How do you find out the optimal network fee for transaction?

sbtctalk

sr. member

Activity: 266

Merit: 250

Quote from: crairezx20 on September 25, 2016, 11:36:16 AM

Quote from: Chris! on September 25, 2016, 11:21:48 AM

As of right now:

Which fee should I use?

The fastest and cheapest transaction fee is currently 60 satoshis/byte, shown in green at the top.
For the median transaction size of 241 bytes, this results in a fee of 14,460 satoshis (0.07$).

This is taken right from https://bitcoinfees.21.co/

Good source where you can see the fees per bytes.. if you pay 1-10 sat per bytes the orange or unconfirm transaction can be happen?
Or will refund or it takes a long time before you can receive the transaction?
Sorry for noob question.

Quote from: crairezx20 on September 25, 2016, 11:36:16 AM

Quote from: Chris! on September 25, 2016, 11:21:48 AM

As of right now:

Which fee should I use?

The fastest and cheapest transaction fee is currently 60 satoshis/byte, shown in green at the top.
For the median transaction size of 241 bytes, this results in a fee of 14,460 satoshis (0.07$).

This is taken right from https://bitcoinfees.21.co/

Good source where you can see the fees per bytes.. if you pay 1-10 sat per bytes the orange or unconfirm transaction can be happen?
Or will refund or it takes a long time before you can receive the transaction?
Sorry for noob question.

Im also as confused as well. If i can manually calculate, i would. Then i would automate it. Haha

crairezx20

legendary

Activity: 1638

Merit: 1046

Quote from: Chris! on September 25, 2016, 11:21:48 AM

As of right now:

Which fee should I use?

The fastest and cheapest transaction fee is currently 60 satoshis/byte, shown in green at the top.
For the median transaction size of 241 bytes, this results in a fee of 14,460 satoshis (0.07$).

This is taken right from https://bitcoinfees.21.co/

Good source where you can see the fees per bytes.. if you pay 1-10 sat per bytes the orange or unconfirm transaction can be happen?
Or will refund or it takes a long time before you can receive the transaction?
Sorry for noob question.

Chris!

legendary

Activity: 1382

Merit: 1122

As of right now:

Which fee should I use?

The fastest and cheapest transaction fee is currently 60 satoshis/byte, shown in green at the top.
For the median transaction size of 241 bytes, this results in a fee of 14,460 satoshis (0.07$).

This is taken right from https://bitcoinfees.21.co/

Dudeperfect

hero member

Activity: 1190

Merit: 534

Quote from: sbtctalk on September 25, 2016, 01:10:05 AM

Quote from: Dudeperfect on September 25, 2016, 12:20:41 AM

I don’t think bitcoin is under attack but yes it took more than average time for my recent transactions. Well I don’t use desktop client and my transaction never got stuck so I never researched about it in deep. I use block chain wallet where fee is automatically applied (we can also put custom fees for transactions) thus never faced any issues so far and I am using block chain since 2014. I think fees applied by block chain online client are reasonable.

I am not a fan of online wallet because it feels we are not in control of our own funds.

Yes there is always risk associated with online wallets but they have good infrastructure which makes it easier to create and handle multiple address and it’s secure up to some extant so I use it mainly to transact (send / receive) funds and I have main wallet which is paper wallet where I store my main balance. You can’t put all eggs in one basket and right now I have my eggs (bitcoins) in various baskets (locations).

tbterryboy

sr. member

Activity: 2030

Merit: 323

I am using electrum wallet, I believe electrum itself adjust transaction fees based on the bitcoin network. When there are more transactions are being unconfirmed and pending, we need to pay more transaction fees. But, I never cared about those things and I just follow my electrum wallet suggestions.

TopT3ns

hero member

Activity: 2548

Merit: 572

#SWGT CERTIK Audited

i always adjust at minimum needed in blockchain, but when i am not in hurry i put like 10000 satoshi as fee

xdrpx

hero member

Activity: 616

Merit: 603

Quote from: franky1 on September 20, 2016, 10:02:41 AM

https://bitcoinfees.21.co/
look for the line that is green, because all the yellow and orange lines are slower(less change of next block priority)
at time of posting its about 70-80sats per byte.

which you then have to work out the data size of your transaction(in bytes) to multiply and get a transaction fee amount for your transaction in particular

then add a few satoshi's ontop that total to give you a little extra chance that you are more priority than other people looking and trying the same thing.

