Topic: what's up with the bitcoin transactions (Read 497 times)
Yes, to pay the miners to push thru your transaction. I think it's not that the network is slow, but sometimes the transaction fee that you paid matters. Bitcoin blocks are almost always full. Since there is a capped size of 1mb per block, and each transaction is worth some bytes, there is a limited number of transactions that may be included in each block. Because of that, you need to "fight" with other users to get your transaction confirmed in the next blocks, this is done by using transaction fees.
Bitcoin transactions should be a lot better now. When you first posted this the fees were very high due to network traffic congestion, however Segwit is reducing this significantly which is allowing for much lower fees, comparable to the early years of Bitcoin.
Satoshi ? What unit is that ?
1 satoshi is the smallest unit in bitcoin and since there are 8 decimal points in bitcoin, 1 satoshi = 0.00000001 bitcoin.
or you can say 1 bitcoin is 100,000,000 satoshi. and at code level this is the real unit not bitcoin.
And what is a normal fee to get a transaction done in say 10 minutes ?
it depends. as an end user you shouldn't worry about these things much. just make sure to choose a good wallet that is known to suggest appropriate fees based on the ongoing situation. bitcoin Core (which is a full node) and Electrum (which is a light wallet or SPV) are two examples.
if you want to know more then check out this website: http://bitcoinfees.21.co/
it is not the most accurate estimation sometimes but it has good information on it that you can use.
I'm new to this, so bear with me. I recently put through an order for a Nano S to keep my wallet secure. Can I assume this works in the same way to suggest the fees.
Anyway, I see 450 satoshi/byte. So the exact amount depends on what ? The amount of bytes I assume which translates to the destination address and the amount itself ?
Satoshi ? What unit is that ?
1 satoshi is the smallest unit in bitcoin and since there are 8 decimal points in bitcoin, 1 satoshi = 0.00000001 bitcoin.
or you can say 1 bitcoin is 100,000,000 satoshi. and at code level this is the real unit not bitcoin.
And what is a normal fee to get a transaction done in say 10 minutes ?
it depends. as an end user you shouldn't worry about these things much. just make sure to choose a good wallet that is known to suggest appropriate fees based on the ongoing situation. bitcoin Core (which is a full node) and Electrum (which is a light wallet or SPV) are two examples.
if you want to know more then check out this website: http://bitcoinfees.21.co/
it is not the most accurate estimation sometimes but it has good information on it that you can use.
Satoshi ? What unit is that ?
1 satoshi is the smallest unit in bitcoin and since there are 8 decimal points in bitcoin, 1 satoshi = 0.00000001 bitcoin.
or you can say 1 bitcoin is 100,000,000 satoshi. and at code level this is the real unit not bitcoin.
And what is a normal fee to get a transaction done in say 10 minutes ?
Can someone explain me how the transactions work, why you need to pay fees and why apprently the networks is so slow at times ?
transaction fees its normal to the busines nothing business are give the free fees, the deveoplers of the wallet you are using need to collect fees for every transactions because he/she develop online wallet usual he/she want to earn income, you can find the online wallet collecting a small transaction fees. Satoshi ? What unit is that ?
1 satoshi is the smallest unit in bitcoin and since there are 8 decimal points in bitcoin, 1 satoshi = 0.00000001 bitcoin.
or you can say 1 bitcoin is 100,000,000 satoshi. and at code level this is the real unit not bitcoin.
Satoshi ? What unit is that ?
Can someone explain me how the transactions work, why you need to pay fees
- because nothing in the world is free.- fees are there to do two things: compensate miners for the works they are doing, and to prevent spam attacks.
- the compensation is too soon so there is no reason for fees being high. that is why they come down after spam attack goes away. and mempool becomes empty again.
- the prevention of spam is necessary because if fees were 0 or fixed and tiny, anyone could easily create billions of transactions and fill the mempool and then blocks with useless "spam" and prevent others from ever being able to make any transactions.
