What is the current minimum BTC transaction fee? - page 2.

HCP

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Quote from: Thekool1s on August 19, 2017, 01:25:47 AM

hmm well that's new to me, i didn't know about that, but if the person is doing dust payments then the generating new address method be useful in my opinion. A person gets $5 from a faucet, spends $3 to buy a key etc in that case multiple address will be helpful for him, as the number of inputs will be low as compared to 1 address receiving multiple payments...

No... that's not how it works... Example:

FaucetUser gets the following payments from various faucets to his address 1bitcoinAddr:

0.00010000
0.00015000
0.00012345
0.00022000
0.00020000

So in total they have 0.00079345 btc... and it is all in one address, but it is spread across 5 inputs... now say they want to transfer 0.0005 to someone... most wallets will use something like this:

0.00022000
0.00020000
0.00012345

ie. only using enough Inputs to cover the amount transferred (+ fee)... now lets say they had 5x bitcoin addresses and got those same inputs:

1bitcoinAddr1 - 0.00010000
1bitcoinAddr2 - 0.00015000
1bitcoinAddr3 - 0.00012345
1bitcoinAddr4 - 0.00022000
1bitcoinAddr5 - 0.00020000

If they try to sen 0.005, the wallet will still use 3 inputs to make it up...

1bitcoinAddr3 - 0.00012345
1bitcoinAddr4 - 0.00022000
1bitcoinAddr5 - 0.00020000

So, it doesn't matter if those 5 inputs are all in one address... or spread across multiple addresses... they'll still need to use those 3 inputs to make 0.0005... and the transaction will be the same size.

TLDR; just don't accept small amounts of BTC

Thekool1s

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Change is in your hands

Quote from: HCP on August 18, 2017, 09:12:44 PM

Quote from: Thekool1s on August 18, 2017, 02:33:52 PM

... it's highly recommended to use a new address for each transaction or wait and get a higher payout simple. But generating a new address takes less than a second, so i don't see any reason to not use a new btc address for each transaction.

Because it makes no difference. What you are suggesting will require just as many inputs when the user tries to spend the coins... like I said, it doesn't matter if you have 1 address that gets 100 payments... or you have 100 addresses that get 1 payment each.

1 address => 100x 10k sats = 100 inputs totalling 0.01 BTC in 1 address
100 addresses => 1x 10k sats each = 100 inputs totalling 0.01 BTC spread over 100 addresses

Both methods end up with 100 inputs to make a total of 0.01 BTC... if you try to send 0.01 with either method, you're going to need all 100 inputs to do so.

The point here is that you should just avoid small payments... getting a new address for each dust payment isn't going to solve the problem. Roll Eyes

hmm well that's new to me, i didn't know about that, but if the person is doing dust payments then the generating new address method be useful in my opinion. A person gets $5 from a faucet, spends $3 to buy a key etc in that case multiple address will be helpful for him, as the number of inputs will be low as compared to 1 address receiving multiple payments. But i do agree with you, most faucet scrapers usually receive tons of payments and they get stuck moving them, in that case your option is the right one. Wait and withdraw higher amounts than lower ones.

HCP

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Quote from: Thekool1s on August 18, 2017, 02:33:52 PM

... it's highly recommended to use a new address for each transaction or wait and get a higher payout simple. But generating a new address takes less than a second, so i don't see any reason to not use a new btc address for each transaction.

Because it makes no difference. What you are suggesting will require just as many inputs when the user tries to spend the coins... like I said, it doesn't matter if you have 1 address that gets 100 payments... or you have 100 addresses that get 1 payment each.

1 address => 100x 10k sats = 100 inputs totalling 0.01 BTC in 1 address
100 addresses => 1x 10k sats each = 100 inputs totalling 0.01 BTC spread over 100 addresses

Both methods end up with 100 inputs to make a total of 0.01 BTC... if you try to send 0.01 with either method, you're going to need all 100 inputs to do so.

The point here is that you should just avoid small payments... getting a new address for each dust payment isn't going to solve the problem. Roll Eyes

Thekool1s

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Change is in your hands

Quote from: HCP on August 16, 2017, 06:13:11 AM

Quote from: Thekool1s on August 15, 2017, 02:24:47 PM

The bitcoinfee21 fees are pitch perfect, the problem you have is that you have received multiple payments on a single address which increases your number of inputs thus increasing your transaction size, so that's why i recommend everyone to never use same address for receiving more than 1 transaction. I always get quick confirmations when i use the rates provided by both bitfee and bitcoinfee21.

