How do if the Bitcoin Sending Fee will be super high or super low? - page 3.

syamster

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Quote from: ralle14 on March 26, 2019, 07:09:16 AM

Quote from: okala on March 26, 2019, 01:20:01 AM

That is nice but that can also be done using the ferch the transactions fee changed and even some wallets gives you a total run down the is the amount of bitcoin you are sending and the fees charge then total amount display for you to see.

Even though wallets change their recommended fee automatically the problem is they over estimate the fees. It's still best to set a fee you prefer and check an estimator like coinb.in

Quote from: septi.JR on March 26, 2019, 01:43:44 AM

What you mean is the gas cost of each shipment that changes over time, if not, then what is your problem, all depends on the current BTC price.

We're not talking about ethereum here they have similarities but you don't see Bitcoin users mentioning miner fees as gas .

Miner fees is not that applicable because in crypto currency transaction fees is not very high, we can afford it because profit gain is very high, we are able to pay high amount of transaction all over the world so it is very important to pay the fees on right time, according to me fees is not very high but low transaction fees will convince more people to invest.

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Quote from: okala on March 26, 2019, 01:20:01 AM

That is nice but that can also be done using the ferch the transactions fee changed and even some wallets gives you a total run down the is the amount of bitcoin you are sending and the fees charge then total amount display for you to see.

Even though wallets change their recommended fee automatically the problem is they over estimate the fees. It's still best to set a fee you prefer and check an estimator like coinb.in

Quote from: septi.JR on March 26, 2019, 01:43:44 AM

What you mean is the gas cost of each shipment that changes over time, if not, then what is your problem, all depends on the current BTC price.

We're not talking about ethereum here they have similarities but you don't see Bitcoin users mentioning miner fees as gas .

septi.JR

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What you mean is the gas cost of each shipment that changes over time, if not, then what is your problem, all depends on the current BTC price.

okala

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That is nice but that can also be done using the ferch the transactions fee changed and even some wallets gives you a total run down the is the amount of bitcoin you are sending and the fees charge then total amount display for you to see.

hxtop

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For the benefit of every stakeholder, bitcoin holders and traders may accept a considerable amount of transaction rate. Using and enjoying a service without paying means nothing for the future of bitcoin, but also an over-priced transaction fees can make people keep away from investing and trading.

o_e_l_e_o

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Quote from: talkbitcoin on March 25, 2019, 07:19:51 AM

i believe that this website is mainly designed to be useful newbie and not that much for anybody else because they always intentionally give you a higher fee because (again i am assuming) they want the transactions with that fee to be confirmed with 100% chance. so for example if it tells you 18 s/b that means you can get away with 5 s/b too.

I appreciate what you are saying, but the way you've worded it could be a bit misleading to a newbie.

Putting in a higher fee will get your transaction confirmed faster (usually), but that doesn't mean that lower fees have a less than 100% chance to be confirmed.* Using the lower fee as suggested by https://www.coinb.in/#fees will still get your transaction confirmed, it's that it might take longer than it would with a higher fee.

*Outside of the crazy situation we saw at the height of the bull run when anything below 30 sats/byte wasn't being touched.

ethereumhunter

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Like other people, you need to make a simple question, so we know what your means is.

Ok, here is my opinion.

Let say you install Mycelium, and you have a balance, for example, $100 in bitcoin. Then you want to send $25 in bitcoin, but you don't know how much the fee.

You can look at the image below:

You can use the scan QR code to add the wallet address or use the other option, add the amount of bitcoin. Then in the lower in Miner Fee, you will see how much fee you should pay. You can slight to the right to see how much the difference of the fee. If you don't want to wait too long, then you can use Priority ~ 10 minutes to get arrive. But usually, it won't take too long, and sometimes it's only less than 1 minutes to get confirmed in the network.

I hope that is what you want to know.

dothebeats

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There are already mobile applications in which one would be able to create and complete a transaction with the optimum fee at a given time or choose to manually input the fees themselves in order to not get affected much by a sudden spike in fees. I believe Bitcoin wallet by Andreas Schildbach does this, together with the Mycellium bitcoin wallet. Right now, I've seen some scenarios in which the optimum fee to get your transaction confirmed within the next block dropped down to ~2-5 sat/byte, which is already a pretty low fee if you'd ask me. Though there are some instances like this that happens within the day, still always check the fees on multiple websites given above in order to not overpay or underpay for the fees and get your confirms ASAP.

