Topic: Fee calculation (Read 310 times)

It depends on the wallet you are sending from. If it's an exchange wallet, you will be charged a fixed fee which is usually high but your transaction will get confirmed because they send with normal fee. But using private wallets like Mycellium, you can set the fee to what you. There's priority and there is low fee which could take over four hours to confirm.

Actually it is not that hard.
You just need to know where to gather the relevant information from and how to interpret it.

I like looking at the 2 hour graph on http://core.jochen-hoenicke.de/queue/#0,2h. Precisely, the 3rd one called "Mempool size in MB":




The table at the right shows you the size of transactions with a specific fee in the mempool.
If a block is found the second you are looking at it, each transaction with a fee corresponding to the size of less than 1 MB will most likely be included.

Since you can't be sure that a block is found within a few seconds, you should chose a slightly higher fee for a guaranteed confirmation in the next block.
If you don't need the TX to be confirmed fast, chose a lower fee.

In the example above, a fee of 6-8 sat/B will most likely get your transaction included in the next block.

I guess it really depends on the bitcoin wallet that you are using and usually when the price of the bitcoin pump it also increases the market price of bitcoin.

But still, even if it is just a small percentage it is still a big amount, but I guess you have no choice since the fee is a part of every transaction.

You could just find a wallet that has a small fee so that it wouldn't be a problem.

I see the site https://fees.truelevel.io/#/btc and it looks cool by giving to optional displayed results:

If you tick at Advanced: results for the column "Confirms in" will be in number of blocks
If you untick at Advanced: results for the column "Confirms in" will be in minutes

I don't know the results that site gives are correct and truly real-time but I think it gives nearly same results as the https://jochen-hoenicke.de/queue/#0,24h shows.

Hello,

Firstly, fee is mandatory. The system of bitcoin is based on proof of work and has a public ledger.

You can see that at different point of the day, there is a different fee involved when you want to do the trasanctions.

Most of the wallets, including hardware wallets suggest you the fee, the priority is somewhat like :
High : Gets picked up in the next 3 blocks, can expect it to have 3 confirmations in an hour.
Normal : Gets picked up in the next 6 blocks, can expect it to have 3 confirmations in 4 hours.
Low : Gets picked up very very late. I could never calculate the average of this transaction getting picked up.
Custom : Here you can set your own fee, I suggest you never use this if you don't know what you are doing. The circumstances could be worse than low.

Sometimes, even if you pickup high fee, your transaction might not be picked up and might be waiting to be picked up by the memepool. It all depends on the current bitcoin network congestion and memepool activity.

Usually, a trasaction with higher fee is picked up first, that's because all miners want to profit and prefer it. Even though that is always not the case, there are a lot of other protocols that are set by the miners so that they efficiently mine make profit off it.

Now to your doubts, it depends on where you are doing the transaction and for what purpose.

If you are planning to send funds to exchange, or a gambling website, you will considerably need to keep a good fee to it so that it gets picked up soon. Because these entities allow you to use funds only when they have confirmations on them.

If you are sending to your self, friends , family, for the purpose of HODLING, or storing, you can use fee as low as 1 sat/b. Since you will not access the funds anytime soon it does not matter when they are confirmed. Yes, transactions with little to none fee also get eventually picked up but after a ridiculously amount of time. Do not keep a very little fee if you are planning to use the funds soon, not all wallets allow RBF, you can guide yourself to RBF too, there a lot of topics to it on the forum.

Also note that, the wallets may show that your are paying x amount sat/b or y amount of sat/b but that is not always the case. The wallet providers always have a cut and keep something for themselves. Imagine you paid 90 sat/b but you see on an explorer like blockchair or blockchair that the fee attached to it is 72 sat/b or such. The rest is taken by the wallet itself. If you don't own the private key or seed , and use one provided by wallet by default, all the addresses you use are branches of thier private key, moving sats after every transaction won't be a problem for them.

Ultimately I want to tell you that, be it low fee or high fee, your transaction will eventually get picked up. You can choose your fee as per your need.

It's hard to calculate your transaction fee, but there are wallets that allows you to configure your transaction.
If you are not in hurry, it's best to choose the least amount of transaction fee. You'll save money because faster confirmations for your transaction has a much higher fee.

Hey buddy, you not loosing all your money if setting your fees, most of the times it depends on the wallet you using for the transaction. Fees depends on the input you set, the larger the amount the faster the transaction and the smaller the fees the slower the transactions, in as much you not in a haste, transaction must surely be confirmed.

You're new to bitcoins but you're not lost because you're on the forum where everyone will help and guide you on transactions fees. Also it is not any mystery or myth to calculate the fee and the tx fee won't make you poor. If you came from paypal, western union and other banking systems you are used to pay high fee and bitcoin tx is nothing as compare to them.

