Make Blockchain Transfer Fee 0.00009 BTC And Save On Transfers

hopenotlate

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Quote from: Carlton Banks on January 10, 2017, 01:21:02 PM

Quote from: hopenotlate on January 10, 2017, 01:05:44 PM

Quote from: mocacinno on January 10, 2017, 09:18:01 AM

This size is determined by the number of inputs and outputs that were used/generated by your transaction. It does not matter if you used 10 10BTC inputs, or 10 0.00001 BTC inputs, on average, the size will be the same because 10 inputs were used (on average, and when you have the same amount of outputs).

This being said: I often try to cheap out on the fees when i transfer funds between my own wallets... When sending to a thirth party, i usually use a little more than the recommended fee of https://bitcoinfees.21.co

Wasn't aware of this so thanks for posting it again and for sharing fee site.
What I would like to know now is how can I know the size of the transaction am going to generate when sending BTC from my wallet.

Some wallets help with this (Bitcoin Core + forks of Core, Armory), others do not. You just need to use the right software.

I use Electrum: do you know if it's possible with it?

Carlton Banks

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Quote from: hopenotlate on January 10, 2017, 01:05:44 PM

Quote from: mocacinno on January 10, 2017, 09:18:01 AM

This size is determined by the number of inputs and outputs that were used/generated by your transaction. It does not matter if you used 10 10BTC inputs, or 10 0.00001 BTC inputs, on average, the size will be the same because 10 inputs were used (on average, and when you have the same amount of outputs).

This being said: I often try to cheap out on the fees when i transfer funds between my own wallets... When sending to a thirth party, i usually use a little more than the recommended fee of https://bitcoinfees.21.co

Wasn't aware of this so thanks for posting it again and for sharing fee site.
What I would like to know now is how can I know the size of the transaction am going to generate when sending BTC from my wallet.

Some wallets help with this (Bitcoin Core + forks of Core, Armory), others do not. You just need to use the right software.

hopenotlate

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Quote from: mocacinno on January 10, 2017, 09:18:01 AM

This size is determined by the number of inputs and outputs that were used/generated by your transaction. It does not matter if you used 10 10BTC inputs, or 10 0.00001 BTC inputs, on average, the size will be the same because 10 inputs were used (on average, and when you have the same amount of outputs).

This being said: I often try to cheap out on the fees when i transfer funds between my own wallets... When sending to a thirth party, i usually use a little more than the recommended fee of https://bitcoinfees.21.co

Wasn't aware of this so thanks for posting it again and for sharing fee site.
What I would like to know now is how can I know the size of the transaction am going to generate when sending BTC from my wallet.

SONG GEET

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Quote from: Wandering Soul~ on January 10, 2017, 12:37:15 PM

Let's say that its possible, maybe there is a good-natured miner, It's a good thing for us that we will have to pay a very low fee but not for the miners . If you're a miner you will definitely feel bad about this as the electricity bill is a no joke and also quite unfair for those who pays a high miner fee .

Miners can prioritize transaction based on transaction fee and the one who are also ok with lower fee could be mining with free or very cheap electricity so they may still find those low fee profitable but number of those miners are really low because even if some miners have really low electricity cost they will try to maximize profit by just accepting transaction with larger fees.

I think OP got lucky to get that transaction confirmed in 24 hour but all transaction may not have same size so this fee can't be said enough.

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Wolf

Sorry, I just don't believe that it is possible cause putting that very low fee in your transaction will just lead to you waiting longer than your usual for your transaction get confirmed . Miners always prioritize those who pays with a high fees .

Let's say that its possible, maybe there is a good-natured miner, It's a good thing for us that we will have to pay a very low fee but not for the miners . If you're a miner you will definitely feel bad about this as the electricity bill is a no joke and also quite unfair for those who pays a high miner fee .

topesis

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Firstly, how do you come about your valuation because I don't think 0.00009 will be enough for someone sending more than 1BTC and again I think it will lead to spamming of the network unless Bitcoin price hit $10000

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Results from the past are no guarantee for future transactions.
First: sending 0.1 mBTC with 0.09 mBTC fee is rediculous: the feel is almost as high as the amount sent.
Second: not so long ago 0.1 mBTC fee was the normal fee for a fast confirmation, and much lower fees (say 0.05 mBTC) worked fine too.
At the moment you need closer to half a dollar to get a fast confirmation, which completely destroys the "low fee" argument Bitcoin used to have over banks, credit cards and Paypal.

I'll give you another trick: collect your dust!
https://btc.com/stats/unconfirmed-tx shows the recommended fee for a fast transaction. Usually it's 100 satoshi/byte, but it often drops to 20 too. When it's low, you can get a fast confirmation with little fee. If you have collected a lot of small incoming transactions, it will be expensive to spend it all, as the transaction will be large.
You can reduce the cost by collecting your small inputs: transfer them in 1 transaction to another address you own. Do this when you don't need the money.
By the time you need to make a payment, you can make one small (and hence lower fee) transaction that confirms quickly.

~Bitcoin~

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Quote from: Red Fish on January 10, 2017, 04:48:33 AM

Real example - I sent 0.0001 BTC with 0.00009 BTC transfer fee and receive after 24 hours.

please give your transaction id so we can verify this on blockchain.
I think you only had one input in this transaction and only one/two output so that your transaction get confirmed within 1 day but this can't be case for others if size of transaction is bigger than yours. We can't generalize the situation...

mastica

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This is a mistake, putting lower fees then the sugested to the network will lead into unconfirmed transactions, makes no sense you pay such small transaction and wait days to get your transaction completed at all. People usually moves their money to invest into some altcoin, or to get some promotion, this isnt the way to go with fees, we all know in the futures fees will keep the miners hash active, soo this looks like a stupid act then something else, the fact you use bitcoin you are already saving money against the others payments options.