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Quote from: Thomas29 on March 25, 2019, 01:15:34 AM

Do I find out the hard way after I make my purchase with the educated guess that Bitcoin pricing is stable long enough that from my understanding the more popular Bitcoin is worth and the more money each Bitcoin is worth among other factors is what influences the Bitcoin Fee is there an app of some sort I can use on my Cell Phone to let me know the current Blockchain Wallet Sending Fees will be as that is the Wallet I am using for simply Sending Bitcoin into and Sending out of.

Any help explaining how this works would be greatly appreciated as it is frustrating not knowing what my Bitcoin Fee is going to be hence I don't know how much money in Bitcoin more than what I am spending on my purchase that I need to acquire?

I really can't understand the thought of your post. But for what I understand, I think that you're asking what will happen to the fee if the price of btc go up? I observed that the fee is just getting bigger if bitcoin goes up. So, if bitcoin goes down, the fee will also go down.

Quote from: LeGaulois on March 25, 2019, 06:15:45 AM

Nah,@OP is looking to know how he can know in advance what will be the fees if he needs to make a transaction from his/her Blockchain. com wallet.
He wants to know what influence the BTC fees and if there is an application that let you know the current fees needed in real time. That's it

If that's what he's asking, then the answer to that is it depends on the platform. In the wallet I use, the lowest transaction fee is .000018 I think but it is so slow it could take up to 3 hrs. And for hitbtc the price of fee is .001 or so. In bittrex that's the fee also. It depends on the platform.

lyks15

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As simple as other business if you will have an big operating cost or super high sending fee you will have an small income like in trucking business you will compare the sending fee in the gasoline that you will charge to your truck. But in case of super low fees I think this is not good too because when it's happened do you think the price of bitcoin in high? No!obviously the price of bitcoin is super low too.

talkbitcoin

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Quote from: o_e_l_e_o on March 25, 2019, 06:32:33 AM

https://bitcoinfees.earn.com/ gives the minimum fee to try to confirm in the next block with a >90% chance. In real terms, this means your transaction is likely to confirm within 10 minutes (on average). If you need a transaction to confirm this quickly, then choose that fee. At time of posting, that fee is 18 sats/byte.

i believe that this website is mainly designed to be useful newbie and not that much for anybody else because they always intentionally give you a higher fee because (again i am assuming) they want the transactions with that fee to be confirmed with 100% chance. so for example if it tells you 18 s/b that means you can get away with 5 s/b too.

Beerwizzard

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Quote from: o_e_l_e_o on March 25, 2019, 06:32:33 AM

The links posted above given two very different fees for different situations.

https://bitcoinfees.earn.com/ gives the minimum fee to try to confirm in the next block with a >90% chance. In real terms, this means your transaction is likely to confirm within 10 minutes (on average). If you need a transaction to confirm this quickly, then choose that fee. At time of posting, that fee is 18 sats/byte.

https://coinb.in/#fees gives a fee for your transaction to be included "within the next few blocks". This can sometimes mean waiting a couple of hours or more, but works out much cheaper. At time of posting, their recommended fee is 2 sats/byte, or only 10% of the previous fee. If you are not in a hurry, you can safely choose this fee and just be patient.

Another useful site is this one https://jochen-hoenicke.de/queue/#1,8h which will give you a visual representation of how full the mempool is, and may help you to choose a fee somewhere between the two suggested fees given above.

Thanks for sharing. That's pretty useful.
I usually just use the suggested fee of my Electrum wallet but I've noticed that they may automatically offer 1-2sat fee for a transaction and it might be difficult to set a proper fee by yourself and not overpay.

o_e_l_e_o

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The links posted above given two very different fees for different situations.

https://bitcoinfees.earn.com/ gives the minimum fee to try to confirm in the next block with a >90% chance. In real terms, this means your transaction is likely to confirm within 10 minutes (on average). If you need a transaction to confirm this quickly, then choose that fee. At time of posting, that fee is 18 sats/byte.

https://coinb.in/#fees gives a fee for your transaction to be included "within the next few blocks". This can sometimes mean waiting a couple of hours or more, but works out much cheaper. At time of posting, their recommended fee is 2 sats/byte, or only 10% of the previous fee. If you are not in a hurry, you can safely choose this fee and just be patient.