What's the current transaction time when you pay what is to be considered a reasonable amount of fee ? (please include the amount of fee as well)
With the explanation above I can see why some people wanted a hard fork.
if you pay enough fee to be a high priority transaction then it will take 10 minutes on average. but it can be 1 second to 1+ hour depending on when a block is found (1 hour is being the rarest).With the explanation above I can see why some people wanted a hard fork.
the current fee can be as small as 10 satoshi/Byte meaning 2500-3000 satoshi for a normal transaction.
What's the current transaction time when you pay what is to be considered a reasonable amount of fee ? (please include the amount of fee as well)
With the explanation above I can see why some people wanted a hard fork.
With the explanation above I can see why some people wanted a hard fork.
Since the production of BTC will gradually decrease over the next few years, the number of costs will probably increase to pay the miners. Hears that you will have to pay more for your transaction does not take hours to arrive ... The transactions will multiply and the miners will decrease lol
Can someone explain me how the transactions work, why you need to pay fees and why apprently the networks is so slow at times ?
At present, the speed of bitcoin transactions is stable, the congestion is no longer occurring. It really is a good signal for all bitcoin users. However, we have to pay too much for each transaction. That is a difficult thing.
Bitcoin blocks are almost always full. Since there is a capped size of 1mb per block, and each transaction is worth some bytes, there is a limited number of transactions that may be included in each block. Because of that, you need to "fight" with other users to get your transaction confirmed in the next blocks, this is done by using transaction fees.
Miners will always include transactions with higher fees in their blocks. Example: if there is only space for 200 transactions in the next block, and there are 500 unconfirmed transactions, the miner will prefer to include the 200 transactions with higher fee in his mined block.
If there is more unconfirmed transactions = people tend to increase their fees to get priority in the next block = you will also need to pay higher fees to compete with the other transactions.
If there is less unconfirmed transactions = plenty of room for all transactions = you don't need to pay high fees to compete with the other transactions.
Miners will always include transactions with higher fees in their blocks. Example: if there is only space for 200 transactions in the next block, and there are 500 unconfirmed transactions, the miner will prefer to include the 200 transactions with higher fee in his mined block.
If there is more unconfirmed transactions = people tend to increase their fees to get priority in the next block = you will also need to pay higher fees to compete with the other transactions.
If there is less unconfirmed transactions = plenty of room for all transactions = you don't need to pay high fees to compete with the other transactions.
Yes, to pay the miners to push thru your transaction. I think it's not that the network is slow, but sometimes the transaction fee that you paid matters.
Small transaction fee, means longer time of processing.
Small transaction fee, means longer time of processing.
Can someone explain me how the transactions work, why you need to pay fees and why apprently the networks is so slow at times ?
Everything is very simple.
Transactions can take place without commission, but only if certain conditions are met:
- The size of the transaction must be no more than a certain amount.
- The transfer amount must be greater than a certain threshold.
- The transaction must have sufficient priority.
Transactions at creation get to the queue, sorted by priority. This is the whole problem.
it means if I sand more money my priority will be higher?
Can someone explain me how the transactions work, why you need to pay fees and why apprently the networks is so slow at times ?
We pay fees to the miners, so that they can keep mining bitcoin for our huge ecosystem. Otherwise, nobody would keep their mining activities. The reason for slow tx is that the tecnical problems faced by bitcoin in total.
Can someone explain me how the transactions work, why you need to pay fees and why apprently the networks is so slow at times ?
Everything is very simple.
Transactions can take place without commission, but only if certain conditions are met:
- The size of the transaction must be no more than a certain amount.
- The transfer amount must be greater than a certain threshold.
- The transaction must have sufficient priority.
Transactions at creation get to the queue, sorted by priority. This is the whole problem.
Fee pays to the miners who process your transaction as I know
Can someone explain me how the transactions work, why you need to pay fees and why apprently the networks is so slow at times ?
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