Why does 1 tx with a 0.0001 fee get preference over 1 tx with a 0.0002 fee

HarHarHar9965

hero member

Activity: 994

Merit: 1000

Quote from: ranochigo on January 17, 2016, 09:10:12 AM

Quote from: True Demon on January 17, 2016, 08:17:36 AM

Quote from: ranochigo on January 15, 2016, 09:02:27 AM

Quote from: True Demon on January 15, 2016, 06:06:06 AM

I know 1 Kb = 1024 bytes. Why 1000 bytes now? Shocked

I use Electrum and I messed up with the fees option in settings.
Can you explain this to me in simple terms?
The size of the TX = 180b*inputs + 32b*outputs +/- 1*inputs for uncompressed keys
The size of the TX = 134b*inputs + 32b*outputs +/- 1*inputs for compressed keys

1Kb is 1000bytes while 1KB is 1024bytes. Kilo is 1000 units, so 1000bytes.

The public key needs to be included in the TX when spending coins from that address. For uncompressed keys, the size of the public key would be longer and hence it would take up more space in the transaction compared to compressed ones. [1] Recent versions of Bitcoin Core uses compressed key and IIRC, most if not all SPV clients generates compressed keys now.

For the calculation part, you basically times the 180byte or 134byte by the amount of UXTO you are going to include and 32 byte by the output accordingly. Add them up and you would have a fairly good estimate of the transaction size.

[1] https://bitcoin.org/en/glossary/compressed-public-key

Thank you for your detailed instruction.

So what will be the minimum fees required to make a fast transaction of 3.33 btc?
Appreciate your help

0 BTC. Miners don't care about the output (and inputs) amounts, as long as it's at least 0.01BTC, most would likely to accept it. By default, miners would have some space (50kb) IIRC reserved for 0BTC free transactions. The sequence to get there is ranked by your priority. Priority is calculated from coin age, input size and transaction size. If your coin doesn't get moved around for sometime, is above 0.01BTC for outputs, have a size smaller than 1KB, you would likely be able to send a TX with 0 fees and get it confirmed in a few days maximum.

But in 0% transaction fee will get confirmation for some more time than medium priority accounts. It would have measure faster experience in transactions with the priority based Only.
This high priority accounts are largely used for high bitcoin transaction only Its just up to you. How much you are transferring.

ranochigo

legendary

Activity: 2954

Merit: 4158

Quote from: True Demon on January 17, 2016, 08:17:36 AM

Quote from: ranochigo on January 15, 2016, 09:02:27 AM

Quote from: True Demon on January 15, 2016, 06:06:06 AM

I know 1 Kb = 1024 bytes. Why 1000 bytes now? Shocked

I use Electrum and I messed up with the fees option in settings.
Can you explain this to me in simple terms?
The size of the TX = 180b*inputs + 32b*outputs +/- 1*inputs for uncompressed keys
The size of the TX = 134b*inputs + 32b*outputs +/- 1*inputs for compressed keys

1Kb is 1000bytes while 1KB is 1024bytes. Kilo is 1000 units, so 1000bytes.

The public key needs to be included in the TX when spending coins from that address. For uncompressed keys, the size of the public key would be longer and hence it would take up more space in the transaction compared to compressed ones. [1] Recent versions of Bitcoin Core uses compressed key and IIRC, most if not all SPV clients generates compressed keys now.

For the calculation part, you basically times the 180byte or 134byte by the amount of UXTO you are going to include and 32 byte by the output accordingly. Add them up and you would have a fairly good estimate of the transaction size.

[1] https://bitcoin.org/en/glossary/compressed-public-key

Thank you for your detailed instruction.

So what will be the minimum fees required to make a fast transaction of 3.33 btc?
Appreciate your help

0 BTC. Miners don't care about the output (and inputs) amounts, as long as it's at least 0.01BTC, most would likely to accept it. By default, miners would have some space (50kb) IIRC reserved for 0BTC free transactions. The sequence to get there is ranked by your priority. Priority is calculated from coin age, input size and transaction size. If your coin doesn't get moved around for sometime, is above 0.01BTC for outputs, have a size smaller than 1KB, you would likely be able to send a TX with 0 fees and get it confirmed in a few days maximum.

True Demon

newbie

Activity: 8

Merit: 0

Quote from: ranochigo on January 15, 2016, 09:02:27 AM

Quote from: True Demon on January 15, 2016, 06:06:06 AM

I know 1 Kb = 1024 bytes. Why 1000 bytes now? Shocked

I use Electrum and I messed up with the fees option in settings.
Can you explain this to me in simple terms?
The size of the TX = 180b*inputs + 32b*outputs +/- 1*inputs for uncompressed keys
The size of the TX = 134b*inputs + 32b*outputs +/- 1*inputs for compressed keys

1Kb is 1000bytes while 1KB is 1024bytes. Kilo is 1000 units, so 1000bytes.

The public key needs to be included in the TX when spending coins from that address. For uncompressed keys, the size of the public key would be longer and hence it would take up more space in the transaction compared to compressed ones. [1] Recent versions of Bitcoin Core uses compressed key and IIRC, most if not all SPV clients generates compressed keys now.

For the calculation part, you basically times the 180byte or 134byte by the amount of UXTO you are going to include and 32 byte by the output accordingly. Add them up and you would have a fairly good estimate of the transaction size.

[1] https://bitcoin.org/en/glossary/compressed-public-key

Thank you for your detailed instruction.

