Bitcoin transaction fees are continuously fluctuating, and they are modified according to the state of the mempool. If the mempool is overburdened, you might wish to utilize a larger transaction fee to receive confirmation sooner. If you are patient enough to wait for your transaction to be put in the block, you may still use a lower transaction cost than the recommended charge, but when the network is busy, it may take a long time to obtain that confirmation, even more than 24 hours. Just wanted to share my experience; I often utilize the transaction fee recommended by the two sites.
super mario bros
Topic: Is Bitcoin transaction fee fixed? - page 2. (Read 363 times)
Transaction fees are determined by the market. Miners can process whatever transactions they want, but it is obviously the most beneficial to include the highest fee per byte transactions as the space is limited in each block. This is a great incentive system that they say cures some problem with some generals or something. (Kidding, but look it up and appreciate greatness.)
Not fixed at all as the fee depending on the network, if it's congested, you can increase your fee if you want the transaction to be confirmed in your estimated time.
However, seems things are different late (don't know the reason for sure) as I notice that the fees are pretty cheap compared to the last, the market is bullish, the same scenario in the past, but you can move bitcoin at a very cheap rate today, of course, you can refer to the https://mempool.space/ as your guide.
However, seems things are different late (don't know the reason for sure) as I notice that the fees are pretty cheap compared to the last, the market is bullish, the same scenario in the past, but you can move bitcoin at a very cheap rate today, of course, you can refer to the https://mempool.space/ as your guide.
After solving the arithmetic logarithm by the miners to choose who would carry out the transactions on the network. The transaction fee charged is it fixed, decided by fellow miners or can the sender edit the transaction fee below the current price charged or above it?
I'm just curious
No it is not fixed. If you say that the fee is a fixed fee, then it’s going to be a particular that you’re going to be paying anytime you’re doing a transaction. But it is not like that, rather you’re always paying different fees whenever you are doing a transaction with your wallet; if you’re paying $10 today for the transaction you’re doing, tomorrow or even the next minute, you’re not going to be paying that same $10, it will change $1 or any other thing. The price is determined by what people are ready to pay at that time and how busy or congested the network is at the time you’re doing the transaction. I'm just curious
Maybe add a new fee amount?
As far as I know when making a widraw transaction the fees always change. Some friends have shown some references to estimate the amount of fees that will be used so that transactions are not delayed too long. Since all bitcoin transactions depend on network density, the denser it is, the more expensive it will be to speed up transactions.
My experience, I use electrum. With Electrum, we can activate the RBF feature which functions to increase transaction fees so that we get to the destination address quickly. If you are not in a hurry then you can use the standard fee. My experience is always monitoring the mempol before making a transaction, so you can determine the cost according to your needs and network density.
As far as I know when making a widraw transaction the fees always change. Some friends have shown some references to estimate the amount of fees that will be used so that transactions are not delayed too long. Since all bitcoin transactions depend on network density, the denser it is, the more expensive it will be to speed up transactions.
My experience, I use electrum. With Electrum, we can activate the RBF feature which functions to increase transaction fees so that we get to the destination address quickly. If you are not in a hurry then you can use the standard fee. My experience is always monitoring the mempol before making a transaction, so you can determine the cost according to your needs and network density.
You are registered here for almost 1 year but you don't know if the transaction fee is fixed or not?
What actually wallet are you always using?
Have you heard about Electrum, wasabi, or Bitcoin core?
Have you tried to use them?
I did actually have the same questions too on where this is just a basic thing and its impossible for a member of this forum for 1 year isn't aware on how fee works?What actually wallet are you always using?
Have you heard about Electrum, wasabi, or Bitcoin core?
Have you tried to use them?
He should really know on using those non-custodial wallets for him at least does have the idea on how to set out specific fees on specific market conditions.
Electrum would be a good wallet to make things a bit familiarizations on things at least for him to know on how fee works.
In the last 3 month I think bitcoin transaction fees are quite low and very suitable for moving small amount of bitcoin to other wallet. 1 sat/byte is a fairly cheap transaction fee although on some previous transactions I had to wait more than 4 hours to get 1 confirmation. OP you can set your own fees with bitcoin and this is why bitcoin is called your own bank. Right now you should be using 10 sat/byte to get a confirmation in at least 10 minute, but you can still set it lower if you don't need the money urgently.
You are registered here for almost 1 year but you don't know if the transaction fee is fixed or not?
This is too hash buddy, spending a year on the forum is not a prerequisite to know everything about Bitcoin. I have been studying about different things this caught my attention I needed clearityQuote
What actually wallet are you always using?
Have you heard about Electrum, wasabi, or Bitcoin core?
Have you tried to use them?
I have been restricted to trust wallet for a long time and haven't seen an option as such where you can set the miners fee and while studying I came across setting your transaction fee on the network so I came up with the threadHave you heard about Electrum, wasabi, or Bitcoin core?
Have you tried to use them?
Quote
If not, I'd like to suggest that you try Electrum or wasabi you can able to set the miners fee any amount you want. It's not the same as exchange wallets like Coinbase or Binance that have fixed transaction fees or any custodial wallet.
Here's what it looks like in Electrum when you are manually set the fee
Under "target fee" that is where you can edit how much sat/byte you want to pay and also take note of the size of the transaction.
Thank you Here's what it looks like in Electrum when you are manually set the fee
Under "target fee" that is where you can edit how much sat/byte you want to pay and also take note of the size of the transaction.
