I just have a paltry 2279 bits (1 Bit Coin = 1,000,000 bits) and it is asking for 500 bits for transaction fee
Topic: Bit Coin Transaction Networking Fee (Read 144 times)
Thanks for the details.
I just have a paltry 2279 bits (1 Bit Coin = 1,000,000 bits) and it is asking for 500 bits for transaction fee
I just have a paltry 2279 bits (1 Bit Coin = 1,000,000 bits) and it is asking for 500 bits for transaction fee
Also important to note: the fee isn't calculated on a per-transaction basis, nor is it calculated on a transferred-value basis. The fee is calculated based on the transaction size. The size is calculated based on the number of unspent outputs used and an input for your transaction, and the number of newly generated unspent outputs by your transaction.
So basically, if you create a transaction transferring 0.1 BTC, using 1 input and generating 1 output, your fee will be a lot less than when (at the same time) you create a tx transfering 0.1 BTC but using 5 inputs creating 2 outputs.
So basically, your initial post doesn't say a lot about the current status of the fees, since it didn't include the transaction size. If you'd have said your wallet proposed a 100 bits fee for a 225 byte transaction last week, and it proposed a 500 bits fee for a 222 byte transaction this week, you would have had a fair point
That being said: IMHO the transaction fees are outrageous lately.
So basically, if you create a transaction transferring 0.1 BTC, using 1 input and generating 1 output, your fee will be a lot less than when (at the same time) you create a tx transfering 0.1 BTC but using 5 inputs creating 2 outputs.
So basically, your initial post doesn't say a lot about the current status of the fees, since it didn't include the transaction size. If you'd have said your wallet proposed a 100 bits fee for a 225 byte transaction last week, and it proposed a 500 bits fee for a 222 byte transaction this week, you would have had a fair point
That being said: IMHO the transaction fees are outrageous lately.
When we move bit coins from one address to another address, there is a transaction fee. Few days back, I saw that it was 100 bits (1 Bit Coin = 1,000,000 bits). Now, it seems to be at 500 bits.
How/When does the bit coin transaction fee change?
How/When does the bit coin transaction fee change?
There is no given tx fee (it's just recommended, but not set in stone). You, me, all BTC users are the one who decide the size.
See it this way. Blockchain is full. Person 1 is in hurry and sends tx with 2000 fee (thus rising the average) , Person2 is also in hurry and notice the avarage fee had risen, so he decide to use 2200 (rising the average again) ... and so on.
Blockchain capacity is limited and as long as it won't accomodate the demand (number required transactions) the fees are most probably going to rise.
When we move bit coins from one address to another address, there is a transaction fee. Few days back, I saw that it was 100 bits (1 Bit Coin = 1,000,000 bits). Now, it seems to be at 500 bits.
How/When does the bit coin transaction fee change?
How/When does the bit coin transaction fee change?
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