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Title: How do miners fees work? Technical questions and confusions Post by: prespendwindfall on January 28, 2014, 11:44:41 PM Hi,
I have blockchain.info and the regular Bitcoin Wallet. It appears that they include a 0.0001 miners fee each time. Great! However some of my transactions take 50 minutes to confirm so I want to add extra to the miners fees to make sure that never happens again, because that is just annoying. I can't do that with the Bitcoin Wallet and on blockchain.info I have to click custom send to increase the miners fee. Ok I figured that out. What if I buy something online and I scan their QR code and they want let's say 0.123 Bitcoins. Surely my wallet will withdraw 0.123 Bitcoins plus 0.0001 Bitcoins as a miners fee (total 0.1231 Bitcoins). Then the seller/recipient gets 0.123 Bitcoins right? Now what if I want that transaction to go through faster? What if I want to give more miners fee while going this route? Is that even possible? Should I just not care and assume it will get there eventually and in a reasonable amount of time? Can I change the automatic miners fee to be higher on an android app wallet? I have seen so many discrepancies with the miners fees and values I guess this is why people use Bitpay etc. I kept getting tripped out that my recipients were receiving different amounts of BTC when I clicked send, but realized that if I was sending a specific dollar amount that the BTC amount would fluctuate by the time it got to them. So confusing. Do you guys maybe know of a good article that explains nuances. |