Topic: How much Fees to instant sent a bitcoin transaction? (Read 1649 times)

The transactions are always instantly sent as in transmitted to the blockchain. As soon as you send it in your wallet, it should appear as a pending transaction.

Confirmations are a different thing, those are required to make sure the transaction does not get reversed anymore. This can take longer or shorter than average depending on how congested the network is and how fast blocks are being found currently.

I am using bitcoin wallet in my country which is coins.ph but every time i do sending money to my family and friends i do not see that there is a hidden charge they only deduct the exact amount bitcoin i sent.

Using coinbase and xapo will be risky for sure because there is lot more KYC policy and verification requirement. You shouldn't be surprised to see your xapo, coinbase account got frozen or ask for verification after using them for some time.

Better not to choose them just to save on fee, electrum and blockchain.info wallets will never ask for verification nor block/froze your wallet. Also blockchain.info have inbuilt fee recomendation system enough to make your transaction get included within first block that will mined next.

It appears that you've already got your answer.

However, I would recommend using third-party wallets like coinbase or xapo for small transactions (below $50) to avoid thinking about the fee else (they handle it on your behalf). For big transactions 0.001 BTC would be more than enough for the transaction to be accepted by the network.


Ultimately, whatever fee you enter does not assure you whether the transaction would be confirmed in time as many times the network fails and due to this several transactions remain pending in the network. Bitcoins are never sent out instantly unless the sender and the receiver use a third-party wallet (like coinbase-coinbase or xapo-xapo transactions).

It isn't the amount of BTC transferred that makes the fee big or small, it's the amount of inputs and outputs of a transaction.
For example:
you have the private key for address AAAAAAAAAAAAAAA and BBBBBBBBBBBBBBBB.
I create 10 transactions, each one having one 1 BTC output to AAAAAAAAAAAAA.
In the meantime, i also generate 1 transation having one 10 BTC output to BBBBBBBBBBB.

If you want to use the 10 inputs to AAAAAAAAAA to send 10 BTC to a friend, your fees will be much higher than when you would use 1 input of address BBBBBBBBBBB


Why?
Because when creating a transaction in the first case (using 10 inputs), the transaction will basically say (very simplified):
- use input 1 of 1 BTC
- use input 2 of 1 BTC
- use input 3 of 1 BTC
- use input 4 of 1 BTC
- use input 5 of 1 BTC
- use input 6 of 1 BTC
- use input 7 of 1 BTC
- use input 8 of 1 BTC
- use input 9 of 1 BTC
- use input 10 of 1 BTC
- create output 1  of 10 BTC

In the second case, your transaction will say
- use input 1  of 10 BTC
- create output 1  of 10 BTC

You clearly notice the transaction in the second case has much less bytes... The fee is calculated in satoshi per byte...

To answer your question: it's impossible to tell you how much fees to add to a transaction without knowing how many inputs you'll use, and how many outputs there will be... $0.1 might be enough to send $1000.000 in BTC, while $1 might be insufficient to send $5.

Let's take a look shall we
You created transaction d7652107b39154b6cb15a81ef2ed081db35d0700e3ce68217961cfa452359b12
It has one input of 0.12 BTC and 2 outputs (~0.05 and ~0.07). Therefore it's allmost ideal (feewise), since one input and two outputs results in a really small transaction

Your transaction seems to be 225 bytes. You added 10170 satoshi's as a fee => 45 satoshi's per byte fee

https://bitcoinfees.21.co/ teaches us that at the time of writing, 80 satoshi's per byte would be recommended for a big chance of getting into the next block.

The ESTIMATED waiting time for a tx of 45 satoshi's per byte is between 15 and 540 minutes.

This is an estimation... A miner is completely free to pick any unconfirmed transaction that is currently in his mempool and add it to the block he/she is currently working on. This means that if you're really lucky, a 45 satoshi per byte fee might get you in the very next block... It's also possible the transaction is never added to a block, and eventually dropped/forgotten by the network (in which case, depending on your wallet, it'll be as if the transaction never happened). Some wallets keep on re-broadcasting transactions to the network tough...

Thanks alot Senpai!

Therefore in this case

https://blockchain.info/tx/d7652107b39154b6cb15a81ef2ed081db35d0700e3ce68217961cfa452359b12

136qWTQMGDH5iyKBrgRe7FvavHmvPyXuoC >
14Sdg5cB1iTQrLSd7f2pVSKmoAXmSYvJxD $ 36.27
1MdmfFL3TU37Ds1pjivW4kDDZWxrkcbfw3 $ 52.21

The transaction goes from The First transaction where it sent to the address 14Sdg5cB1iTQrLSd7f2pVSKmoAXmSYvJxD $36.27 , and then it sent the leftover back to 1MdmfFL3TU37Ds1pjivW4kDDZWxrkcbfw3 $ 52.21 as thats the balance of $88 - the initial $36.27

Therefore in this case

It creates 2 transaction?

1) 136qWTQMGDH5iyKBrgRe7FvavHmvPyXuoC > 14Sdg5cB1iTQrLSd7f2pVSKmoAXmSYvJxD $ 36.27
2) 136qWTQMGDH5iyKBrgRe7FvavHmvPyXuoC >1MdmfFL3TU37Ds1pjivW4kDDZWxrkcbfw3 $ 52.21

Am i right? Or kinda near to it? Thanks alot!

Somehow it's kinda annoying when the transaction takes really long

I use blockchain wallet, i put the amount of fee as high as i can, then it lower down to the minimum amount where it will sent within ~10minute.

But still after half and hour, still 0 confirmation.

Just wanted to check out, how does the miner fee work?

I mean everything in blockchain is automated

So if i sent $10, with Fees $1, it will be instant transfer?

So if i sent like $5000, i will need very big fees for the process to be faster? Or there's a fix amount of fees for instant process

Thanks!