I wanted to move some bitcoin from my bitsquare wallet to a different wallet. I am still quite new to bitcoin and there are some things that I don’t understand.
First, I went to the settings and set the “Withdrawal transaction fee (satoshi/byte)” to 240 (I understand this is whats recommended). Then I went to the “Available for withdrawal” tab in “Funds”.
The first thing I noticed is that my funds are divided by address (I assume this is the address that received each transaction). This is the first time I have seen this on a crypto wallet and is kinda confusing, so if anyone can explain that I would appreciate this (but this is not yet the main question).
I selected an address and lowered the amount of BTC to send to 0.005 in order to test this transfer of funds. I then added the address of the wallet that was to receive the btc and clicked “Withdraw selected”. The popup appeared with the summary and here is where my question is. Where is says “Required transaction fee is” it says “0.0024 BTC (1066.67 satoshis/byte)”.
Is this a bug? Or have a not yet fully understood how transaction fees are calculated???