What's the smallest amount you can send someone on the bitcoin network (not lightning)? Are there ways to send, say, 1 sat on the bitcoin network? I'm curious about it mechanically, understanding the fees would well exceed the amount of btc sent
32 sats \ 3 replies \ @DarthCoin 27 Oct
546 sats. But is killing yourself paying a huge fee sometimes even higher than the amount you want to send.
https://bitcoin.stackexchange.com/questions/10986/what-is-meant-by-bitcoin-dust
I will repeat!
Onchain IS NOT for payments, it is the final settlement, is used for TRANSACTIONS to open and close LN channels.
LN is for payments, is The Bitcoin payment network.
reply
21 sats \ 1 reply \ @tomlaies 27 Oct
Isn't it possible to close a channel in such a way that one of the two sides gets less than 546 sats?
reply
5 sats \ 0 replies \ @DarthCoin 27 Oct
Yes is possible.
reply
0 sats \ 0 replies \ @satgoob OP 28 Oct
Thanks for sending that across. I sent 500 sats via Bitcoin Core when playing with this limit, but it looks like that was because of the receiving address type (P2WPKH)
reply
110 sats \ 2 replies \ @gregtonoski 27 Oct
0
reply
0 sats \ 1 reply \ @satgoob OP 28 Oct
How does that work? I was trying it in Bitcoin Core, and it seems to just outright prohibit that (box surrounding # of sats selected turns red)
reply
3 sats \ 0 replies \ @gregtonoski 28 Oct
It works independently from Bitcoin Core's GUI which blocks the possibility. A transaction with amount of zero may be created manually.
reply
10 sats \ 0 replies \ @Nuttall 27 Oct
I don't have a good answer for this, but the fees are the price of doing business. If I want one Satoshi then I really want 1,000 mSats. In this case I would want a solution where I set up a system to earn more from small transactions.
Bitcoin on Chain is settlement. That's important. We are batch settling transactions for a time period.
This doesn't answer your question but it may be that your question is ignoring other solutions that already address small transactions.
You can always send Bitcoin back and forth to your self and FAFO what the smallest is. Be aware that locking your sats into UTXOs that in the future exceed the value of a transaction is not good. At least with Fiat a penny jar has value so this is a good way to view running lightning for yourself. Get your mSats penny jar in circulation for the next phase when the pennies buy houses.
At the point pennies buy houses you'll have another technology that is built to circulate a smaller denomination that settles on lightning. Currently the theoretical limit of maximum Bitcoin mSats is 2.1 quintillion.
reply