Bitcoin Forum

Hi there,

I want to send some btc from blockchain to coinbase but I wonder wich fee i should use to get it confirmed if i want to send about 0.05 btc. There is no rush to send it. I think the recommended fee of blockchain is way too high.

The recommended fee on blockchain.info likely isn't too high, don't worry about a few extra cents in miner's fees if you don't want your transaction stuck. If paying such fees really is a problem though, feel free to go ahead and attach lower fees to your transaction. Be aware though, that it might take forever for your transaction to confirm if fees are too low.

The fee is not based on the price, but on the size of your transaction in byte. Currently 100 satoshi per byte[1] should get you a quick confirmation.

[1] https://bitcoinfees.21.co/

If I were you I would stay away in using manual input of miners fee, let the system compute it for you since they (system) will not take away too much as far as I know. I have seen posts here complaining that they entered to much miners fee and asking how to take it back. Take a look at this 0.0001BTC transaction with 291BTC miners fee https://blockchain.info/tx/cc455ae816e6cdafdb58d54e35d4f46d860047458eacf1c7405dc634631c570d

Well When i take the recommended Fee its more then 10%.. like 0,006 btc to transfer 0,05.. thats almost 5 dollar for a 32 dollar transaktion..

That's actually strange, I've been using blockchain for a long time and their recommended fees never surpass 0.0004 for the transaction which having big size. If that's actually happened to your blockchain account then i recommend you to customise the fees yourself by calculating fees/byte like what people have mentioned above : https://bitcoinfees.21.co/ , 10% is just too much and an average transaction only require about 0.0001 to 0.0005

The. Fee. Is. Not. Related. To. The. Amount. Transfered.

TX 1 -> https://blockchain.info/tx/9aa34515c17a5bdfe264ba81a0ee3a100858a45b0adba9c475138d9a8afcdf13
Amount transfered: ~0.001 BTC
Size: 225 bytes
Fee: 0.0005 BTC
Fee per BTC: 0.5 BTC per BTC, ~50%
Fee per Byte: 222 Sat/Byte (overpaid)

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TX 2 -> https://blockchain.info/tx/8e36b4616469a52093dd2e9f2f7e8318ace3ed6246f71987fb4e23c8843de545
Amount transfered: ~10.456 BTC
Size: 963 byte
Fee: 0.00322706 BTC
Fee per BTC: 0.000308 BTC per Byte, ~0.03%
Fee per Byte: 335 Sat/Byte (overpaid)

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If your transaction is large (in byte) because you use a high number of inputs you have to pay a high fee (in bitcoin/satoshi/etc.). This is usually the case if you used faucets or otherwise received small transactions (>0.0001).

I just use the recommended fee. If I send the coins to the address I also control, I will use lower fees if it does not have to be quck.

When there is no urgency in the transaction or confirmation from the receiver end, its better to send with the auto recommended transaction fee. No need to make additional fee, even if faster confirmation is needed.

If there's no rush, wait and watch.
Check now and then the bottom graph from here: https://btc.com/stats/unconfirmed-tx  (the mempool size)
If the size is at 2-4 MB then you can even send with very low fees, like 5 satoshi / byte (or less?)
I made a test not long ago (less than 1 month), I used 1000 satoshi fee (edit: yes, total fee = 1000, not a value per bytes) and in a couple of hours the transaction went trough.

Just be careful about the inputs, the fee is related to the transaction size, thus the number of inputs (and outputs), not the amount transferred.

If I am right you mean the well known blockchain wallet. This wallet has the option to see the fees. That is, before send your coins there is the option where you can see the estimated confirmation time according the fees you are willing to pay. Check it out this https://support.[Suspicious link removed]/hc/en-us/articles/209283686-Sending-Bitcoin

EDIT: suspicious link to blockchain[dot]com

Well to put it, miners fee today are just right they are not too big nor to small it is just exact. We must consider the difficulty in mining bitcoin nowadays is very high and the mining cost for the operation, equipment and power is not that simple. If we want free transactions or very low fees then its fine but we will suffer a very long confirmation. So to make things go faster setting a much higher miners fee is needed to place a prioritization on our transaction.