Topic: How to determine the right transaction fee? (Read 230 times)

I am not in a hurry. So I won't need instant confirmation. I can wait 6 hours, 12 hours, or even 24 hours for the confirmation. Of course, I won't choose a value that would make the transaction stuck.

Don't mistake my confirmation of a signed message for trusting them.

In case you are not aware, PureMixerio proved already their reserves with the help of reputable forum users, such as LoyceV and icopress -- link 1, link 2.

This user lies, and I don't trust him. I think this is an exit scam waiting to happen, and I advise anyone not to trust their website.

and because of that i always use mempool.space to be able to see which transaction fees are most suitable for me. because sometimes when i set fees automatically from the application, the application recommends fees that are more expensive than what is recommended by mempool.space and i don't understand why that happens, sometimes i can even get a few dollars difference from mempool.space. so now every time i want to make a transaction, i first look at mempool.space to see how many transaction fees are recommended and then set it manually.

BTW, you are promoting a Bitcoin mixer that has been questionable from the day it came into existence here.

I do feel they got some random guy to spam without understanding how a signature campaign works.

Left you neutral feedback only because you don't have a simple understanding between the Bitcoin transaction fee and the Ethereum gas fee.

I am only promoting them because of GazetaBitcoin

Yes I know, I have used many wrong terms here but you guys understood what I was trying to say, so please ignore the mistakes for now.

I checked the link you provided. I don't understand what's a transaction type is. I see P2PKH, P2WPKH, P2SH 2-of-3 multisig, P2WSH 2-of-3 multisig and lastly P2TR (taproot).

Simplified explanation of transaction types for beginners.

P2PKH: "Pay To Public Key Hash" - This is how a big percentage of transactions are made. You are requiring the sender to supply a valid signature (from the private key) and public key. The transaction output script will use the signature and public key after checking the hash of the provided public key with previous output, and through some cryptographic functions will check if the signature is valid, if it was, then the funds will be spendable. This method conceals your public key in the form of a hash for extra security. If the spending condition is set to present a public key hash, then it is a P2PKH TX, and you have the std Op_Dup, Op_Hash160,... structure.

P2PK: "Pay To Public Key" - Unlike P2PKH that contained the hash of public key; this script contains the public key itself. Anyone using this method to send funds over the P2P network is showing people their public key in the transaction details. The spending condition only requires you to present your public key and signature. The public key would be recognized by your wallet (following the above mentioned coding scheme) as „type 1“ address.

P2SH: "Pay To Script Hash" - became a standard script in April 2012. The outputs of a transaction are just hash of scripts known as redeemscript that, if are executed with specific parameters, will result in a boolean of true or false. If a miner runs the output script with the supplied parameters and results in true, the money will be sent to your desired output. P2SH is used for multi-signature wallets making the output scripts logic that checks for multiple signatures before accepting the transaction. P2SH can also be used to allow anyone, or no one, to spend the funds. If the output script of a P2SH transaction is just 1 for true, then attempting to spend the output without supplying parameters will just result in 1 making the money spendable by anyone who tries. This also applies to scripts that return 0, making the output spendable by no one.

P2WPKH: "Pay To Witness Public Key Hash" - This was a feature of segwit which stands for Segregated Witness. Instead of using scriptSig parameters to check the transaction validity, there is a new part of the transaction called witness where the validity occurs. In 2015, Pieter Wuille introduced a new feature to bitcoin called Segregated Witness, also known by its abbreviated name, Segwit. Basically, Segregated Witness moves the proof of ownership from the scriptSig part of the transaction to a new part called the witness of the input.

P2MS: "MultiSignature" - (multisig) refers to requiring more than one key to authorize a Bitcoin transaction and was first applied to Bitcoin addresses in 2013. Generally used to divide up responsibility for possession of bitcoins. Standard transactions on the Bitcoin network could be called “single-signature transactions,” because transfers require only one signature — from the owner of the private key associated with the Bitcoin address. However, the Bitcoin network supports much more complicated transactions that require the signatures of multiple people before the funds can be transferred. These are often referred to as M-of-N transactions. The idea is that Bitcoins become “encumbered” by providing addresses of multiple parties, thus requiring cooperation of those parties in order to do anything with them. These parties can be people, institutions or programmed scripts. Became a standard script in January 2012.

NULL DATA: (OP_RETURN) - transaction type relayed and mined by default in Bitcoin Core 0.9.0 and later that adds arbitrary data to a provably unspendable pubkey script that full nodes don’t have to store in their UTXO database. Anyone can use a NULL DATA script to add some arbitrary data to a transaction, so you can find them scattered around the blockchain. We have to remember that not all miners accept transactions with null-data and not all nodes relay them. (OP_RETURN) outputsLook for empty outputs when browsing the blockchain, as NULL DATA scripts are almost always placed on empty outputs (because the outputs are made unspendable by the lock).
Here is a web page with a list of metadata recently embedded in the bitcoin blockchain using OP_RETURN outputs: http://coinsecrets.org/

Non-Standart - to include this type of transaction to the Bitcoin Blockchain, an agreement has to be reached with a miner: the non-standard transaction will be then included in the blockchain when the miner resolves the block. Depends on the hash rate from the miner it can be quite a while taking into consideration very high actual difficulty which is rising constantly from the start of Bitcoin. Of course, miner will take a proper fee for the non-standard transaction.