I use 5 sat/byte today and if my transaction will not be confirmed today, I will wait longer till end of tomorrow. I am not in hurry but can you guide me that from Jochen-hoenicke.de, how to know the estimated waiting blocks to get first confirmations for each fee?

Thank you.

I guess $1 for a transaction of over $100 minimum is not much to my seeing probably u don't need to be that Stingy (greedy) to you own funds or probably funds you want to send out and so to say the network has its fix amount for fee transactions if market is high definitely fee will go higher if it's low it probably will go down.

They overly estimate sometimes. For example, right now their recommended fee is 216 sats, while you can try your luck with 150 if you need to get confirmed in the next block, or as low as 10 if you have some patience and luck to get confirmed in the next 3 blocks.

I use core wallet and it calculate fee by itself. you can also look here. https://bitcoinfees.earn.com/  It tells you how many blocks you will have to wait for each fee you will select. So if you are not in a hurry and your transaction can wait few hours you just pick a cheaper fee.

If you put to low fee and mempool is full all the time then your transaction will be dropped off mempool and you will get your BTC back to send again.

There are some sites for you (others posted above). More details for you is transaction fee depends on size of your transaction and the fee you set per byte for that transaction:

Final fee = transaction size x fee (in satoshi/ byte).

Transaction size depends on total input and output as well as transaction types, so please read the threads at bottom of this post.
coinb.in uses data from previous block so it is not for current situation. You can use it but it is not the best choice. I used it in the past but after have better understandings no bitcoin transaction and fee operations, I prefer to use https://jochen-hoenicke.de/queue/ that gives you multiple informative details.

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Read:

I'm guessing you are using a wallet that allows you to customize the fee.

There are many websites which gives you an estimate of the "optimal" fees for beginners but note that they won't have the same recommendations.

Here are some of them:
https://bitcoinfees.earn.com/
https://www.buybitcoinworldwide.com/fee-calculator/
https://bitcoinfees.net/

You can also check https://jochen-hoenicke.de/queue/ to see the size of the mempool (third table) and estimate on your own how much fee is needed for your transaction to be added on the next block.  



Using the above image and at 4MB per block, 40+ sats should do.
Data changes fast and by the time you read this, the mempool size would be different.

Almost all cryptocurrency wallets provide you with a rough estimate of how much will be the fee? I personally use Mycelium Bitcoin wallet and Atomic Wallet for android and the fee is significantly very less. You can try these two if you want.

Yes it has happened with me when I have manually inputted the fee for Bitcoin transfer using the Mycelium wallet the transaction did not confirm and was stuck for 48 hours.

The amount, later on, got credited back but I was in panic at that time. I did visit the forum and found some interesting information related to my issue.

You can also check it, here is the thread link - https://bitcointalk.org/index.php?board=37.0

To make it more simple, you can use fee estimators like https://estimatefee.com or https://coinb.in/#fees it will help you to find recommended fees in current situation.

What exactly do you want to calculate? The exact amount you will charged for transferring? It is impossible to say the exact price, because there are many variables. Like the amount you want to send, how much satoshi you wish to spend per byte, how loaded network is (number of unconfirmed transactions) and etc.

This is like trying to calculate the exact amount of seconds you will spend walking from one city to another, when the path is not straight, you don't know weather conditions, haven't seen the map, neither your speed and health conditions are known.

I would like to ask what wallet you are using right now?

Sometimes it's different on the platform we are using before I'm using the coins space and the transaction fee is fix it depends how fast to want to make a transaction on it they have three levels which are the

• Mininum
• Hour
• Fastest

It depends on your option but most of the time in the minimum it takes 0.0002, still in other platforms they have other fixed fees and can adjust it's better to find a platform which is suitable for your needs too.

You have an option to use every time you transfer bitcoin Priority normal or custom this only help  speed up your transaction, And if the transaction is not confirm by minners it will not lose  it will be back to the wallet address that send  BTC. You can also push the transaction if you found that it takes time to transfer, or wait for it to be back on your wallet.

What wallets are you looking at using? They'll normally have an inbuilt fee estimation engine in them.

You can't have a few too low to never get confirmed technically but most places drop a transaction after two weeks so you'd have to remake the transaction. Until a transaction is confirmed those funds are still technically in your wallet (but harder to return back to yourself until the 2 weeks are up).

Hi

I'm new, and I'm lost.
How do I calculate a transaction fee? I've read if it is too low it will never complete the transaction, but a friend of mine says it is a myth. I don't know... it look like i can loose money in a fee or in the limb...

Thank you!