Bitcoin Forum

After  solving the arithmetic logarithm by the miners to choose who would  carry out the transactions on the network. The transaction fee charged is it fixed, decided by fellow miners or can the sender edit the transaction fee below the current price charged or above it?
I'm just curious

Fix, what is a fix you implied?

You can check mempool space and choose transaction fee for your transactions.
https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight
https://mempool.space/vi/
When you check mempool, it is very clear and you can move your Bitcoin with 2 satoshi/ vbyte and get confirmation in 20 minutes.

Bitcoin breaks $60k but the mempool is still clean. I don't know mempool space will be loaded more tomorrow, let's see.

Make sure to avoid wasting BTC for too high fees – step by step guide (Electrum) (https://bitcointalk.org/index.php?topic=5182906.msg52398375#msg52398375)

The sender of the transaction (or their wallet software) chooses what transaction fee they will pay for the transaction.

The solo-miner or mining pool (or their mining software) decides if they want to include the transaction in their block or not.

By choosing a larger fee, the sender creates a larger incentive for the miner or pool to choose to include their transaction.  If the transaction has not yet been included in a block, it might be possible to resend the transaction with a higher (or lower) transaction fee, however there is no guarantee that the miner or pool won't still choose the earlier transaction without the changed fee.  Use of the RBF (Replace By Fee) feature in Bitcoin transactions can make it easier to increase the fee before the transaction is included in a block, and increase the likelihood that the miners and pools will see and include the new transaction with the larger fee.

[Guide] Broadcast Your RAW Transaction (Push TX) BTC & Alts coins (https://bitcointalk.org/index.php?topic=1938621.msg19248899#msg19248899)
 [TUTORIAL]getting a low-fee transaction unstuck by creating a CPFP with electrum (https://bitcointalk.org/index.php?topic=5285192.msg55476502#msg55476502)
All about "stuck" transactions and what you can do to fix them (https://bitcointalk.org/index.php?topic=1802212.msg17954548#msg17954548)
If people do opt-in a transaction as RBF, they will not be able bump fee later with RBF. They will have to use Child-Pay-For-Parent transaction.

You are registered here for almost 1 year but you don't know if the transaction fee is fixed or not?

What actually wallet are you always using?
Have you heard about Electrum, wasabi, or Bitcoin core?
Have you tried to use them?


If not, I'd like to suggest that you try Electrum or wasabi you can able to set the miners fee any amount you want. It's not the same as exchange wallets like Coinbase or Binance that have fixed transaction fees or any custodial wallet.

Here's what it looks like in Electrum when you are manually set the fee
https://bitcoinelectrum.com/files/2020/07/fee-granular-1.png
Under "target fee" that is where you can edit how much sat/byte you want to pay and also take note of the size of the transaction.

ABSOLUTE NONSENSE.

This is exactly why I click the "ignore" link on ALL users with signature ads.  All they do is spout nonsense, wasting time and space on the forum.

Bitcoin transaction fee are always volatile which will be adjusted to the condition of the mempool. If the mempool is congested then you may be advised to use a higher transaction fee if you want to get confirmation faster. You can still use a lower transaction fee than the recommendation fee if you are patient enough to wait for your transaction to be put in the block, but when the network congested, it may take you a while to get that confirmation even it can be longer than 24 hours. Just wanted to share my experience, I usually use the transaction fee suggested by the two sites (Mempool.space & Blockchair.com). Make sure you also enable RBF to anticipate network congestion because this feature allows you to increase transaction fee before confirmation.

Sorry man, i can't get your point clearly.
Once the transaction is added into a block, you can't be able to use any feature as you don't need eny of them anymore.
I you are the sender, you can always enable the RBF option so if the transaction dely to get confirmed because of the lack of mining fees, you will be able to broadcast another transaction using the same details of the first transaction [unconfirmed one].
If you are the receiver, make sure that you are using a client where you can enable the option of CPFP which allows you to spend unconfirmed outputs. Create another transaction with higher fee, the miner will have to confirm the parent transaction before going with the child transaction.
Electrum for both mobile and desktop is the best option for those who are not familiar with bitcoin transactions .

This is too hash buddy, spending a year on the forum is not a prerequisite to know everything about Bitcoin. I have been studying about different things this caught my attention I needed clearity

I have been restricted to trust wallet for a long time  and haven't seen an option as such where you can set the miners fee and while studying I came across setting your transaction fee on the network so I came up with the thread

Thank you

In the last 3 month I think bitcoin transaction fees are quite low and very suitable for moving small amount of bitcoin to other wallet. 1 sat/byte is a fairly cheap transaction fee although on some previous transactions I had to wait more than 4 hours to get 1 confirmation. OP you can set your own fees with bitcoin and this is why bitcoin is called your own bank. Right now you should be using 10 sat/byte to get a confirmation in at least 10 minute, but you can still set it lower if you don't need the money urgently.

I did actually have the same questions too on where this is just a basic thing and its impossible for a member of this forum for 1 year isn't aware on how fee works?

He should really know on using those non-custodial wallets for him at least does have the idea on how to set out specific fees on specific market conditions.

Electrum would be a good wallet to make things a bit familiarizations on things at least for him to know on how fee works.

Maybe add a new fee amount?
As far as I know when making a widraw transaction the fees always change. Some friends have shown some references to estimate the amount of fees that will be used so that transactions are not delayed too long. Since all bitcoin transactions depend on network density, the denser it is, the more expensive it will be to speed up transactions.

My experience, I use electrum. With Electrum, we can activate the RBF feature which functions to increase transaction fees so that we get to the destination address quickly. If you are not in a hurry then you can use the standard fee. My experience is always monitoring the mempol before making a transaction, so you can determine the cost according to your needs and network density.

