Price of transaction | Bitcointalksearch.org

Shenzou

sr. member

Activity: 1400

Merit: 283

Quote from: hercules006 on January 15, 2018, 06:04:03 AM

Is it possible to low the fee of transaction of btc?
Is there a best time to do the transaction to have a lower fee?
What drives to the price of fee to increase?
I would love to hear, thanks!

It is possible to lower the fees for your transaction but that is not good, because it could take daus weeks or even months and not get verified, i personally use online wallets for this resaon because the fees are prested so my transaction gets verified, as for the best time to send it i usally find that the fees start to go down over the weekend, but i saw some guy on reddit saying that the best time to send is when the block size is lower than 1Mb. and you can monitor it on tradeblocks.

tech72

full member

Activity: 427

Merit: 100

Bitcoin will have cheapest transaction fees when lighting network is introduced in it (around 10 cents), till then the fees would depend on miners competition and other factors.

gold1112

jr. member

Activity: 196

Merit: 7

I will wait for the introduction of Lightning network

Because high transaction costs.

Anti-Cen

member

Activity: 210

Merit: 26

High fees = low BTC price

Quote from: TheQuin on January 17, 2018, 12:30:28 AM

This is a good place to start:
https://cointelegraph.com/explained/lightning-network-explained

There are also a lot of threads on this board where LN has been discussed in detail. Take time to have a look around.

A few diagrams on a video gets the design and concept over
https://www.youtube.com/watch?v=UYHFrf5ci_g
https://www.youtube.com/watch?v=MpfvhiqFw7A

Both say the hubs charge fees, keep a private balance so I will call them banks myself because that's what they
are in plain english

btcton

legendary

Activity: 1302

Merit: 1007

Something that nobody here seems to have mentioned is that if you happen to have your bitcoins at a cryptocurrency exchange such as Binance or Coinbase, it would make the most sense to convert your bitcoins to a different cryptocurrency such as Litecoin or Ethereum before actually sending them over to a different exchange. This way, you can avoid having to spend a lot of money on fees by using blockchains that are not as congested and then you can simply convert everything back to Bitcoins. Of course, this only works when sending money between exchanges that happen to support the same cryptocurrencies, so for Binance and Coinbase, this would only work with Bitcoin Cash, Ethereum, and Litecoin.

pragna

full member

Activity: 1582

Merit: 101

Actually i wonder sometimes about price of transaction. There is a standard rules regulations for fees but sometimes it does not maintain its rules. So i think anybody can not tell fixed price of transction. Its under out of control of all.

TheQuin

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Freebitco.in Support https://bit.ly/2I9BVS2

Quote from: hercules006 on January 16, 2018, 11:48:31 PM

Quote from: IanDev on January 16, 2018, 10:10:04 AM

You should wait for the introduction of Lightning network if you are worried about high transaction costs.

What is that about lightning network, where can I read the full details about that?

This is a good place to start:
https://cointelegraph.com/explained/lightning-network-explained

There are also a lot of threads on this board where LN has been discussed in detail. Take time to have a look around.

hercules006

newbie

Activity: 56

Merit: 0

Quote from: IanDev on January 16, 2018, 10:10:04 AM

You should wait for the introduction of Lightning network if you are worried about high transaction costs.

What is that about lightning network, where can I read the full details about that?

IanDev

newbie

Activity: 31

Merit: 0

You should wait for the introduction of Lightning network if you are worried about high transaction costs.

malikusama

copper member

Activity: 1050

Merit: 294

Quote from: onnz423 on January 15, 2018, 06:09:53 AM

You can take a look at the following website to see what the ideal transaction fees are at the time you're sending the transaction;

https://bitcoinfees.earn.com/

Currently 420sat/b are recommended, bitcoin fees don't actually go up, the competition increases, thus meaning only the highest fee transactions are prioritized by the miners, given that only a limited number of transactions fit in the next block.

OP is asking about how the transaction fee can be lower down not about the ideal transaction fee now, you are stating the ideal transaction fee for quick confirmation generally within 30 min, 420 sat/byte is quite high not a low fee.

Quote from: hercules006 on January 15, 2018, 06:04:03 AM

What drives to the price of fee to increase?

Increased demand and so the increased transactions per second while the block size is the same, this is the reason why fee is increased. And due to this miners have prioritized the transaction according to the fee.

Anti-Cen

member

Activity: 210

Merit: 26

High fees = low BTC price

ShapeShift runs a API and you can get a price indication from them but the whole thing when it comes
to fees in Bitcoins looks like witchcraft to me

Fees are now a inverse indication of the price with adjustments for market moods and
being forced to pay $25 just to store 250 bytes of data is a total joke for any digital
currency that had a white paper that said "Virtually free transactions fees"

See https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#3m

No way will I be paying on average $30 per transaction and nor will anyone new
to Bitcoin who's do their homework first and Bitcoin has given other alt-coins
a dirty name by doing this.

TheQuin

hero member

Activity: 2576

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Freebitco.in Support https://bit.ly/2I9BVS2

Quote from: onnz423 on January 15, 2018, 06:09:53 AM

https://bitcoinfees.earn.com/

Currently 420sat/b are recommended

Be aware that the recommended fee on that site is very high as it is based on a 95% probability of being included in the next block. Look at the bars above to see where transactions disappear from when blocks are found and you'll find a much cheaper fee area to use. (right now you would get confirmed around 120 rather than 420)

Also, have a look at this site:

https://dedi.jochen-hoenicke.de/queue/more/#2h

It gives a graphical representation that can be easier to determine the best fee from.

onnz423

hero member

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You can take a look at the following website to see what the ideal transaction fees are at the time you're sending the transaction;

https://bitcoinfees.earn.com/

Currently 420sat/b are recommended, bitcoin fees don't actually go up, the competition increases, thus meaning only the highest fee transactions are prioritized by the miners, given that only a limited number of transactions fit in the next block.

hercules006

newbie

Activity: 56

Merit: 0

Is it possible to low the fee of transaction of btc?
Is there a best time to do the transaction to have a lower fee?
What drives to the price of fee to increase?
I would love to hear, thanks!

Topic: Price of transaction (Read 249 times)