Bitcoin Forum

How much will transaction fees eventually be?

transaction fees will be calculated based on the following factors:
1) size of your transaction in bytes.
if you have lots of inputs (meaning you have received a lot of payments in one address) you will end up having a big transaction size when spending it and pay more fees.

2) block reward and mining cost and price [his is an argument for a very far future.]
one of the reason for transaction fees is to compensate for mining cost. which means when block reward goes down after a couple of more halvings miners can only earn money by receiving the transaction fees.
also amount of fees is set based on price. for example when price was $1 fees were 0.001-0.01BTC and when it is $100,000 it obviously goes down to math the price.

3) how full is the memory pool! [this one is new and hopefully temporary]
since blocks are full and only a limited number of transactions can be included in one block, obviously some transactions won't "fit in" so miners pick whoever pays a higher fee and that is why fees are rising now.

i hope this answers your question.

How do miners pick the transactions. Is it by actually looking at it on a computer and clicking yes or no, or is it done automatically by an algorithm

Regards
John

It is typically done automatically by an algorithm, but some of the mining pools do allow certain users to pick specific transactions to add if they want to.

It really is up to the mining pool (or solo miner) how they want to choose the transactions for their block.. They can use a standard algorithm, they can write their own algorithm, they can pick one at a time themselves. There are no rules in the protocol about how miners (and pools) choose transactions to confirm.  As long as the transaction is valid, they can pick it if they want to.

For me the higher the better to avoid stuck transactions in the Blockchain.
You can use this website to know what is the proper fee for every transaction :  https://bitcoinfees.21.co/#fees

Each and every wallet site contributors have the minimum level of transaction amount for bitcoins. Simply to say you cannot send the little satoshis. By default wallet has minimum amount of fee and its enough to get transferred the bitcoin to one to another wallet. Normally it takes 2 or 4 confirmations to complete one transaction.

Most will set a priority to higher fees though of course. If you're sending 10 Satoshis/byte they'll have to have a written letter from you explaining why you need the money for your dying aunt or something lol. All I've heard and seen from pools is higher fees are accepted over lower, but yes in the protocol level they could technically accept whatever tx's based on nothing.

Okay, i appreciate your answer.

it depends on several factors like :

1. SIZE OF YOUR TRANSACTION
2. BLOCK REWARD
3. TRANSACTION FEES

transaction fees btc 0.0003btc
this is large amount

That is difficult to know, the concept of supply and demand applies here, demand is high but supply is limited, so the fees go higher and that is exactly what happened, there are some proposed solutions to try to remedy that, but we are in the middle of a political debate about which one is better.

Yeah, I really hope we can find a good solution to lower bitcoin fees without causing any negative consequences to Bitcoin.

As far as I know, every sites has their own transaction fees and these days it is getting larger and larger making it a pain for users. The higher the fee, the faster the transaction will be.

hi sir i have some question
how many fee require to fast confirm my transaction ?
because i get 1 confirm in next hours

thanks sir if you answer my question  :)

Yes sir and you may adjust your wallet settings for its fee according to its priority level for quick confirmation the quickest you want the more higher fee

0.0001BTC ~ NORMAL FEES.
NOW THE FEE IS SO HIGH DUE TO HARD FORKING  AND  BITCOIN PRICE

What is a current transaction fee for Bitcoin network?

So high fee=fast transfer
Is it correct?

transfer is instant, confirmation isn't. if you mean confirmation then the answer is yes, if you paid the miners high enough fee they will include your transaction in the next block tho the next block could be in a minute up to 1 hour so you still have to wait a little bit

Exactly. This is want I experience from my bitcoin core to my local exchange was an instant when I increased the miners fee. I was quite surprised though, in minutes I got my bitcoin and I was looking at the blockchain and saw in confirm already. Check my local wallet then and exchange it to my local currency smooth and flawless.

There are no mandatory fees. You should be able to set the fee to any value you want. The main effect of the fee is in how fast the transaction makes it into the block chain. If the network is really busy, you may need a higher fee to get your transaction in. I don't recommend a 0 fee, but pay something at a minimum if you're not in a rush to make the transaction.

I get it now...Thx for your answer

okey, thank you for suggestion.