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Title: (Basic) Check the fee efficiency of your last transaction! Post by: yazher on May 03, 2019, 06:39:15 AM Have you ever wonder how much you can save from your last transaction? If you just know how to optimize it further you can save from paying an unnecessary transaction fee. in this topic, you can Check the fee efficiency of your last transaction!
1. Go to this site: transaction fee (https://transactionfee.info) 2. Paste your transaction ID on the box https://i.imgur.com/UBM22yN.jpg 3. choose where it sent from Service/exchange or Wallet https://i.imgur.com/ax1SZlC.jpg 4. Select or type what kind of service https://i.imgur.com/QwHXM1T.jpg 5. so my result was like this, If I just perfectly optimized the transaction, I could have saved about 83% in fees would be ~0.45$ cheaper at the current price. as you can see on the photo. https://i.imgur.com/t5LTVOV.jpg Here is some more article to read on how to reduce bitcoin transaction fees: Saving up to 80% on Bitcoin transaction fees by batching payments by David A. Harding (https://bitcointechtalk.com/saving-up-to-80-on-bitcoin-transaction-fees-by-batching-payments-4147ab7009fb) How Zebpay reduced bitcoin transaction fees by Zebpay (Bitcoin Exchange) (https://blog.zebpay.com/how-zebpay-reduced-bitcoin-transaction-fees-a9e24c788598) An analysis of batching in Bitcoin by Nic Carter and @hasufly (https://medium.com/@hasufly/an-analysis-of-batching-in-bitcoin-9bdf81a394e0) Source: https://transactionfee.info/ Title: Re: (Basic) Check the fee efficiency of your last transaction! Post by: r1s2g3 on May 03, 2019, 03:03:15 PM OP, Best I read about estimating the transaction fees is to estimate yourself by analyzing the Mempool statistics.
https://jochen-hoenicke.de/queue/#0,24h Title: Re: (Basic) Check the fee efficiency of your last transaction! Post by: Bountyhonter on May 03, 2019, 10:08:30 PM Checking the amount of money (Bitcoin) you could have saved isn't really important as it doesn't really help in determining the best fee to use in your next transaction since bitcoins transaction fees isn't a fixed fee.
It is better to use the fee you know would go through than trying to minimise transaction costs and having a failed transaction. Title: Re: (Basic) Check the fee efficiency of your last transaction! Post by: o_e_l_e_o on May 04, 2019, 11:02:48 AM It's not a great site. For pretty much any transaction, it says you could save around 80% by batching up to 20 outputs together. While that might be true, the majority of transactions are to a single address. I can't save money by batching multiple outputs to multiple addresses when I only want to send to a single address. Relevant for exchanges maybe, but not for the majority of users.
It also makes no differentiation between native and nested SegWit. It simple says you are saving fees by using SegWit, but ignores that you could be saving even more on fees by switching from nested P2SH to bech32. Title: Re: (Basic) Check the fee efficiency of your last transaction! Post by: hugeblack on May 06, 2019, 09:04:36 AM This site gives completely incorrect results.
I've chosen a random tx and got these results: https://www.blockchain.com/btc/tx/38583e8d01456bf97083acb651f417c92d94c64b0de336c7cf40a04072f2291d (https://www.blockchain.com/btc/tx/38583e8d01456bf97083acb651f417c92d94c64b0de336c7cf40a04072f2291d) & https://transactionfee.info/?txid=38583e8d01456bf97083acb651f417c92d94c64b0de336c7cf40a04072f2291d (https://transactionfee.info/?txid=38583e8d01456bf97083acb651f417c92d94c64b0de336c7cf40a04072f2291d) Also, what is the benefit of checking the efficiency of my last transaction after sending it? |
