Topic: Minimum fee for confirmation (Read 245 times)

I have tried with 3 satoshi per byte and it was confirmed within 10 hours of sending. The total cost was $0.03 for $27, much cheaper. Thanks guys.
Again locking the thread.

Thank you all of you. I will try with 3 satoshi per byte which seems to be okay as per you. I have no problem if it get confirmed within 24 hours of sending. I will update you. For now, locking the thread.

The estimated rate required will frequently be changing as network congestion waxes and wanes. A fee rate that gets confirmation within 24 hours today may not work the same next week.

That's why, like o_e_l_e_o mentioned, you should use a site like Johoe's Mempool Statistics. For your purposes, I would visually look over the last 24 hours of activity, then manually choose a fee rate near the lower bound of confirmed transactions.

Over the last 24 hours, we've seen the mempool completely cleared many times, so right now 1 satoshi/byte is probably enough. You might add an extra satoshi or two per byte just to be safe.

I would suggest not using this site. It consistently grossly overestimates fees by just matching the current highest fee that is waiting to be confirmed. Currently there isn't even half a megabyte of data with a fee above 2 sats/byte waiting to be confirmed, but this site is suggesting a fee of a whopping 194 sats/byte, while 3 sats/byte (and probably even 2 sats/byte) is almost certainly enough to guarantee entry into the next block. The site 1miau linked to above is the best one to choose, but if that is too complicated for you, then this site is a close second: https://www.coinb.in/#fees. You don't have to use the input/output sliders if you don't understand them, just use the suggested fee in small font at the bottom of the blue box, currently 4 sats/byte.

In terms of the https://jochen-hoenicke.de/queue/#1,2d site, it is actually better to scroll down and look at 3 graph titled "Mempool Size in MB", rather than the first one titled "Unconfirmed Transaction Count". The number of transactions included in a block is based on each transaction's size, and fees are paid based on transaction size. The absolute number of transactions at a given level is less important than how much space they are going to take up. There may only be 12 transaction paying 200 sats/byte (for example), but if they are all 0.1 MB in size, then they will completely fill the next block.

My recommendation is to use this site here where you can see how many transactions are waiting for confirmation and which ones (sat/byte) get confirmed: https://jochen-hoenicke.de/queue/#0,24h

Should look like this for the last 24 hours:



And for the last four days:



So you see it's very different if you sent it during late daytime or at late night. For the last 4 days there were times when also a transaction of only 2 sats/byte were confirmed quickly. (Usually after 0.00 MEZ). But there's no guarantee that the pattern will happen every day again.

If you set it to 8 hours you'll see that several transactions of only 2 sats/byte were confirmed during the last hours but it's increasing right now:



I assume that the number of transactions will go up a little bit and there'll be mostly transactions confirmed with higher sat/byte as it happend already for the last days. (If you move your mouse over the lines youl'll see which lines are related to which sat/byte.).
So you see right now, transactions over 7 and 8 sats/byte should be confirmed withing the next hour.
Personally, I would set it to 4 sat/byte because I assume it will be better in around 4 or 5 hours and even low sat/byte transactions will be automatically "fished" by then. If you don't have to hurry.

If you are still new to Electrum I wouldn't recommend you going all out on setting your own network fees manually on your own, this will lead to prolonged periods of waiting time when you set the fees to lower than what is recommended. I would recommend you turning on the dynamic fees at least Electrum would give you the suggested amount for a fast transfer, even if you set the slider for the dynamic fees at its lowest you can still expect the transaction to be confirmed within the next 25 blocks.

Look at this website

https://bitcoinfees.earn.com/

with estimates of time versus tx fees in satoshis. Then you can decide what is the minimum you want to pay.

I can't find your perfect answer but you can try electrum official site or introduction all system update day by day. So you can try to find your answer.
http://docs.electrum.org/en/latest/index.html

Problem is I don't want to take more than 24 hours. Can I try with 3 satoshi per byte? Chance of being confirmed within 24 hours if I pay 3 satoshi?
Actually I don't want to take the risk, I want to get the confirmation within 24 hours with a minimum fee. Looking for reply from a specialist.

You can not guarantee when it will be confirmed but if you have no hurry then try with 2 sat/B even 1 sat/B.
Few days ago I had few tx got confirmed and they were 1 and 2 sat/B. They got confirmed in less than 24 hours.

I'm using electrum and it gives me the option to choose fee per byte. Now the question is how much minimum fee per byte is required to pay if I want to get the transaction comfirmed within next 24 hours at maximum?