Max. Fee value | Bitcointalksearch.org

NeuroticFish

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Quote from: Deep BTC on April 03, 2017, 12:36:49 PM

As far as I understand, we have to wait 10 minutes. In other words, a minimum of 10 minutes is required to confirm the operation.
Even if we enter the transaction fee too high, it will be confirmed at the earliest 10 minutes.

The 10 minutes is an average. Just look at https://blockchain.info/blocks and see the times between blocks. In order to have a payment confirmed, a new block needs to be mined, so there are the real times.
Sometimes it's less than 5 minutes, sometimes it's more than 20 minutes.

Quote from: Deep BTC on April 03, 2017, 12:36:49 PM

Then it makes more sense to enter the average values for the fee value.

No, it doesn't. I use this site to see: https://btc.com/stats/unconfirmed-tx
The recommended fee now is 50 sat/byte. An average value would be some 25 sat/byte, making your transaction get confirmed in about 12h. It's quite a leap from ~10 minutes. And it's an estimation.
If the network gets very busy suddenly, many transactions will come in after yours but with higher and higher fee. Yours will remain unconfirmed for longer and longer. And lower fee you use, higher chance this to happen to you, especially if you don't check first how full the mempool is (how busy the network is).

Quote from: Quartx on April 05, 2017, 02:53:59 AM

There is no hard limit, you can send a 0.01 BTC transaction and pay 30000BTC in fees if you want to and have the balance for it.

If the value is too high, confirmation should take as fast as the next block or current blocked being mined takes to be mined.

https://en.bitcoin.it/wiki/Transaction_fees writes:

Quote

At all times, Bitcoin Core will cap fees at `-maxtxfee=` (default: 0.10) BTC.

I tend to believe that.

Quartx

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Quote from: Deep BTC on April 02, 2017, 04:16:23 PM

Sites such as https://bitcoinfees.21.co/ calculate the average fee value required for approval of transactions.

The higher the Fee value, the sooner we are approved. Does this have a certain limit? If the value of the Fee is too high, is it possible to be approved in less than 10 minutes?

There is no hard limit, you can send a 0.01 BTC transaction and pay 30000BTC in fees if you want to and have the balance for it.

If the value is too high, confirmation should take as fast as the next block or current blocked being mined takes to be mined.

KennyR

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Most of the time I use blockchain.info wallet and I haven't experienced any delay in the transaction confirmation and no need of an calculation of bitcoin fee. The auto fee levied by the wallet service provider itself gives the confirmation in a very less time as mentioned by the wallet.

richmcrich

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Quote from: Deep BTC on April 03, 2017, 12:36:49 PM

As far as I understand, we have to wait 10 minutes. In other words, a minimum of 10 minutes is required to confirm the operation.
Even if we enter the transaction fee too high, it will be confirmed at the earliest 10 minutes.

Then it makes more sense to enter the average values for the fee value.

I know that everyone is complaining about the high fees and the long transaction time, but keep in mind that paying extra fee is optional it won’t make the transaction be instant it will make it a bit quicker but not worth paying for it.

You are better off leaving the fee to default, that is what the miners want us to do, they want us to pay more and more fees so they can make profit, I understand that there are more transaction than what it used to be but this has gone way to far.

Deep BTC

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As far as I understand, we have to wait 10 minutes. In other words, a minimum of 10 minutes is required to confirm the operation.
Even if we enter the transaction fee too high, it will be confirmed at the earliest 10 minutes.

Then it makes more sense to enter the average values for the fee value.

Carlton Banks

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There's some kind of "insane fee" logic in Bitcoin Core, can't remember how that works exactly.... But it's there to stop people accidentally sending 100 BTC as a fee, that sort of thing (which has happened before a few times, usually because someone writes the script for the transaction themselves and forgets to send themselves the change in the script they write, i.e. regular users don't have to worry about it)

shield132

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You can set as much fee as you want but if fee is higher than recomended high, it'ssimply easte of bitcoins in fee because there is no chance that your transaction will get confirmations instantly ot in 4-5 minute, it needs 10 minute for that. For example, if you are sending 0.02btc with 0.001 fee and still 0.02 btc with 0.005 fee, than difference here will be only wasted bitcoins, not time of transaction confitms. Hope I explained it well.

QuestionAuthority

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Everything you ever wanted to know about transaction fees but were afraid to ask:

https://en.bitcoin.it/wiki/Transaction_fees

Invisible Hand

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Quote from: Deep BTC on April 02, 2017, 04:16:23 PM

Sites such as https://bitcoinfees.21.co/ calculate the average fee value required for approval of transactions.

The higher the Fee value, the sooner we are approved. Does this have a certain limit? If the value of the Fee is too high, is it possible to be approved in less than 10 minutes?

No, it can not be "approved" (confirmed) before the next block. A high fee will just make it likely to be included in the next block, and on average it takes roughly 5 minutes for the next block to appear.

unamis76

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Fees have no limits. BTW, it's not "approval", it's confirmation

Deep BTC

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Sites such as https://bitcoinfees.21.co/ calculate the average fee value required for approval of transactions.

The higher the Fee value, the sooner we are approved. Does this have a certain limit? If the value of the Fee is too high, is it possible to be approved in less than 10 minutes?

Topic: Max. Fee value (Read 531 times)