You realise it makes no difference if you receive 100 payments to 1 address... or 1 payment to 100 address... you'll still end up with a large amount of inputs.

The trick is to NOT receive a lot of small "dust" sized payments... if possible, don't withdraw funds from services until you can get a payment of at least 0.001 as an absolute minimum. Even that is a bit low... 0.005 or 0.01 would be better.

So if you're fauceting or cloud mining or ... avoid getting small payouts!

That's what i was saying, lots of payments, specially the small ones will hurt you in the long run, more inputs means bigger transaction size thus increasing the fee for the transaction, if the person is getting dust payments, it's highly recommended to use a new address for each transaction or wait and get a higher payout simple. But generating a new address takes less than a second, so i don't see any reason to not use a new btc address for each transaction.

HCP

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Activity: 2086

Merit: 4361

Quote from: Thekool1s on August 15, 2017, 02:24:47 PM

The bitcoinfee21 fees are pitch perfect, the problem you have is that you have received multiple payments on a single address which increases your number of inputs thus increasing your transaction size, so that's why i recommend everyone to never use same address for receiving more than 1 transaction. I always get quick confirmations when i use the rates provided by both bitfee and bitcoinfee21.

You realise it makes no difference if you receive 100 payments to 1 address... or 1 payment to 100 address... you'll still end up with a large amount of inputs.

The trick is to NOT receive a lot of small "dust" sized payments... if possible, don't withdraw funds from services until you can get a payment of at least 0.001 as an absolute minimum. Even that is a bit low... 0.005 or 0.01 would be better.

So if you're fauceting or cloud mining or ... avoid getting small payouts!

iconicrocket

newbie

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Damn, looks like I'm too late. I don't see confirmation. Used old wallet multibit 0.5.18

I see fee of 3.1 mBTC. Will this get confirm? ever?

CarlOrff

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Quote from: DreamweaverVCC on August 15, 2017, 02:51:32 PM

this sucks though :/ mempool got spammed again :/ my tx with 60+ sat/b got stucked forever.. Any idea if 60+ sat/b transaction will get confirmed?

Yes, it will, but probably in several days.
It's depends of the trafic in the next hours/days.

DreamweaverVCC

jr. member

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this sucks though :/ mempool got spammed again :/ my tx with 60+ sat/b got stucked forever.. Any idea if 60+ sat/b transaction will get confirmed?

Thekool1s

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Change is in your hands

Quote from: erikalui on August 15, 2017, 12:35:40 PM

Quote from: ranochigo on August 12, 2017, 05:05:44 AM

Quote from: erikalui on August 12, 2017, 02:03:26 AM

414.444 sat/B is the current fee to get confirmations within an hour while if your transaction is not so urgent, 250 sats/B would be enough. 21 sats would make your transaction never get confirmed and even earlier it used to be 100 sats per byte.

Depends, even with fee, blocks can take quite some time to be mined. And no, that fee will still get your transaction confirmed, it would probably just take a longer time.

If you want the accurate answer with respect to protocol rules, the minimum fee is 0, as long as you fulfill the criteria for free transaction. Though I doubt miners actually include lots of them.

If your transaction isn't a free transaction, you require at least 546* satoshi per output and 0.00005BTC/kb* else, the transaction will not be relayed.

I believe you are asking what fee should you use to have a confirmation within a reasonable period of time. Blockchain.info is notorious for being extremely unreliable, you should get a reference fee from somewhere else. Bitcoinfee.21.co does have a reasonable estimation and my client is estimating 113satoshis/byte for it to have 1 confirmation within a reasonable period of time ie. an hour.

*Differs across the nodes.

I tried with 178 sats/byte and for the past week I'm not able to get even a single confirmation in an hour. It takes 3-4 hours to get 1 confirmation. Bitcoinfee.21.co does give an accurate estimate but only sometimes. Adding 400-500 sats per byte for priority transactions gets your transaction added to a pool soon. It's still the same unless the network is stuck with spam transactions.

The bitcoinfee21 fees are pitch perfect, the problem you have is that you have received multiple payments on a single address which increases your number of inputs thus increasing your transaction size, so that's why i recommend everyone to never use same address for receiving more than 1 transaction. I always get quick confirmations when i use the rates provided by both bitfee and bitcoinfee21.

erikalui

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Quote from: ranochigo on August 12, 2017, 05:05:44 AM

Quote from: erikalui on August 12, 2017, 02:03:26 AM

414.444 sat/B is the current fee to get confirmations within an hour while if your transaction is not so urgent, 250 sats/B would be enough. 21 sats would make your transaction never get confirmed and even earlier it used to be 100 sats per byte.

