Transaction fees/how much does it cost to send bitcoin?

kolloh

legendary

Activity: 1736

Merit: 1023

Quote from: dacueba on March 25, 2017, 07:29:30 AM

Quote from: RJX on March 25, 2017, 04:13:12 AM

Someone should really forge this question into an application.

Fill in adress
Fill in amount
Ping blockchain
Get transactions costs.

Would that work?

I think most wallets already do it, don't?

Yeah, most wallets have a fee estimation built in. Electrum has one called Dynamic Fees and I find that it works quite well.

numismatist

legendary

Activity: 1245

Merit: 1004

Quote from: ulhaq on March 22, 2017, 01:15:30 PM

I understand that fees to send bitcoin are based on amount of data. But how do I know how much data is required?

You don't need to know.

The core client takes a configuration value in bitcoins per kilobyte. You don't have to provide the data amount at any input field.
Rule by thumb (for the curious) are 500 bytes transaction size on average, smallest like 226 bytes. But again, you cannot change the size at all. You can only configure the client on satoshi amount paid per byte. Could pay 1 sat / 1 byte and let it timeout from mempool, just sending again with 1 sat. A tradeof between fees and transacting timespan.

Your one stop on fees: https://en.bitcoin.it/wiki/Transaction_fees

dacueba

member

Activity: 78

Merit: 10

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Quote from: RJX on March 25, 2017, 04:13:12 AM

Someone should really forge this question into an application.

Fill in adress
Fill in amount
Ping blockchain
Get transactions costs.

Would that work?

I think most wallets already do it, don't?

RJX

legendary

Activity: 1078

Merit: 1003

Someone should really forge this question into an application.

Fill in adress
Fill in amount
Ping blockchain
Get transactions costs.

Would that work?

keyscore44

legendary

Activity: 2002

Merit: 1016

As you wrote the amount of fee depends on the data. Some wallets have informations about that how "heavy" is transaction, and with this information you can calculate (more/less) when transaction can be taken to realization (You can calculate that with http://bitcoinfees.21.co/) . Other wallets can give you automatically optimal amount of fee. Exist also wallets which not show how "heavy" is transaction and you must set fee manually - in this situation we have problem. In other words very important is which wallet you want to use.
In situation when you can't set fee manually, or by mistake you set very low fee, to "push" this transaction you can use this service: https://www.viabtc.com/tools/txaccelerator/

achow101

staff

Activity: 3458

Merit: 6793

Just writing some code

This should help: https://bitcoin.stackexchange.com/questions/1195/how-to-calculate-transaction-size-before-sending

For the optimal transaction fee rate, you can use http://bitcoinfees.21.co/.

ulhaq

sr. member

Activity: 503

Merit: 286

I understand that fees to send bitcoin are based on amount of data. But how do I know how much data is required? Is there a way to estimate it without having a bitcoin wallet? I know it's dependent on the time, so assume that I would like it to occur in the next 24 hours.

This link no longer works:
https://bitcointalksearch.org/topic/howto-calculate-transaction-fees-148227

I found this website, but am not clear on how to interpret the data:
http://bitcoinexchangerate.org/fees

Topic: Transaction fees/how much does it cost to send bitcoin? (Read 2438 times)