Thanks for informing about how to read what Bitcoin fees I'd have to pay per Byte of transaction. My question is, how do I know how much bytes my transaction takes? I mean does transaction size in bytes increase as I make payments to more addresses? If I can learn how to calculate this or if my wallet displays this, it'll be easier for me to multiply that with the recommended Bitcoin fees in green to derive a suitable fee to pay.

MingLee

hero member

Activity: 490

Merit: 520

A majority of the time I'd just say "go and use what the wallet automatically sets and then change it from there if you need it", but if you don't have something like that available, then I'd say $0.10-$0.15 would be fine for most transactions, and maybe a bit more money if it is an exceptionally larger transaction.

sbtctalk

sr. member

Activity: 266

Merit: 250

Quote from: Dudeperfect on September 25, 2016, 12:20:41 AM

I don’t think bitcoin is under attack but yes it took more than average time for my recent transactions. Well I don’t use desktop client and my transaction never got stuck so I never researched about it in deep. I use block chain wallet where fee is automatically applied (we can also put custom fees for transactions) thus never faced any issues so far and I am using block chain since 2014. I think fees applied by block chain online client are reasonable.

I am not a fan of online wallet because it feels we are not in control of our own funds.

Dudeperfect

hero member

Activity: 1190

Merit: 534

I don’t think bitcoin is under attack but yes it took more than average time for my recent transactions. Well I don’t use desktop client and my transaction never got stuck so I never researched about it in deep. I use block chain wallet where fee is automatically applied (we can also put custom fees for transactions) thus never faced any issues so far and I am using block chain since 2014. I think fees applied by block chain online client are reasonable.

JeffBrad12

hero member

Activity: 2996

Merit: 536

Leading Crypto Sports Betting & Casino Platform

Quote from: sbtctalk on September 20, 2016, 09:53:16 AM

Is the BTC network under attack? I am asking this because transactions are taking very long to get one confirmation these 2 days. The speed of the transaction is also dependent on network fees and it varies.

Is there an optimal network fee or a website I could find reference to the latest network fee?

I don't have an optimal fees network for my transaction, but just following the instruction of the fees is already setting or introduce by blockchain or the another wallet and i not putting more from that.

sbtctalk

sr. member

Activity: 266

Merit: 250

Quote from: davis196 on September 21, 2016, 10:49:01 AM

Quote from: sbtctalk on September 20, 2016, 09:53:16 AM

Is the BTC network under attack? I am asking this because transactions are taking very long to get one confirmation these 2 days. The speed of the transaction is also dependent on network fees and it varies.

Is there an optimal network fee or a website I could find reference to the latest network fee?

Cometimes confirmations are faster,other times it takes 1-2 days,this is normal.

I don`t know how you can calculate the optimal network fee.

The fees are still small,so why do you care.

I was thinking with a different paradigm that day: If I am keen in bitcoins, I should know more about its technological constraints, features and make use of it for my benefits.

If it cost me 925 satoshis to clear a transaction, why should I pay 2000 satoshis? The savings are not a lot - and it is insignificant, but if I were to automate payments, that may be a significant amount in a long run.

Kprawn

legendary

Activity: 1904

Merit: 1074

Quote from: bryant.coleman on September 21, 2016, 02:33:28 AM

In my opinion, the transaction fee must be independent of the file-size. Sometimes I am forced to pay as much as 5% or 10% for transmitting Bitcoins, as there is a lot of dust in my coin holdings. It must be similar to fiat transactions. For fiat, the bank charges the same fees whether you deposit the cash in denominations of €500 banknotes, or in €10 banknotes.

Not true for banks in my country... If you deposit your 3000 piggy bank coins, they charge you a higher transaction fee, even though the

sorting is done by a machine. You actually pay for the time they spend to complete your transaction. The processing needed to sort out all

the dust, should be charged more in my opinion, with Bitcoin... higher than the current minimum fee. Huh

talkbitcoin

legendary

Activity: 1372

Merit: 1032

All I know is that I know nothing.

Quote from: sbtctalk on September 21, 2016, 10:12:16 AM

Quote from: unamis76 on September 21, 2016, 06:21:46 AM

Quote from: sbtctalk on September 20, 2016, 09:53:16 AM

The speed of the transaction is also dependent on network fees and it varies.

Is there an optimal network fee or a website I could find reference to the latest network fee?

The transaction speed does not depend on network fees nor does it vary wildly.

