Title: Why does 1 tx with a 0.0001 fee get preference over 1 tx with a 0.0002 fee Post by: philipma1957 on January 15, 2016, 02:43:33 AM 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. Title: Re: Why does 1 tx with a 0.0001 fee get preference over 1 tx with a 0.0002 fee Post by: Naoko on January 15, 2016, 02:52:02 AM 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 Title: Re: Why does 1 tx with a 0.0001 fee get preference over 1 tx with a 0.0002 fee Post by: DarkStar_ on January 15, 2016, 03:05:47 AM 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 Title: Re: Why does 1 tx with a 0.0001 fee get preference over 1 tx with a 0.0002 fee Post by: shorena on January 15, 2016, 08:02:10 AM 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 Title: Re: Why does 1 tx with a 0.0001 fee get preference over 1 tx with a 0.0002 fee Post by: True Demon on January 15, 2016, 09:33:25 AM What minimum transaction fees needed to transfer 1 BTC ? How is a kb calculated?
Title: Re: Why does 1 tx with a 0.0001 fee get preference over 1 tx with a 0.0002 fee Post by: shorena on January 15, 2016, 09:56:31 AM What minimum transaction fees needed to transfer 1 BTC ? 0, given enough priority. 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 Title: Re: Why does 1 tx with a 0.0001 fee get preference over 1 tx with a 0.0002 fee Post by: True Demon on January 15, 2016, 10:06:06 AM I know 1 Kb = 1024 bytes. Why 1000 bytes now? :o
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 Title: Re: Why does 1 tx with a 0.0001 fee get preference over 1 tx with a 0.0002 fee Post by: ranochigo on January 15, 2016, 01:02:27 PM I know 1 Kb = 1024 bytes. Why 1000 bytes now? :o 1Kb is 1000bytes while 1KB is 1024bytes. Kilo is 1000 units, so 1000bytes.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 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 Title: Re: Why does 1 tx with a 0.0001 fee get preference over 1 tx with a 0.0002 fee Post by: True Demon on January 17, 2016, 12:17:36 PM I know 1 Kb = 1024 bytes. Why 1000 bytes now? :o 1Kb is 1000bytes while 1KB is 1024bytes. Kilo is 1000 units, so 1000bytes.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 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 Title: Re: Why does 1 tx with a 0.0001 fee get preference over 1 tx with a 0.0002 fee Post by: ranochigo on January 17, 2016, 01:10:12 PM I know 1 Kb = 1024 bytes. Why 1000 bytes now? :o 1Kb is 1000bytes while 1KB is 1024bytes. Kilo is 1000 units, so 1000bytes.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 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 Title: Re: Why does 1 tx with a 0.0001 fee get preference over 1 tx with a 0.0002 fee Post by: HarHarHar9965 on January 23, 2016, 12:09:32 PM I know 1 Kb = 1024 bytes. Why 1000 bytes now? :o 1Kb is 1000bytes while 1KB is 1024bytes. Kilo is 1000 units, so 1000bytes.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 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 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. |