Topic: Bitcoin Transaction Fees - Everything in one - page 2. (Read 1820 times)

Hey hd49728 - maybe you can also post a reference link to LoyceV's - [AUG 2019] Fees are low, use this opportunity to Consolidate your small inputs!

Long time no bump for the thread. So, today I would like to bump it and give you some basics on bitcoin transaction fees.

Fees dramatically increased to 52 sat/byte, temporarily. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs only 13520 satoshis.
It is not a good time to consolidate your coins.

Please check more there:
https://tradeblock.com/bitcoin/historical/6h-f-tfee_blk_avg-01051
https://coinb.in/#fees

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Fees dramatically fell to 1 sat/byte, temporarily. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs only 260 satoshis.
It is a good time to consolidate your coins. Move them now if you want, and remember that cheap fee at 1 sat/ byte don't last for too long.

Please check more there:
https://tradeblock.com/bitcoin/historical/6h-f-tfee_blk_avg-01051
https://coinb.in/#fees

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Fees dramatically rose to 2 sat/byte, temporarily. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs only 520 satoshis, which is double than yesterday fee.
As I wrote yesterday, best time to consolidate your bitcoin leftovers don't last too long. time to consolidate your coins. Anyway, it is not too bad to move your bitcoin leftovers with 2 satoshis/ byte, but if you don't want to move them now with such fee, you can wait to see fees drop to 1 satoshi/ byte to do this. Or you can just do you transactions with fee set at 1 sat/byte, then wait hours (mostly days) to see it get confirmed.

Please check more there:
https://tradeblock.com/bitcoin/historical/6h-f-tfee_blk_avg-01051
https://coinb.in/#fees

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Recently, fees dropped to 1 sat/byte. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs only 260 satoshis, which is double than yesterday fee.
It is a best time to consolidate your bitcoin leftovers, but it doesn't last for too long.

Please check more there:
https://tradeblock.com/bitcoin/historical/6h-f-tfee_blk_avg-01051
https://coinb.in/#fees

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As I said yesterday, cheap fee won't last for too long. Today, transaction fees increased dramatically.
Recently, fees increased to 60 sat/byte. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs 15600 satoshis.
It is obviously not a best time to consolidate your bitcoin leftovers, hence you have to wait some days or some weeks to be able to move your coins with transaction fees at 1 sat/byte.

Please check more there:
https://tradeblock.com/bitcoin/historical/6h-f-tfee_blk_avg-01051
https://coinb.in/#fees

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After rocketed yesterday, recently, transaction fees plummeted to 1 sat/byte. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs only 260 satoshis, which is double than yesterday fee.
It is a best time to consolidate your bitcoin leftovers, but it doesn't last for too long. Hurry up.

Please check more there:
https://tradeblock.com/bitcoin/historical/6h-f-tfee_blk_avg-01051
https://coinb.in/#fees

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Recent hours, it seems that transaction fees fluctuated around 1 sat/byte. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs only 260 satoshis, which is double than yesterday fee.
It is a best time to consolidate your bitcoin leftovers, but it doesn't last for too long. Hurry up.

Please check more there:
https://tradeblock.com/bitcoin/historical/6h-f-tfee_blk_avg-01051
https://coinb.in/#fees

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Temporarily, transaction fees stood at 8 sat/byte. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs only 2080 satoshis, which is eight-fold increase from yesterday fees at 1 satoshi/ byte.
It is a good time to consolidate your bitcoin leftovers, and you have to wait for a while to see fees drop back to 1 satoshi / byte to consolidate your bitcoin leftovers.

Please check more there:
https://tradeblock.com/bitcoin/historical/6h-f-tfee_blk_avg-01051
https://coinb.in/#fees

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Four-days in-a-row (despite some pumps of fees over time), you have good time to move your bitcoin with cheapest fees, when transaction fees fluctuated around 1 sat/byte. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs only 260 satoshis.
It is a best time to consolidate your bitcoin leftovers, but it doesn't last for too long. Hurry up.

Please check more there:
https://tradeblock.com/bitcoin/historical/6h-f-tfee_blk_avg-01051
https://coinb.in/#fees

Note:

• There were shortly pumps of transaction fees yesterday, but last 24-hour lowest fee is at 1 satoshi/ byte.
• You don't need to wait to see esitmated fee drops to 1 satoshi/ byte to start moving your coins. You can move them anytime you want, with fee set at 1 satoshi/ byte, then wait patiently. When fee drops to 1 satoshi/ byte, your waiting transactions will be prioritized to get confirmations.

Reminder:

I see that a few 0 fee transactions have been confirmed. I want to try this to move coins between my wallets, so confirmation times don't matter.

Thank you for the info. I simply compared yesterday transaction fees with the figures 11 days ago, and missed its latest spike. Thank you for correcting me.
Today, the fee rises to 13 sat/ byte.
https://coinb.in/#fees

It's spiked much higher than that much more recently. If you look at the third graph on Jochen's page here (https://jochen-hoenicke.de/queue/#1,4d), just 2 days ago you were looking at fees of around 100 sat/byte to get within a couple of megabytes of the tip.

As you say though, the mempool is currently clearing out to pretty much empty every few hours. Now is a good time to consolidate your coins.

Around two weeks ago, I made a transaction with 1 satoshi/ byte, that took around three or four days to get confirmations. I think it is good, in case I am not hurry, and just want to move my coins for later use, not instant usages. Even 10k satoshis worth lots of money if bitcoin hit $400,000. At this rate of Bitcoin, 10k satoshis worth $40.  

