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Is there a particular minimal amount of Bitcoin one is allowed to send under which it is too low to be confirmed as a valid transaction from the bitcoin wallet?

For instance, I have got approx. 85 Euros worth of BTC [0.001707] (at the time of writing this message) in my Bitcoin.com wallet. I seem not to be able to send this amount to any exchange (I keep on receiving the error at confirm "Insufficient funds for fee")?

Unfortunately, I couldn't find any info on site regarding this issue.

Murch
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Dammy
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3 Answers3

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546 satoshis.

0.00000546 BTC.

In the Bitcoin.com Wallet in particular, you can go into the Settings area -> BTC Network Fee policy -> and select a fee there, either preset or a custom fee (in sat/byte).

0

Is there a particular minimal amount of Bitcoin one is allowed to send?

0.00005460 BTC.

According to Paxful

Before making any transactions or depositing Bitcoin to your Paxful wallet, it is important for you to know the minimum BTC amount allowed by the blockchain network for a transaction.

Currently, the smallest amount of Bitcoin you can send or receive in a transaction is 5460 Satoshis, which is equivalent to 0.0000546 BTC.

One of the reasons behind this limit is to prevent spamming transactions.

Although Paxful isn't Saint Bitts LLC (owner of Bitcoin.com) they are talking about Bitcoin network limits, not proprietary company limits. So it applies. See also What's the minimum transaction with bitcoin?

To send smaller amounts you'd have to use something like the Lightning Network (LN).

Currently 0.0000546 Bitcoin equals approximately 2.71 EUR

Your 0.001707 BTC is larger than this limit. So this is not the cause of your problem.

I keep on receiving the error at confirm "Insufficient funds for fee"

Take the transaction fee into account

"Insufficient funds" is an entirely different problem. When you send x amount of money, for the recipient to receive x you also have to send a transaction fee y. So the amount needed in your wallet at the start is x+y.

See https://bitcoin.stackexchange.com/search?q=insufficient+funds

The size of y depends on

  • The complexity of your transaction (especially amount of small change rustled up to make the amount)
  • How busy the network is
  • How long you are prepared to wait for the transaction to go through. Minutes? Hours? Days? Weeks?

Many wallet programs help you to choose an appropriate fee. You can also use a search engine to find sites that report on current fee-rates.

Murch
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RedGrittyBrick
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  • Thanks buddy, I dedcuted estimated fees from the total amount, and voila- The transaaction was successful! sometimes simple equations like x+ y = z work ;) – Dammy Apr 06 '21 at 11:36
  • It appears that Paxful is misrepresenting the situation. It seems like 5 460 satoshis is their own output minimum, the actual default policy of Bitcoin Core is 546 satoshis for P2PKH outputs as described by pokkst. It differs for other outputs, e.g. for P2WPKH it's 294 sats (also see https://bitcoin.stackexchange.com/a/41082/5406). – Murch Dec 01 '21 at 19:22
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Yes, you're right, there is a minimum price for Bitcoin transactions. It is not stable because it fluctuates and depends on the bitcoin exchange rate at the moment.

dohm flame
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    The transaction fees are paid in bitcoins and the network defaults for minimum feerates are specified in bitcoins per weight. The changing exchange rate does not have anything to do with the issues at hand here. – Murch Nov 01 '21 at 13:55