So what will be the minimum fees required to make a fast transaction of 3.33 btc?
Appreciate your help

ranochigo

legendary

Activity: 2954

Merit: 4158

Quote from: True Demon on January 15, 2016, 06:06:06 AM

I know 1 Kb = 1024 bytes. Why 1000 bytes now? Shocked

I use Electrum and I messed up with the fees option in settings.
Can you explain this to me in simple terms?
The size of the TX = 180b*inputs + 32b*outputs +/- 1*inputs for uncompressed keys
The size of the TX = 134b*inputs + 32b*outputs +/- 1*inputs for compressed keys

1Kb is 1000bytes while 1KB is 1024bytes. Kilo is 1000 units, so 1000bytes.

The public key needs to be included in the TX when spending coins from that address. For uncompressed keys, the size of the public key would be longer and hence it would take up more space in the transaction compared to compressed ones. [1] Recent versions of Bitcoin Core uses compressed key and IIRC, most if not all SPV clients generates compressed keys now.

For the calculation part, you basically times the 180byte or 134byte by the amount of UXTO you are going to include and 32 byte by the output accordingly. Add them up and you would have a fairly good estimate of the transaction size.

[1] https://bitcoin.org/en/glossary/compressed-public-key

True Demon

newbie

Activity: 8

Merit: 0

I know 1 Kb = 1024 bytes. Why 1000 bytes now? Shocked

I use Electrum and I messed up with the fees option in settings.
Can you explain this to me in simple terms?
The size of the TX = 180b*inputs + 32b*outputs +/- 1*inputs for uncompressed keys
The size of the TX = 134b*inputs + 32b*outputs +/- 1*inputs for compressed keys

shorena

copper member

Activity: 1498

Merit: 1499

No I dont escrow anymore.

Quote from: True Demon on January 15, 2016, 05:33:25 AM

What minimum transaction fees needed to transfer 1 BTC ?

0, given enough priority.

Quote from: True Demon on January 15, 2016, 05:33:25 AM

How is a kb calculated?

a kb is 1000 bytes, but I suspect your question is "how is the size of a transaction calculated". That answer is a little more complex. Transactions have inputs (previously received transactions you now use) and outputs (bitcoins you send to someone else). Most wallets do not allow you to see the number of inputs available or even select them yourself, so you probably have no influence on the number of inputs.

The size of the TX = 180b*inputs + 32b*outputs +/- 1*inputs for uncompressed keys
The size of the TX = 134b*inputs + 32b*outputs +/- 1*inputs for compressed keys

True Demon

newbie

Activity: 8

Merit: 0

What minimum transaction fees needed to transfer 1 BTC ? How is a kb calculated?

shorena

copper member

Activity: 1498

Merit: 1499

No I dont escrow anymore.

As others have said, the fee alone is not enough to look at. Miners sort by fee per kbyte

TX #1[1] pays 0.0001 per 374 or ~26738 Satoshi per kbyte.
TX #2[2] pays 0.0002 per 2234 or ~8953 Satoshi per kbyte.

It will probably confirm.

[1] https://blockchain.info/tx/e12cf6d24457b84a94c8df47350b9935faeaf18985d089b98c190c717a126ae0?show_adv=true
[2] https://blockchain.info/tx/1d9baced3ac63001510041615c96676dc5dc925a78f0c3833333ce93368bf1d1?show_adv=true

DarkStar_

legendary

Activity: 2758

Merit: 3282

The speed depends on the fee and the size.
With your coinbase one, the size of the tx was 374 (bytes)
With your blockchain one, the size of the tx was 2234 (bytes)
You should use 0.0001 for every 1000 bytes if you want a faster confirm

Naoko

hero member

Activity: 812

Merit: 1000

Quote from: philipma1957 on January 14, 2016, 10:43:33 PM

snip-

this transaction

https://blockchain.info/tx/1d9baced3ac63001510041615c96676dc5dc925a78f0c3833333ce93368bf1d1

2234kb in size. the suggested miner fee per KB is .0001 so you should pay atleast .0003btc as miner fee there to be on high priority

your transactions on coinbase seems to be always below 1KB so .0001 miners fee is fine and you got high priority transactions there so it is confirmed easily

philipma1957

legendary

Activity: 4102

Merit: 7765

'The right to privacy matters'

used my coinbase account to pay 0.54 btc the fee paid was 0.0001 btc time entered

Received Time
2016-01-15 01:22:42

Included In Blocks   393357 ( 2016-01-15 01:30:08 + 7 minutes )

https://blockchain.info/tx/e12cf6d24457b84a94c8df47350b9935faeaf18985d089b98c190c717a126ae0

used my blockchain.info wallet the fee paid was 0.0002

Received Time   2016-01-15 00:56:11

Estimated Confirmation Time   Within 6 Blocks (Medium Priority)

https://blockchain.info/tx/1d9baced3ac63001510041615c96676dc5dc925a78f0c3833333ce93368bf1d1

so I paid 2x the fee and not confirmed.

This happens over and over and over and over. I pay .0003 or .0004 with blockchain.info wallet and get medium priority
while my coinbase account pays .0001 or .00005 and gets high priority

my guess is coinbase has a deal with some pools and gets to pay lower fees and still get fast service.

Topic: Why does 1 tx with a 0.0001 fee get preference over 1 tx with a 0.0002 fee (Read 2344 times)