Beyond the sites that were already linked, you can have more info on transaction fees here

Quote from: franky1 on September 20, 2016, 10:02:41 AM

https://bitcoinfees.21.co/
look for the line that is green, because all the yellow and orange lines are slower(less change of next block priority)
at time of posting its about 70-80sats per byte.

which you then have to work out the data size of your transaction(in bytes) to multiply and get a transaction fee amount for your transaction in particular

then add a few satoshi's ontop that total to give you a little extra chance that you are more priority than other people looking and trying the same thing.

Thank you for the clear explanation and site references.

How is the size of transaction (in bytes) are calculated?

based on the number of inputs and outputs you have in your transaction and i think also there is additional size if you include a message with your tx but that is not the case with most users.

in other words if you have 10 UTXOs and want to spend them all your size will be big compared to when you have only 1

you don't have to worry about the size and fee though because wallets that i have seen so far you set the fee/kb number not fee alone so it calculates it for you.

davis196

hero member

Activity: 3192

Merit: 939

Quote from: sbtctalk on September 20, 2016, 09:53:16 AM

Is the BTC network under attack? I am asking this because transactions are taking very long to get one confirmation these 2 days. The speed of the transaction is also dependent on network fees and it varies.

Is there an optimal network fee or a website I could find reference to the latest network fee?

Cometimes confirmations are faster,other times it takes 1-2 days,this is normal.

I don`t know how you can calculate the optimal network fee.

The fees are still small,so why do you care.

sbtctalk

sr. member

Activity: 266

Merit: 250

Quote from: unamis76 on September 21, 2016, 06:21:46 AM

Quote from: sbtctalk on September 20, 2016, 09:53:16 AM

The speed of the transaction is also dependent on network fees and it varies.

Is there an optimal network fee or a website I could find reference to the latest network fee?

The transaction speed does not depend on network fees nor does it vary wildly.

Beyond the sites that were already linked, you can have more info on transaction fees here

Quote from: franky1 on September 20, 2016, 10:02:41 AM

https://bitcoinfees.21.co/
look for the line that is green, because all the yellow and orange lines are slower(less change of next block priority)
at time of posting its about 70-80sats per byte.

which you then have to work out the data size of your transaction(in bytes) to multiply and get a transaction fee amount for your transaction in particular

then add a few satoshi's ontop that total to give you a little extra chance that you are more priority than other people looking and trying the same thing.

Thank you for the clear explanation and site references.

How is the size of transaction (in bytes) are calculated?

Pursuer

legendary

Activity: 1638

Merit: 1163

Where is my ring of blades...

Quote from: Velkro on September 21, 2016, 07:08:52 AM

Quote from: sbtctalk on September 20, 2016, 09:53:16 AM

Is there an optimal network fee or a website I could find reference to the latest network fee?

It should be software problem not yours. That is really bad, when users need to find out and learn what fee is needed to his transaction actually went through in reasonable time.
We need more development i see :|

I am not using bitcoin core to say the following for sure but according to the release log of 0.12.0 here https://bitcoin.org/en/release/v0.12.0#wallet-transaction-fees
bitcoin core is using floating fees which is adjusted according to the history.

and since I am using Electrum I am sure that there is a feature for this to add a dynamic fee based on the changes in the mining scene and in order to get a high enough priority.

Velkro

legendary

Activity: 2296

Merit: 1014

Quote from: sbtctalk on September 20, 2016, 09:53:16 AM

Is there an optimal network fee or a website I could find reference to the latest network fee?

It should be software problem not yours. That is really bad, when users need to find out and learn what fee is needed to his transaction actually went through in reasonable time.
We need more development i see :|

unamis76

legendary

Activity: 1512

Merit: 1012

Quote from: sbtctalk on September 20, 2016, 09:53:16 AM

The speed of the transaction is also dependent on network fees and it varies.

Is there an optimal network fee or a website I could find reference to the latest network fee?

The transaction speed does not depend on network fees nor does it vary wildly.

Beyond the sites that were already linked, you can have more info on transaction fees here

JITENDERPAR3

full member

Activity: 336

Merit: 100

Quote from: sbtctalk on September 20, 2016, 09:53:16 AM

Is the BTC network under attack? I am asking this because transactions are taking very long to get one confirmation these 2 days. The speed of the transaction is also dependent on network fees and it varies.

Is there an optimal network fee or a website I could find reference to the latest network fee?

you are right it taking too long time . but i want tell you that yeasterday the block of transaction of blockchain was in problem technically . and taking long time . and there was some information about this at blod site of blockchain . And second thing to see transaction fee you don't need to wonder just see at blockchain .

Topic: How do you find out the optimal network fee for transaction? (Read 1243 times)