Carlton Banks

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Quote from: alyssa85 on January 10, 2017, 09:28:31 AM

If you were sending old coins with low number of inputs, then you would have had priority. If you send coins that haven't aged and your output is made up of loads of inputs, your 0.00009 fee is too low and no-one will confirm it.

Priority (or inputs age) don't get used much by miners anymore. They won't exist at all by 2018.

Why do you keep repeating this? It's not true. And so it's confusing to newbies.

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Quote from: Red Fish on January 10, 2017, 04:48:33 AM

I found really good way how to save on Blockchain transfer fees - make your transfer fee just 0.00009 BTC ( click on advanced send ). Of course Blockchain pop up will say - it is too low transfer fee, transfer can go for days and so on. In fact with 0.00009 BTC fee, you will receive your Bitcoin transfer in 24 - 36 hours.
Real example - I sent 0.0001 BTC with 0.00009 BTC transfer fee and receive after 24 hours.

If you were sending old coins with low number of inputs, then you would have had priority. If you send coins that haven't aged and your output is made up of loads of inputs, your 0.00009 fee is too low and no-one will confirm it.

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Quote from: Brigadrouge on January 10, 2017, 09:11:02 AM

i think it depends on the amount you are transferring if it's a couple bucks even 0.00005 could do the trick and if it's from 15 to 35mbtc you could go with 0.00009 more then that recommand it fee is the best because it's much larger amount and it will be a risk skimming from it

This has been discussed before, it's not the amount of BTC (or its value in USD) that defines the optimal fee, it's the physical size of the transaction (in bytes).

This size is determined by the number of inputs and outputs that were used/generated by your transaction. It does not matter if you used 10 10BTC inputs, or 10 0.00001 BTC inputs, on average, the size will be the same because 10 inputs were used (on average, and when you have the same amount of outputs).

This being said: I often try to cheap out on the fees when i transfer funds between my own wallets... When sending to a thirth party, i usually use a little more than the recommended fee of https://bitcoinfees.21.co

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i think it depends on the amount you are transferring if it's a couple bucks even 0.00005 could do the trick and if it's from 15 to 35mbtc you could go with 0.00009 more then that recommand it fee is the best because it's much larger amount and it will be a risk skimming from it

NUFCrichard

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Quote from: Red Fish on January 10, 2017, 04:48:33 AM

I found really good way how to save on Blockchain transfer fees - make your transfer fee just 0.00009 BTC ( click on advanced send ). Of course Blockchain pop up will say - it is too low transfer fee, transfer can go for days and so on. In fact with 0.00009 BTC fee, you will receive your Bitcoin transfer in 24 - 36 hours.
Real example - I sent 0.0001 BTC with 0.00009 BTC transfer fee and receive after 24 hours.

This seems anecdotal and poor advice.

I think you should add the disclaimer that your mileage may vary, and that if you actually need the transfer to happen anytime in the near future, then this is a poor idea.
If you want to move a small amount from one wallet to another, and it doesn't matter to you how long it takes, then go for it, save yourself a few cents.

If you actually want you money to arrive in a prompt and worry free manner, you should probably just pay the recommended fees, that is why the are recommended after all!

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Quote from: Red Fish on January 10, 2017, 04:48:33 AM

I found really good way how to save on Blockchain transfer fees - make your transfer fee just 0.00009 BTC ( click on advanced send ). Of course Blockchain pop up will say - it is too low transfer fee, transfer can go for days and so on. In fact with 0.00009 BTC fee, you will receive your Bitcoin transfer in 24 - 36 hours.
Real example - I sent 0.0001 BTC with 0.00009 BTC transfer fee and receive after 24 hours.

It is an inefficient method, I may think if you luck because your transaction already has delivered in 24 hours' expecting there are the spam transactions and it will take a week, or the network will forget your transaction and send him back to your wallet.

bamboylee

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I also cannot believe that is a good transaction fee and will be confirmed within 24 hours. Maybe OP you can post your tx so you can show proof that what you are saying is possible and true.

Xester

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This fee is very low and I am already having trouble waiting for my transactions to confirm even I pay 0.0002 to 0.0005 bitcoin for miners fee then how much more if it is 0.00009 btc that would be very long and its not good for my business. But I appreciate your post, I can still use it if I am not on business and doesnt need fast transactions.

Shiroslullaby

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This fee seems low.
I would post a transaction ID as proof, because this might not get confirmed.
Then again, I'm not great at setting fees and usually go towards a higher fee for faster confirmation.

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Quote from: Red Fish on January 10, 2017, 04:48:33 AM

I found really good way how to save on Blockchain transfer fees - make your transfer fee just 0.00009 BTC ( click on advanced send ). Of course Blockchain pop up will say - it is too low transfer fee, transfer can go for days and so on. In fact with 0.00009 BTC fee, you will receive your Bitcoin transfer in 24 - 36 hours.
Real example - I sent 0.0001 BTC with 0.00009 BTC transfer fee and receive after 24 hours.

While making Bitcoin transfer from wallet to wallet many factors can be considered before proceed. Here are some factors as size of transaction connected to nodes.

Transaction fee paid to miner can be determined with total number of transactions particular wallet address have. Second important thing is duration required for confirmation of transaction with the network.

If user failed to pay required transaction fees to miners then such transactions may never get confirmed within a network.

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Using a transaction fee of 0.00009BTC for a transaction with a normal size will not get you a confirmation within a week. Miners will not queue your transactions to be at the top and lots of transactions would be paying more fees/size than you. Unless you have a huge coin priority, using this fee would delay your confirmation by a lot. Please don't use this unless you are prepared to wait for several weeks to a month.

You will receive your Bitcoins instantly, just the confirmation will be severely delayed.

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