Topic: You can get ~ the same BTC transfer time with standart fee 0.0001 BTC (Read 951 times)
September 27, 2015, 06:54:05 PM
Last months I have been sending zero fee transactions from one cold wallet to the other and they get confirmed within the first block. I must admit that the coins were sitting in the cold wallets for at least six months, which gives the transaction a much higher priority. I have also tested it with coins that were sitting just 2 weeks in a certain wallet, and they confirmed after at least 5 blocks. Priority matters a lot.
September 27, 2015, 06:16:00 PM
i have by mistake added a 0.001 fee instead of 0.0001 and it didn't get included in the first 3 blocks.
A fee that high should be confirmed in the next block. Was it sent during the stress test? or the transaction was quite big, over 5k bytes?
September 27, 2015, 06:11:24 PM
i have by mistake added a 0.001 fee instead of 0.0001 and it didn't get included in the first 3 blocks. paying 0.0001 is more than enough and gets your tx confirmed within 2 blocks. probably because multiple low amount transactions were included.
September 27, 2015, 06:07:59 PM
So it seems it's just pointless to pay anything that goes above the standard fee.
If you pay well above the standard fee, you have an almost definite chance transaction will be confirmed in the next block, while a standard fee is gamble. You may not care about a delay of you are ordering online. If you want to rush coins into an exchange, above standard fee allows you to "jump the queue".
The wallet as far as I know calculates the perfect fee in terms of cheap+effective in relation to the currrent difficulty and whatever other variables and that seems like the best option.
Quite a few wallets, especially online wallets, don't do that.
September 27, 2015, 05:28:57 PM
So it seems it's just pointless to pay anything that goes above the standard fee. The wallet as far as I know calculates the perfect fee in terms of cheap+effective in relation to the currrent difficulty and whatever other variables and that seems like the best option.
September 27, 2015, 03:11:59 PM
BTC transfer time with 0.0001 BTC fee is 58 minutes, but with 0.0002 BTC 42 minutes, so it is not necessary to pay more, if you can get practically the same transfer time with standart fee 0.0001 BTC. What you think ? 
That has nothing to do with you tx fee amount. If raising the fees turn out to be a demand using the bitcoin network will not be feasible in a few years. Since the transaction number is increasing by the day, the transactions times would be longer and to prevent this it would be necessary to raise the fees; it is simply unsustainable.
September 27, 2015, 01:13:31 PM
Those times seem to be related more to the block times and the amount of conformations required by the service than to the fees.
The service probably required 3-5 conformations, that's why it took that amount of time.
The service probably required 3-5 conformations, that's why it took that amount of time.
Yes, most probably is this. Or either the OP was very unlucky to send his 2 transactions and to wait for the first block in order to get that 1 confirmation 42 and 58 minutes respectively each time. I doubt this was the case though but hey, everything's possible.
September 27, 2015, 11:11:33 AM
Those times seem to be related more to the block times and the amount of conformations required by the service than to the fees.
The service probably required 3-5 conformations, that's why it took that amount of time.
The service probably required 3-5 conformations, that's why it took that amount of time.
September 27, 2015, 09:46:18 AM
exactly once, by paying a little fee transaction, the
transfer will be faster. At blockchain, there are 3 options
cost levels
transfer will be faster. At blockchain, there are 3 options
cost levels
September 27, 2015, 08:56:36 AM
there are other parameters as a queue and if other before you have payed their fee, fee alone matter very low, unless you are always the first in the queue
there are moments where you pay zero and your transaction is done fast enough
there are moments where you pay zero and your transaction is done fast enough
September 27, 2015, 08:51:02 AM
Same happened to me right now.. Sent a tx of 0.035 and 0.0001 fee, it got confirmed within 2-3 minutes and again received a payment of 0.065, took almost 15 minutes to confirm.
If there isn't a block for a long time, your transaction will take a long time to confirm. There isn't a block every 10 minutes, and some miners do not include transactions in mined blocks.
September 27, 2015, 08:42:13 AM
Hacker moving coins, such as the Bitstamp hacker, used enormous fees. Their coins didn't move any faster than misers putting up piddly fees. It's only really a factor during the stress tests.
September 27, 2015, 08:39:47 AM
Confirmation time depends on more than just the fee size. Priority and size in bytes is also important.
September 27, 2015, 08:26:25 AM
BTC transfer time with 0.0001 BTC fee is 58 minutes, but with 0.0002 BTC 42 minutes, so it is not necessary to pay more, if you can get practically the same transfer time with standart fee 0.0001 BTC. What you think ?
You got something terribly mixed up here mate! When everything is normal in the network(no stress tests, etc) your transaction should confirm in the same time with both fees, 0.0001 and 0.0002. You must be talking about block times and number of confirmations with those 42 and 58 minutes! When will block be found and how long it will take for this has nothing to do with how much you paid to send your transaction.
There should be a way to calculate how much the transaction is going to take given X parameters such as current difficulty and network load + your fee, because it seems like a gamble. Sometimes it goes faster and sometimes it's almost the same as standard fee.
Same happened to me right now.. Sent a tx of 0.035 and 0.0001 fee, it got confirmed within 2-3 minutes and again received a payment of 0.065, took almost 15 minutes to confirm.
Edited*
September 27, 2015, 08:20:20 AM
When there is no "stress test", you can actually use as low fee as possible. With bitcoin core, the fee maybe adjusted. I usually send with transfer fee around 30-40 bits without much problem- of course it will also depends on the size of the data, which I just leave the calculation to the software...
September 27, 2015, 08:09:42 AM
BTC transfer time with 0.0001 BTC fee is 58 minutes, but with 0.0002 BTC 42 minutes, so it is not necessary to pay more, if you can get practically the same transfer time with standart fee 0.0001 BTC. What you think ?
You got something terribly mixed up here mate! When everything is normal in the network(no stress tests, etc) your transaction should confirm in the same time with both fees, 0.0001 and 0.0002. You must be talking about block times and number of confirmations with those 42 and 58 minutes! When will block be found and how long it will take for this has nothing to do with how much you paid to send your transaction.
There should be a way to calculate how much the transaction is going to take given X parameters such as current difficulty and network load + your fee, because it seems like a gamble. Sometimes it goes faster and sometimes it's almost the same as standard fee.
September 27, 2015, 08:02:07 AM
BTC transfer time with 0.0001 BTC fee is 58 minutes, but with 0.0002 BTC 42 minutes, so it is not necessary to pay more, if you can get practically the same transfer time with standart fee 0.0001 BTC. What you think ?
You got something terribly mixed up here mate! When everything is normal in the network(no stress tests, etc) your transaction should confirm in the same time with both fees, 0.0001 and 0.0002. You must be talking about block times and number of confirmations with those 42 and 58 minutes! When will block be found and how long it will take for this has nothing to do with how much you paid to send your transaction.
September 27, 2015, 07:55:21 AM
BTC transfer time with 0.0001 BTC fee is 58 minutes, but with 0.0002 BTC 42 minutes, so it is not necessary to pay more, if you can get practically the same transfer time with standart fee 0.0001 BTC. What you think ?
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