the exact same thing :ada:

: ada :

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I loaded up on :ada: during the dip. Hope you guys did as well. Thanks fraciscv!

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lets say that ADA one day will hit the 10 dollar, then the transaction fee will be around: 2 dollar? That is a lot of money, don’t you think so? :ada:

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I’m no expert so I will just speak about my experience. I bought 12,000 ADA on Binance and transferred it to Daedalus and paid 13 ADA in fees. Total I ended up with was 11,987, not bad however I do wish I had a shiny clean even number. At the time this 13 ADA was around $5.98 USD. The transfer took about 3 minutes, I needed to quit my Daedalus wallet and reopen it to find the transfer had gone through already. Daedalus is currently the only wallet that supports ADA. They are working on the wallet and you can follow the Cardano Roadmap to keep up with the updates for everything. https://cardanoroadmap.com/

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Cardano website says:

The minimal fees for a transaction are calculated according to the formula:

a + b × size
where:

a is a special constant, at the moment it is 0.155381 ADA;
b is a special constant, at the moment it is 0.000043946 ADA/byte;
size is the size of the transaction in bytes.
This means that each transaction costs at least 0.155381 ADA, with an additional cost of 0.000043946 ADA per byte of transaction size. For example, a transaction of size 200 bytes (a fairly typical size) costs:

0.155381 ADA + 0.000043946 ADA/byte × 200 byte = 0.1641702 ADA.
The reason for having parameter a is the prevention of DDoS attacks mentioned above: even a very small dummy transaction should cost enough to hurt an attacker who tries to generate many thousands of them.

Parameter b has been introduced to reflect actual costs: storing larger transactions needs more computer memory than storing smaller transactions, so larger transactions should be more expensive than smaller ones.

Although particular values for parameters a and b were calculated, these values will probably be adjusted in future to better reflect actual costs.

I guess if ADA hits $10 then a and b will be adjusted to be a reasonable fee

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I find this concerning due to the current state of high BTC fees. Does the Cardano project mention what will change if :ada: does reach $ 10 dollars ?

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Until it hits 10, the pos will be available for all of us to assist the network with it.
Today, only iohk keeps the network punping.
The competition will help this fee go down.

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13 ADA seems too high for a transaction. I suspect there is an element of fee charged by Binance. If you check the inputs of the transaction from Binance, you can see how much they actually sent to you over the network.

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It was for 12,000 ADA, so the fee wasn’t too bad given the amount.