The best is to check the mempool or a site that is proving the mempool service like the ones that I have mentioned above. It is not good to only check the fee estimated by the wallet. Mycelium is not supporting replace-by-fee, the reason I can not use the wallet. There are better mobile wallets, the three that I use are Electrum, Bluewallet and Samourai.

As an example, suppose the current gas fee is set at $1. But based on the memepool congestion, it could have been reduced to $0.90, and the translation would still take the same confirmation time (slightly).

I checked the link you provided. I don't understand what's a transaction type is. I see P2PKH, P2WPKH, P2SH 2-of-3 multisig, P2WSH 2-of-3 multisig and lastly P2TR (taproot).

Left you neutral feedback only because you don't have a simple understanding between the Bitcoin transaction fee and the Ethereum gas fee.

Left you neutral feedback only because you don't have a simple understanding between the Bitcoin transaction fee and the Ethereum gas fee.

And to make things a bit easier for you as a user, you have to chose a wallet that gives you a lot of options to chose from, like for example, I myself use mycelium wallet, it's one of the best bitcoin mobile wallet after Electrum and others, on mycelium, you will find alot of transaction fee options and how much time it will take before you get a confirmation attached to them all, this sometimes even saves you time from going to mempool, as those fee options are concurrently or live updates based on the mempool status of bitcoin.

I am only promoting them because of GazetaBitcoin…I don't know them but I know GazetaBitcoin and I trust him and his judgment. He is not some fool, you should know better. You could say I am a random guy but he isn't. And before joining the campaign, I talked with GazetaBitcoin personally about this. I am aware of the questions that were made against this mixer. People promoted Sinbad for more than 50+ weeks and nobody questioned them but only after the accusations were made and caught, everyone started talking.

I don't know them but I know GazetaBitcoin and I trust him and his judgment. He is not some fool, you should know better. You could say I am a random guy but he isn't.

Most of you know that gas fees are inputted automatically when making a transaction, but they can be added manually. A reputed member said, "When someone chooses the gas fee automatically, there are many unnecessary fees included, which could have been reduced or deducted."

Not gas fee instead Bitcoin fee or on chain fee, gas fee is usually refer to altcoins. Not memepool instead mempool.

Different type of Bitcoin address, different size of the input and output, also how many input(s) and output(s) are affect the fees you need to pay, you can check in this site https://bitcoinops.org/en/tools/calc-size/

OP, if you want to know more about fee rate, or sat/vbyte calculation, you can read this: Minimizing bitcoin transaction fee

You can use https://jlopp.github.io/bitcoin-transaction-size-calculator/ too. It is built by Jameson Lopp.

I made transaction recently with 43 sats fee, and waited about 8 hours (not really, slept and woke up  ), paid few dollars fee. That's a lot of savings than whatever is recommended these days ($10-$20). I understand still confirmation time can fluctuate but so far my transactions are confirmed earlier than expected.

BTW, you are promoting a Bitcoin mixer that has been questionable from the day it came into existence here. I should inform you that you should understand Bitcoin before coming up with a topic that I feel is a big dent for a Bitcoin mixer, which does not care who should promote it. I do feel they got some random guy to spam without understanding how a signature campaign works.

Most of you know that gas fees are inputted automatically when making a transaction, but they can be added manually. A reputed member said, "When someone chooses the gas fee automatically, there are many unnecessary fees included, which could have been reduced or deducted."

As an example, suppose the current gas fee is set at $1. But based on the memepool congestion, it could have been reduced to $0.90, and the translation would still take the same confirmation time (slightly). I don't know how much of it is true or practical but as far as I understood, he meant this.

I am not in a hurry. So I won't need instant confirmation. I can wait 6 hours, 12 hours, or even 24 hours for the confirmation. Of course, I won't choose a value that would make the transaction stuck. I know that a high gas fee equals high priority. But if I could save a couple of pennies, then why not?

Most of you know that gas fees are inputted automatically when making a transaction, but they can be added manually. A reputed member said, "When someone chooses the gas fee automatically, there are many unnecessary fees included, which could have been reduced or deducted."

Most of you know that gas fees are inputted automatically when making a transaction, but they can be added manually.

Someone just paid 83BTC for transaction fee.

Different type of Bitcoin address, different size of the input and output, also how many input(s) and output(s) are affect the fees you need to pay, you can check in this site https://bitcoinops.org/en/tools/calc-size/