If people do opt-in a transaction as RBF, they will not be able bump fee later with RBF. They will have to use Child-Pay-For-Parent transaction.
Sorry man, i can't get your point clearly.Once the transaction is added into a block, you can't be able to use any feature as you don't need eny of them anymore.
I you are the sender, you can always enable the RBF option so if the transaction dely to get confirmed because of the lack of mining fees, you will be able to broadcast another transaction using the same details of the first transaction [unconfirmed one].
If you are the receiver, make sure that you are using a client where you can enable the option of CPFP which allows you to spend unconfirmed outputs. Create another transaction with higher fee, the miner will have to confirm the parent transaction before going with the child transaction.
Electrum for both mobile and desktop is the best option for those who are not familiar with bitcoin transactions .
After solving the arithmetic logarithm by the miners to choose who would carry out the transactions on the network. The transaction fee charged is it fixed, decided by fellow miners or can the sender edit the transaction fee below the current price charged or above it?
I'm just curious
Bitcoin transaction fee are always volatile which will be adjusted to the condition of the mempool. If the mempool is congested then you may be advised to use a higher transaction fee if you want to get confirmation faster. You can still use a lower transaction fee than the recommendation fee if you are patient enough to wait for your transaction to be put in the block, but when the network congested, it may take you a while to get that confirmation even it can be longer than 24 hours. Just wanted to share my experience, I usually use the transaction fee suggested by the two sites (Mempool.space & Blockchair.com). Make sure you also enable RBF to anticipate network congestion because this feature allows you to increase transaction fee before confirmation. I'm just curious
If people do opt-in a transaction as RBF, they will not be able bump fee later with RBF. They will have to use Child-Pay-For-Parent transaction.
ABSOLUTE NONSENSE.
This is exactly why I click the "ignore" link on ALL users with signature ads. All they do is spout nonsense, wasting time and space on the forum.
You are registered here for almost 1 year but you don't know if the transaction fee is fixed or not?
What actually wallet are you always using?
Have you heard about Electrum, wasabi, or Bitcoin core?
Have you tried to use them?
If not, I'd like to suggest that you try Electrum or wasabi you can able to set the miners fee any amount you want. It's not the same as exchange wallets like Coinbase or Binance that have fixed transaction fees or any custodial wallet.
Here's what it looks like in Electrum when you are manually set the fee
Under "target fee" that is where you can edit how much sat/byte you want to pay and also take note of the size of the transaction.
What actually wallet are you always using?
Have you heard about Electrum, wasabi, or Bitcoin core?
Have you tried to use them?
If not, I'd like to suggest that you try Electrum or wasabi you can able to set the miners fee any amount you want. It's not the same as exchange wallets like Coinbase or Binance that have fixed transaction fees or any custodial wallet.
Here's what it looks like in Electrum when you are manually set the fee
Under "target fee" that is where you can edit how much sat/byte you want to pay and also take note of the size of the transaction.
Use of the RBF (Replace By Fee) feature in Bitcoin transactions can make it easier to increase the fee before the transaction is included in a block, and increase the likelihood that the miners and pools will see and include the new transaction with the larger fee.
[Guide] Broadcast Your RAW Transaction (Push TX) BTC & Alts coins[TUTORIAL]getting a low-fee transaction unstuck by creating a CPFP with electrum
All about "stuck" transactions and what you can do to fix them
If people do opt-in a transaction as RBF, they will not be able bump fee later with RBF. They will have to use Child-Pay-For-Parent transaction.
After solving the arithmetic logarithm by the miners to choose who would carry out the transactions on the network. The transaction fee charged is it fixed, decided by fellow miners or can the sender edit the transaction fee below the current price charged or above it?
I'm just curious
I'm just curious
The sender of the transaction (or their wallet software) chooses what transaction fee they will pay for the transaction.
The solo-miner or mining pool (or their mining software) decides if they want to include the transaction in their block or not.
By choosing a larger fee, the sender creates a larger incentive for the miner or pool to choose to include their transaction. If the transaction has not yet been included in a block, it might be possible to resend the transaction with a higher (or lower) transaction fee, however there is no guarantee that the miner or pool won't still choose the earlier transaction without the changed fee. Use of the RBF (Replace By Fee) feature in Bitcoin transactions can make it easier to increase the fee before the transaction is included in a block, and increase the likelihood that the miners and pools will see and include the new transaction with the larger fee.
Fix, what is a fix you implied?
You can check mempool space and choose transaction fee for your transactions.
https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight
https://mempool.space/vi/
When you check mempool, it is very clear and you can move your Bitcoin with 2 satoshi/ vbyte and get confirmation in 20 minutes.
Bitcoin breaks $60k but the mempool is still clean. I don't know mempool space will be loaded more tomorrow, let's see.
Make sure to avoid wasting BTC for too high fees – step by step guide (Electrum)
You can check mempool space and choose transaction fee for your transactions.
https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight
https://mempool.space/vi/
When you check mempool, it is very clear and you can move your Bitcoin with 2 satoshi/ vbyte and get confirmation in 20 minutes.
Bitcoin breaks $60k but the mempool is still clean. I don't know mempool space will be loaded more tomorrow, let's see.
Make sure to avoid wasting BTC for too high fees – step by step guide (Electrum)
After solving the arithmetic logarithm by the miners to choose who would carry out the transactions on the network. The transaction fee charged is it fixed, decided by fellow miners or can the sender edit the transaction fee below the current price charged or above it?
I'm just curious
I'm just curious
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