Another useful site is this one https://jochen-hoenicke.de/queue/#1,8h which will give you a visual representation of how full the mempool is, and may help you to choose a fee somewhere between the two suggested fees given above.

LeGaulois

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Nah,@OP is looking to know how he can know in advance what will be the fees if he needs to make a transaction from his/her Blockchain. com wallet.
He wants to know what influence the BTC fees and if there is an application that let you know the current fees needed in real time. That's it

@OP
You can use the link posted by @jseverson and @cryptjh but I suppose you wallet provider suggests the fee when you finalize a transaction.

gantez

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Quote from: Zadicar on March 25, 2019, 04:09:37 AM

Choose the low-priority and your transaction will be queued until all of the blocks confirmed or you can choose the high-priority if you want to send your transaction faster but expect that the transaction fee will become higher if you choose the high-priority.

The idea you have is almost what I think Op is asking. Yes I think the transaction fees varies, from the miners and how fast you want the blocks to be confirmed. I know that segwit bitcoin wallet gives option for a faster transaction but with additional charge.

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From what i understand of OP i think he wants to know the real-time value of transaction fee. But as far as i know, every transaction depends on every miner operating and the price of bitcoin though there are some choices in the blockchain if you want to send some bitcoin to someone. Choose the low-priority and your transaction will be queued until all of the blocks confirmed or you can choose the high-priority if you want to send your transaction faster but expect that the transaction fee will become higher if you choose the high-priority.

jseverson

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I barely understand what you're saying, but the gist of it is that you want to know which fees are appropriate without having to test yourself, right? You can use this website:

https://coinb.in/#fees

I find that this one is better than other common fee estimators, as a lot of those often inflate the minimum fee recommended.

As a sidenote, it's higher than usual at the moment (but still low in the grand scheme of things) so you should wait if possible.

kelz1

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There are currently less miners and less transactions so fees are average now, but later when the bitcoin blockchain gets busy the price will rise unless there are a lot more miners joining in

muslol67

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If I don't get it wrong, the friend asks why the transaction fee is sometimes too low or too high. Of course, a situation related to miners, depending on the process of the transaction fees you can pay varying rates. We don't use much for Bitcoin, but I think you used MEW or MetaMask for Ethereum transaction. If you pay attention again, at the very last stage, Metamask will ask you to pay the GAS fee. If you select the highest number, you will have the opportunity to perform the fastest transaction. If you choose a low rate, your transaction will be queued. Sometimes processing fees increase according to the density during this process. Sometimes it decreases. I think it is about the algorythm. It changes automatically.

cryptjh

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Quote from: Thomas29 on March 25, 2019, 01:15:34 AM

Do I find out the hard way after I make my purchase with the educated guess that Bitcoin pricing is stable long enough that from my understanding the more popular Bitcoin is worth and the more money each Bitcoin is worth among other factors is what influences the Bitcoin Fee is there an app of some sort I can use on my Cell Phone to let me know the current Blockchain Wallet Sending Fees will be as that is the Wallet I am using for simply Sending Bitcoin into and Sending out of.

Any help explaining how this works would be greatly appreciated as it is frustrating not knowing what my Bitcoin Fee is going to be hence I don't know how much money in Bitcoin more than what I am spending on my purchase that I need to acquire?

I think this website is good to visit if you want to see the latest paid transactions fees
https://bitcoinfees.earn.com/

According to this website the "the median transaction size of 224 bytes, this results in a fee of 2,240 satoshis." for a median bitcoin transaction today, but that number can change each day.

Right now you can just use the lowest possible fees your wallet allows you to do, and your transactions will go through within in a few blocks, and not more than one hour.

Here you can see the numbers of unconfirmed transactions, waiting to be sent
https://www.blockchain.com/btc/unconfirmed-transactions

And here you can see how many real transactions that each block have

https://www.blockchain.com/charts/n-transactions-per-block

Topic: How do if the Bitcoin Sending Fee will be super high or super low? - page 3. (Read 725 times)