Depends, even with fee, blocks can take quite some time to be mined. And no, that fee will still get your transaction confirmed, it would probably just take a longer time.

If you want the accurate answer with respect to protocol rules, the minimum fee is 0, as long as you fulfill the criteria for free transaction. Though I doubt miners actually include lots of them.

If your transaction isn't a free transaction, you require at least 546* satoshi per output and 0.00005BTC/kb* else, the transaction will not be relayed.

I believe you are asking what fee should you use to have a confirmation within a reasonable period of time. Blockchain.info is notorious for being extremely unreliable, you should get a reference fee from somewhere else. Bitcoinfee.21.co does have a reasonable estimation and my client is estimating 113satoshis/byte for it to have 1 confirmation within a reasonable period of time ie. an hour.

*Differs across the nodes.

I tried with 178 sats/byte and for the past week I'm not able to get even a single confirmation in an hour. It takes 3-4 hours to get 1 confirmation. Bitcoinfee.21.co does give an accurate estimate but only sometimes. Adding 400-500 sats per byte for priority transactions gets your transaction added to a pool soon. It's still the same unless the network is stuck with spam transactions.

CarlOrff

sr. member

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Quote from: wilkas on August 11, 2017, 10:41:34 PM

I want to send 0,01 BTC from blockchain.info to Poloniex. What is the minimum fee I can use? This site bitcoinfees.21.co says that it should be enough to use 21 sat/b and get transaction in 9 hours. But I've heard that there is a minimum total sat size (around 5460) to prevent dust transfers. Please advice.

With Bitcoin core, current minimum fees is 1000 sat/kgyte (less than 1 sat/byte).
You can try with this amount but you can't know the siez of your transaction with yours exchanges... too bad. You can estimate it with a minimum at 1 kb. If you use this minimum, you have to consider that your transaction can make 2 weeks to be confirmed, perhaps it will be never confirmed and you have to redo it.

Thekool1s

legendary

Activity: 1512

Merit: 1218

Change is in your hands

Hey you can use my app on play store to get the recommended fee for your transaction, search for "bitfee" the app gets upto date data for what fee you should send with your transaction. Keep in mind the recommended fee in the app is for average transaction, if you have received multiple payments on a single bitcoin address then you might consider doubling the amount shown in the recommended fee.

wilkas

member

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Merit: 10

I went with recommend 44 sat/b and transaction was completed within 12 hours.

ranochigo

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Quote from: erikalui on August 12, 2017, 02:03:26 AM

414.444 sat/B is the current fee to get confirmations within an hour while if your transaction is not so urgent, 250 sats/B would be enough. 21 sats would make your transaction never get confirmed and even earlier it used to be 100 sats per byte.

Depends, even with fee, blocks can take quite some time to be mined. And no, that fee will still get your transaction confirmed, it would probably just take a longer time.

If you want the accurate answer with respect to protocol rules, the minimum fee is 0, as long as you fulfill the criteria for free transaction. Though I doubt miners actually include lots of them.

If your transaction isn't a free transaction, you require at least 546* satoshi per output and 0.00005BTC/kb* else, the transaction will not be relayed.

I believe you are asking what fee should you use to have a confirmation within a reasonable period of time. Blockchain.info is notorious for being extremely unreliable, you should get a reference fee from somewhere else. Bitcoinfee.21.co does have a reasonable estimation and my client is estimating 113satoshis/byte for it to have 1 confirmation within a reasonable period of time ie. an hour.

*Differs across the nodes.

wilkas

member

Activity: 104

Merit: 10

This cannot be true, because blockchain.info suggests 44 sat/b as regular fee, but warns if you try to set lower than 22 sat/b. Only the urgent transfer is above 100.

erikalui

legendary

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414.444 sat/B is the current fee to get confirmations within an hour while if your transaction is not so urgent, 250 sats/B would be enough. 21 sats would make your transaction never get confirmed and even earlier it used to be 100 sats per byte.

wilkas

member

Activity: 104

Merit: 10

I want to send 0,01 BTC from blockchain.info to Poloniex. What is the minimum fee I can use? This site bitcoinfees.21.co says that it should be enough to use 21 sat/b and get transaction in 9 hours. But I've heard that there is a minimum total sat size (around 5460) to prevent dust transfers. Please advice.

Topic: What is the current minimum BTC transaction fee? - page 2. (Read 3546 times)