Subnostr

GM fam.

Let’s start the day with me being dumb. Tbh I don’t really understand this app.

Lets say I’d want to transfer my btc from #Relai to another wallet, I pay a fee (totally normal)

The example given on the Relai website is the following:

The transaction fee is always displayed in Sats/vB. This means Satoshi per byte. So if a transaction has e.g. 1300 bytes, the following is calculated with a transaction fee of 50 Sats/vB: 50 * 1300 = 65’000 Satoshis (0.00065000 BTC)

But how can I know the size of my transaction?

#asknostr #help #grownostr

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Discussion

binsky 2y ago

#btc #bitcoin #studybitcoin #askaboutbitcoin

stupleb 2y ago

The wallet would have to display it for you before you sign and broadcast the transaction. But most simple wallets have all that functionality abstracted away. You might want to download Sparrow and play with that.

binsky 2y ago

Oh okay, makes sense. But I’m sure you should be able to see the fee before you make the transaction? Now I haven’t gone through the whole process of sending #btc from my #relai wallet to the other adress, but I’m sure it should be visible in that app? Right? nostr:npub1sqzr42dj8vx32yd5jcvvl3ytux45kl0etgf6y2ymjvmd7lqmuwmqk9vk7v

stupleb 2y ago

Well you're not going to see it in a basic exchange app wallet is my point. Not because it would be impossible, but because most people wouldn't understand what's going on and it would be more work than necessary (Relai won't care, that temporary wallet is just to hold Bitcoin for the moments before you safely send it out, only there to allow Relai to abide by Swiss Communist law)

Do it often enough though, and with one UTXO to one output, you'll know whether you're paying 2000 sats, 3000 sats or more... Roughly.

binsky 2y ago

But you should see the total fee once you’re ready to click “confirm”? Right?

For instance on the crypto dot com app, the fee is shown before completing the transaction. But that’s another story hehe

stupleb 2y ago

They could implement it if they wanted to.

binsky 2y ago

Btw #relai provides users with a non-custodial wallet. So that’s pretty safe to me?

stupleb 2y ago

It's Bitcoin on your phone. For small amounts that you're planning to use that's fine. But it's not for keeping there long term. Same as you don't walk the streets with a duffle bag full of cash.

binsky 2y ago

That is true haha. But it is better than storing #btc on an exchange, in a custodial wallet. Cuz, you know why. But yes, it’s on your phone, but i’s better than an exchange