Max fee blockchain.info | Bitcointalksearch.org

timerland

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Quote from: hugeblack on December 21, 2017, 03:26:39 AM

I know we have 1 MB block size limit introduced into Bitcoin by Satoshi Nakamoto when using bitcoin.

this is mean we have max 1000 sat/b "1 MB" right?

Today, when I check my blockchain wallet, found this numbers.

Can anyone explain why I get this numbers?

All it's saying there is that you can't afford to use that fee because your balance isn't big enough. 1k sats/byte is probably unnecessary, i think 800 sats/byte should be fine for a small to medium sized transaction to confirm within a few hours.

Nothing to do with the block size whatsoever.

These numbers are simply from blockchain.info's recommendations for the best fees to pay in order to get your transaction confirmed within the first block or in the first 6 blocks, similar to what you get in electrum and other wallets.

ralle14

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Quote from: hugeblack on December 21, 2017, 08:31:28 AM

Only my ask about this.

I was thinking max fee is 1000 sat/b since we have 1 MB for every block size.

if this spamming keep rising and more miners go to BCH, Can we get 2000 sat/b fee?.

We now have blocks more than 1mb but that doesn't have any relation with the max fees.

The recommended fees could go up high if the miners move to bitcoin cash because there's not enough blocks mined to balance the amount of transaction being made per second. The recommended fee yesterday was 600-700 (0.0013 btc) now it's at 900+ (0.002 btc) we might see it go up to 1500 next week.

shield132

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Quote from: hugeblack on December 21, 2017, 03:26:39 AM

I know we have 1 MB block size limit introduced into Bitcoin by Satoshi Nakamoto when using bitcoin.

this is mean we have max 1000 sat/b "1 MB" right?

Today, when I check my blockchain wallet, found this numbers.

Can anyone explain why I get this numbers?

That would be good but however we don't have any limit. I remeber one user sent here very small amount of bitcoin with 10 btc fee (maybe more, don't know exactly) and was requedting return of this transaction from miner whom include transaction in block (very lucky miner to be fair).
And also someone asked here about network spamming and fees rising. Yes, that can happen very easily and more likely it's going to be like that, miners get more profit from it. Just look, viabtc required 0.01btc fee for transaction confirmation nothing to say about btc.com which has skyrocket prices.

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Quote from: hugeblack on December 21, 2017, 08:31:28 AM

--snip--
if this spamming keep rising and more miners go to BCH, Can we get 2000 sat/b fee?.

yes

Quote from: hugeblack on December 21, 2017, 08:31:28 AM

also, want to know max fee number?

there is no maximum... well, theoretically, you could send 1 satoshi and add a fee of the sum of every btc ever payed as a block reward minus 1 satoshi. In reality, that tx probably wouldn't propagate due to the dust outputs, and the fact there is no single entity that controlls all private keys..
Also, *some* wallets *might* have a built-in failsafe

Some illustration:
https://blockchain.info/tx/cc455ae816e6cdafdb58d54e35d4f46d860047458eacf1c7405dc634631c570d
allmost 15 million satoshi/byte... That should shed a different light on the 1000 sat/byte fees we see nowadays Wink

hugeblack

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Quote from: Potato Chips on December 21, 2017, 05:07:16 AM

No, The 1mb block size is the limit on how many transactions can fit in a block and this has nothing to do with fees.

Quote from: exstasie on December 21, 2017, 05:12:11 AM

Quote from: hugeblack on December 21, 2017, 03:26:39 AM

I know we have 1 MB block size limit introduced into Bitcoin by Satoshi Nakamoto when using bitcoin.

this is mean we have max 1000 sat/b "1 MB" right?

No, there is no maximum fee rate. The fee rate is market-based. The block size limit means that standard transactions are limited to 1,000,000 bytes and Segwit transactions are limited to 4,000,000 bytes.

Satoshi/byte = the fee rate you are paying based on that limit. 1 Satoshi = 0.00000001 BTC. Median transaction size is 226 bytes. You can do the math.

Only my ask about this.

I was thinking max fee is 1000 sat/b since we have 1 MB for every block size.

if this spamming keep rising and more miners go to BCH, Can we get 2000 sat/b fee?.

also, want to know max fee number?

solarion

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Quote from: hugeblack on December 21, 2017, 03:26:39 AM

I know we have 1 MB block size limit introduced into Bitcoin by Satoshi Nakamoto when using bitcoin.

this is mean we have max 1000 sat/b "1 MB" right?

Today, when I check my blockchain wallet, found this numbers.

Can anyone explain why I get this numbers?

You have chosen the priority fees here this will cost highest fees in the blockchain wallet. Even in the regular fees amount also you will get the 20 to 25 USD per transaction. So have regular by default to avoid loose of money in the transaction you made without checking the fee details when you sending. Modify that to regular fees until you have fund in the blockchain wallet but try to move to different online like coinbase or others. There always fees is seems cheap in the online wallets.

exstasie

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Quote from: hugeblack on December 21, 2017, 03:26:39 AM

I know we have 1 MB block size limit introduced into Bitcoin by Satoshi Nakamoto when using bitcoin.

this is mean we have max 1000 sat/b "1 MB" right?

No, there is no maximum fee rate. The fee rate is market-based. The block size limit means that standard transactions are limited to 1,000,000 bytes and Segwit transactions are limited to 4,000,000 bytes.

Satoshi/byte = the fee rate you are paying based on that limit. 1 Satoshi = 0.00000001 BTC. Median transaction size is 226 bytes. You can do the math.

Quote from: hugeblack on December 21, 2017, 03:26:39 AM

Today, when I check my blockchain wallet, found this numbers.

Can anyone explain why I get this numbers?

Due to current congestion, regular transactions (not immediate confirmation) cost 820 satoshis/byte and priority transactions (next block) cost 1091 satoshis/byte according to Blockchain.info's fee algorithm. Personally, I'd prefer to pay significantly less than that for confirmation within 24-72 hours. If you are willing to wait just 24 hours, you can pay closer to 200 satoshis/byte.

Potato Chips

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No, The 1mb block size is the limit on how many transactions can fit in a block and this has nothing to do with fee's.

Quote from: hugeblack on December 21, 2017, 03:26:39 AM

Can anyone explain why I get this numbers?

It's because with that amount of fee, you will be spending an amount greater than what you have. For obvious reasons you can't do that.
So you should lower your fee. The network is currently congested right now so if you don't want to get your transaction stucked, Use some guides to set a fee.

For example like this one:

Quote from: https://bitcoinfees.earn.com

The fastest and cheapest transaction fee is currently 870 satoshis/byte, shown in green at the top.
For the median transaction size of 226 bytes, this results in a fee of 196,620 satoshis.

Please note that the network can easily change so the recommended fee right now might not be the same in the next hours so you might want to add some allowance.

hugeblack

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I know we have 1 MB block size limit introduced into Bitcoin by Satoshi Nakamoto when using bitcoin.

this is mean we have max 1000 sat/b "1 MB" right?

Today, when I check my blockchain wallet, found this numbers.

Can anyone explain why I get this numbers?

Topic: Max fee blockchain.info (Read 175 times)