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Today, fee drops to 1 sat/ byte, it's time to move coins with cheap fees. Because fee bottoms out again, from its latest spike at 27 satoshis/ byte around 11 days ago. 
https://coinb.in/#fees
https://tradeblock.com/bitcoin/historical/1w-f-tfee_blk_avg-01051

It entirely depends on what the mempool is doing at the time. There are times where they would be no difference in speed of confirmation between 1 sat/byte and 100 sat/byte; if the mempool is empty, they will both make it in to the next block. But there are also times where 3 sat/byte is just enough to make it in to a block, while 2 sat/byte isn't, and the 2 sat/byte transaction ends up waiting hours or days to confirm.

In short, before making a transaction it's always best to visually see what the mempool is doing here: https://jochen-hoenicke.de/queue/#0,24h

Is the transaction confirmation is faster if you put your transaction fee higher even if it is 2sat/byte or 3sat/byte?. What is the difference between 2sat/byte and 3sat/byte?. I think the speed of both sat/byte is the same if you are planning to pay more transaction fees to make your transaction confirmed faster than nornal.

Sure. You can see differences.

https://coinb.in/#fees

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Fees decreased to 1 sat/byte, temporarily. It's time to move coins with cheap fees, of course, if you don't have urgent need and don't hurry with your transactions. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs only 260 satoshis. 

Sources:
https://tradeblock.com/bitcoin/historical/6h-f-tfee_blk_avg-01051
https://coinb.in/#fees

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Fees decreased to 3 sat/byte, temporarily. It's time to move coins with cheap fees, of course, if you don't have urgent need and don't hurry with your transactions. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs only 780 satoshis. 

Please check more there:
https://tradeblock.com/bitcoin/historical/6h-f-tfee_blk_avg-01051
https://coinb.in/#fees

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Fees decreased to 2 sat/byte, temporarily. It's time to move coins with cheap fees, of course, if you don't have urgent need and don't hurry with your transactions. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs only 520 satoshis. It means the transaction of 260 bytes cost 520 satoshis as transaction fees 

Please check more there:
https://tradeblock.com/bitcoin/historical/6h-f-tfee_blk_avg-01051
https://coinb.in/#fees

Does  fee depend on type of addresses involved into transaction? Say if I was going to send  three  different trx  from "1", "3" and “bc1” types of addresses which one  would be preferable in the relevance of fee,  other things being equal?

Transaction fees increased last hours that displayed in the 6hour-chart. Transaction fees for 1 input (148 bytes) and 3 outputs (102 bytes) are 11440 satoshis, as of writing. It increase dramatically since yesterday fees, at 2600 satoshis (Check the OP to get it if you want). Average fees per byte as of writing and yesterday are 44 sat/ byte and 10 sat/byte, respectively. It means fees rose nearly 4.4 times recent hours.

Sources:
https://coinb.in/#fees
https://tradeblock.com/bitcoin/historical/1w-f-tfee_blk_avg-01051

Generally, bitcoin transaction fees depends on what's going on on bitcoin network. Whenever bitcoin network become more crowded and clogged up by more transactions waiting to be confirmed, transaction fees for miners will be boosted up. Fees will automatically become higher. However, transaction fees have its cycle, that highly correlated with bitcoin price.

If you are not hurry, and can wait 1 to 3 days to see your transactions finished, you can apply those tricks below.

Overview of network situation:
Please visit this page to check total unconfirmed transactions:
https://www.blockchain.com/btc/unconfirmed-transactions
To have better overview, you can get the chart of unconfirmed transactions there: https://www.blockchain.com/charts/mempool-count?timespan=60days
From the chart, it is clearly that we have been in good period to move bitcoins.

There is a better site, https://jochen-hoenicke.de/queue/#1,8h (look at the third graph).
Thanks @o_e_l_e_o.

Check historical chart of transaction fees:
Please check it there: https://tradeblock.com/bitcoin/historical/1w-f-tfee_blk_avg-01051
1W fee-chart
1D fee-chart
Generally, as of writing, transaction fee has been on its upwards trend, as same as bitcoin. Fortunately, it is likely that fees have decreased dramatically since its latest peak around 4th - 5th June 2019 (you can see it in the 1D fee-chart.)

You can also check the average time to find blocks to get overview of network transactions: https://www.blockchain.com/btc/blocks

If you don't want to join fee wars and unknowingly help miners to increase transaction fees for their benefits, you should use this page to get recommend fees:
https://coinb.in/#fees

There is a site: whatthefee.io, that gives you a detailed table in which you can find pairs of fees and waiting-time to get confirmation. The site dynamically updates their information corresponding to the bitcoin's network status.

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In addition, applying guides of LoyceV to move your coins when network provides you great chance to move funds around with low fees.
[MAY 2019] Fees are low, use this opportunity to Consolidate your small inputs!
I added some images to visually describe how to enable manually editing fees feature and how to manually set fees:
Choosing the address you want to send your bitcoin from that, for example, I have an address that have 0.00125 BTC in total; I click on Max button (only do this if you have small amount of bitcoin in that address); then type fee (at 1 satoshi/ byte); I can see total available bitcoin to send after subtracting fees is at 0.0012489 BTC
Now, what if with the same address, same amount of bitcoin, how many bitcoin will be availble to send if I set fee at 100 satoshis/ byte. Only 0.00114 BTC will be left to send. Please look at it:

Blockchain explorers:
https://blockchair.com/ (does not support Segwit addresses)
The following explorers support Segwit addresses:
https://blockstream.info/
https://live.blockcypher.com/btc/
https://blockchair.com/

Other should-read sources:
https://bitcoin.org/en/you-need-to-know#instant
https://en.bitcoin.it/wiki/Confirmation
Make sure to avoid wasting BTC for too high fees – step by step guide (Electrum)
List of Bitcoin Mempool Viewers
Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC

One of the craziest period of crypto market, with all time highs of bitcoin price and bitcoin transaction fees.

Bitmex: