Topic: I have a question regarding Bitcoin transaction fees. (Read 178 times)

Announcing MyEtherWallet v3.24.00: Difficulty Bomb&Updating blockchain

Due to the complexity of the Bomb and the increased risk of hacking, we pushed a rather drastic update that implements a number of changes and improvements, including enhancement of efficiency and scalability of the blockchain, acceleration of transaction speed, and additional security in the form new formats private keys which will help protect users against hacking.
If you are using private key or UTC, then you need to go into the wallet and update manually, otherwise they risk being unprotected.

How do i update my Ethereum wallet?

1. Go to our website MyEtherWallet.com
2. Unlock your wallet using your Keystore File (UTC / JSON) or simply use your private key.
3. Click Unlock and wait for the update.

Please note that you need to manually update your wallet, failure to do so may result in funds being lost.

We are taking these measures to protect both you and our network from phishing and malicious attacks.

Thank you for your cooperation and understanding!
MyEtherWallet Security Team.

If you use other methods, then ignore this message.

You can pay for as low as $0.01 but generally it's increasing and depends on the size of your transaction.

But it usually goes around $0.01 - $0.1 now.

early January is $ 37 per transaction. Currently, the fee has been reduced to $ 0.79, leading to the cost of mining $ 0.2 / 0.098 BTC.

In addition to the above, transaction fees[1] are also affected by the number of Inputs/Outputs for each transaction.
In some bad scenarios, "if you run Faucets," you may have to pay higher than the normal rate because of a large number of inputs
Generally, downloading a well-designed wallet ----> https://electrum.org/  and not modifying fees "unless you know what to do"  will save you from problems.

[1] https://jochen-hoenicke.de/queue/#2,24h

I kinda don't understand your question but I think the answer you are looking for is what is the appropriate transaction fee to get a fast confirmation time, the answer is it depends on how many transactions is happening that time. And it always varies from time to time. If the network is clogged by a lot of transactions then expect that you need to pay high fees in order to get a speedy confirmation. I remembered that when Bitcoin was above 15,000$ I got to pay about .00085 BTC in order to get a fast transaction.

Maybe the highest will be last month the gas price is too damn high even though the Coin price is not rising in my experience my highest gas price transaction fee is .01 eth or like 5 dollars for me and the transaction will be completed normally like 10 minutes , that is too high because normally my transaction fee is just .0001 eth and the transaction will be complete like 35 minutes or less but sometimes the transaction will fail because of the wrong gas price.

You shouldn't be paying a flat fee per value, you should be paying a fee per byte of transaction data (it doesn't matter which value you transferred, a 0.0001 BTC transaction can be LARGER than a 100 BTC transaction, thus requiring a higher fee eventough the transmitted value is 1000000 times smaller).
All that matters is the number of unspent outputs that have been used as an input of your transaction, the number of outputs generated by your transaction and wether or not you're using a segwit wallet. There are other parameters that can also influence the transaction size, but they shouldn't matter for a "normal" user.

IF you had to pay a 0.005 BTC fee, it was either several months ago (during the spam attack) OR you were spending from an online wallet that uses a bad fee estimator OR you were spending hundreds upon hundreds of unspent outputs.


I haven't got a clue what you're trying to say, sorry... But if you're telling people thay should use a low fee, you should rethink this. The fee is the difference between the sum of the inputs and the sum of the outputs. A miner can add the sum of all fees of all transactions he includes in the block he's trying to solve to the coinbase reward of 12.5 BTC (at the moment). The more fee per byte of transaction data you add, the bigger he odds a miner will include your transaction in the block he's trying to solve.

At the moment, adding a very low fee is fine. But if you continue adding a low fee during a spam attack, your broadcasted transactions will probably never end up in a block (unless you keep rebroadcasting them for months). Most nodes prune unconfirmed transactions from their mempools after a couple of days, lowering your odds of getting your transaction confirmed.
You should advice people to use the appropriate fee at that moment in time. At this very moment, a 1 sat/byte fee is fine... In a couple of months it *might* be 100 sat/byte (who knows). I've had to add over 400 sat/byte in the past in order to have a decent chance of my transaction ending up in the next 6 blocks...

I think it's will be must of transaction fee.but I suggest you fee should be very low fee.because if we pay fee of transaction. there working of that with in few minutes l think so.

nope... you're talking about priority transactions (https://en.bitcoin.it/wiki/Transaction_fees#Priority_transactions), but allmost no miner will add 0 fee transactions to their blocks anymore, even if they're priority transactions. A 0 fee transaction won't even make it to the mempool of a lot of nodes. So, theoretically it's possible to have a 0 fee priority transaction included in a valid block, but the odds are not in your favour.

On the High transaction fees last time i faced was when i was transferring 0.1 btc and i had payed nearly 0.005btc transaction fees to get confirmed fast and it took only 5 minutes to get confirmed. But just after that transaction i sent same way of transaction with same transaction fees and it took nearly 18hrs to get confirmed. So their is no much difference if the transaction queue is very high then even when paying high fees it takes long time to get confirmed. Lowest i paid last week 0.009 i paid only like 500 sat thats it and it got confirmed in 10 min

That's a good link, the one i usually use is https://coinb.in/#fees it has the added benefit of having a fee estimator

@OP: there is no guaranteed fee that will result in a fixed confirmation time. Every 2016 blocks the diff is adjusted to make sure the AVERAGE time between 2 blocks is 10 minutes, so even if you'd pay a huge fee, by chance it could take way more than 10 minutes before a block is found.
A second thing is that a miner can chose which transactions he includes in the block he's currently trying to solve. There is no 100% guarantee he'll pick your transaction, EVEN if you pay a huge fee.  Offcourse, miners are running a business nowadays, so if you add a big fee, the odds of them adding your transaction is rather big.

The confirmation time may vary for each of your transactions depending on the transaction fees paid by Bitcoin shippers. If the cost is high enough, the transaction can get three confirmations within 30 minutes. If costs are low, it may take days for the transaction to be confirmed.

The answer to your question depends entirely on how full the mempool is currently, which can be viewed here: https://jochen-hoenicke.de/queue/#2,24h

At the time of writing, the latest block contained transactions with fees of less than 1 sat/byte, which only took a few minutes to confirm.

All I know For now, most transactions are processed for free, but for transactions that pull coins from multiple Bitcoin addresses so that it requires a larger portion of data, it will incur a very small transaction fee.

I'm always following the recommended fee so that I won't struggle waiting for hours just to get confirmed.

If I set it to the recommended fee, it usually goes 10-15 mins or earlier than that.

What is the lowest and what is the highest transaction fee you have set and what was its confirmation time?