How to determine the right transaction fee? - page 2.

Charles-Tim

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Quote from: Solosanz on December 15, 2023, 08:07:36 AM

I think mistakenly pay the fees with such huge amount is almost impossible, there's should be a warning for that or the wallet doesn't allow you to send higher than the fast priority.

It is possible. It is better to use a reputed wallet that are recommended on this forum. There are two cases recently on the news and that were also discussed on this forum that very higher amount was payed as fee. It is good to know the fee that you used before broadcasting any transaction. Before reputed wallet will broadcast a transaction, the fee paid will first be displayed before you will click on broadcast.

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

Fee equals to feerate multiply by vbyte

Fee = feerate*vbyte

Vbyte is the virtual byte of the transaction.

Solosanz

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

Not memepool instead mempool.

Quote from: https://support.relai.app/en/articles/5658112-what-is-the-bitcoin-network-fee

What does sats/vB mean and how is the fee calculated?
The transaction fee is always displayed in Sats/vB. This means Satoshi per byte. So if a transaction has e.g. 1300 bytes, the following is calculated with a transaction fee of 50 Sats/vB: 50 * 1300 = 65’000 Satoshis (0.00065000 BTC)

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/

I think mistakenly pay the fees with such huge amount is almost impossible, there's should be a warning for that or the wallet doesn't allow you to send higher than the fast priority.

Charles-Tim

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Activity: 1512

Merit: 4795

Leading Crypto Sports Betting & Casino Platform

It is not called gas fee. This is not altcoin. It is called transaction fee. Or just call it fee.

Quote from: DYING_S0UL on December 15, 2023, 08:01:51 AM

Therefore, I could set my own gas fee as a result of high transaction volumes if I could understand the memepool and congestion. To understand, I meant the math and calculation part, and what's sat/vB? I don't know how that works.

Use either

https://mempool.space
Or
https://jochen-hoenicke.de/queue/

to know the fee rate to be used.

DYING_S0UL

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

As an example, suppose the current 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.

Therefore, I could set my own fee as a result of high transaction volumes if I could understand the memepool and congestion. To understand, I meant the math and calculation part, and what's sat/vB? I don't know how that works.

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 fee equals high priority. But if I could save a couple of pennies, then why not? This question popped inside my mind after someone posted this topic: Someone just paid 83BTC for transaction fee.

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