No it is not fixed. If you say that the fee is a fixed fee, then it’s going to be a particular that you’re going to be paying anytime you’re doing a transaction. But it is not like that, rather you’re always paying different fees whenever you are doing a transaction with your wallet; if you’re paying $10 today for the transaction you’re doing, tomorrow or even the next minute, you’re not going to be paying that same $10, it will change $1 or any other thing. The price is determined by what people are ready to pay at that time and how busy or congested the network is at the time you’re doing the transaction.

Not fixed at all as the fee depending on the network, if it's congested, you can increase your fee if you want the transaction to be confirmed in your estimated time.

However, seems things are different late (don't know the reason for sure) as I notice that the fees are pretty cheap compared to the last, the market is bullish, the same scenario in the past, but you can move bitcoin at a very cheap rate today, of course, you can refer to the https://mempool.space/ as your guide.

Transaction fees are determined by the market. Miners can process whatever transactions they want, but it is obviously the most beneficial to include the highest fee per byte transactions as the space is limited in each block. This is a great incentive system that they say cures some problem with some generals or something. (Kidding, but look it up and appreciate greatness.)

Bitcoin transaction fees are continuously fluctuating, and they are modified according to the state of the mempool. If the mempool is overburdened, you might wish to utilize a larger transaction fee to receive confirmation sooner. If you are patient enough to wait for your transaction to be put in the block, you may still use a lower transaction cost than the recommended charge, but when the network is busy, it may take a long time to obtain that confirmation, even more than 24 hours. Just wanted to share my experience; I often utilize the transaction fee recommended by the two sites.
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That will continue to change even on exchanges though, the first time I entered the cryptocurrency it was only about 10k satoshi up to 100k satoshi. And now with a different range. There may be $10 in bitcoin like kraken.

I should also add that since the last few years (IIRC 2017) there actually is a fixed floor fee which is 1 satoshi per byte. So this amount depends on the size of your transaction, in which I believe there is no new client anymore that allows you to send less than 1 satoshi per byte.

I was never lucky enough to send 0 byte (as I never knew before it was an option when I first used)  :D

Fixed? No mate it depends what amount of transactions you have, but you can set it to higher if you want a fast transaction, if not you can set it to a lower fee but probably it takes hours or days. "For short bitcoin fees is depends on the speed of your transaction". And you know there's a chance as well that your transaction will be cancelled or stop if you exceed to the lowest value.. So remember to double check it always to don't waste your time waiting for your transaction to be confirmed by miners..

As the transaction fee of Bitcoin depends on transaction size and network volume, it will keep on fluctuating as per the change in network volume and size of the transaction.

No but very less than compared to what banks are charging us nowadays.Transaction fees are included with your bitcoin transaction in order to have your transaction processed by a miner and confirmed by the Bitcoin network. The space available for transactions in a block is currently artificially limited to 1 MB in the Bitcoin network. This means that to get your transaction processed quickly you will have to outbid other users. More the fees,more quickly your transaction will be included in the block.

There is no fixed bitcoin transaction but it also depends on which wallet that you have used, in custodial wallet which are higher fees than the non custodial wallet. The fees are always mattered on the mempool status and the fee depends if the network is not experiencing heavy traffic.

Another case depended on your speed transaction, faster transactions mean higher fees could be paid. For lower fees, I suggest adopting a lightning network, this is good a multi send micro transactions.

This part is not accurate.
Transaction speed depends on;
1. How quick a block is confirmed
2. The size of unconfirmed transaction in the mempool.

John could pay a very low fee, when the mempool is almost empty and within seconds a block containing his transaction gets confirmed, while at another time Bob would pay a very high fee but the next block that could contain his transaction takes 40 minutes to get confirmed.

Who of the 2 do you think will have achieved a faster transaction?

The fees are not fixed, of course, but this varies between exchanges and bitcoin wallets. The exchanges have fixed fees for transferring bitcoins, and they are often high and in some of them they are very high. As for the wallet fees, you can adjust the fees as desired if you want low fees, the time will take several additional hours, but if you want Speed up the transaction You have to increase the fees, the reason of course is that miners choose the transactions with the highest fees to execute first so the transactions with the low fees keep waiting for a long time.

A user can choose transaction fees on his own. It means that it doesn't depends on amount of Bitcoin that you transfer, everything depends on network congestion. When the activity is high, you need to pay more so that you transaction will be included in a chain. Otherwise you will have to wait too much or your transaction will just fail.

How long have you been here in the forum? Judging your current rank, you're supposed to know that basic information. After all, I bet you are lingering in different threads and posts related with bitcoin. In addition, you have the resources to search it on the internet with a few clicks like how you managed to post it here.

But to answer directly, no, the transaction fees are not fixed. The fee of each transaction varies depending on how many users are currently transacting (volume of users), the season of the market, and the speed of the transaction process. If you don't really need the fund urgently, you can opt to choose a transaction fee that is minimal. Just expect it to be a little delay of course, compared to the transaction that has a high fee. The network prioritizes the users who will pay more for faster transactions. Just remember not to set the transaction fee too low or else you might end up having trouble because of the slow process. There are also instances that the funds end up floating because of a very low transaction fee, so know when to be thrifty and when not to because it could cost you later.

Transaction fees are based on the data volume of a transaction and the congestion of the network. A block can contain a maximum of 4 MB of data, so there is a limit to how many transactions can be processed in one block. A larger transaction will take up more block data. Thus, larger transactions typically pay fees on a per-byte basis

If you are sending a transaction with the help of a Bitcoin wallet, the wallet will usually display an option for you to select your fee rate. This fee rate will be calculated in satoshis per unit of data your transaction will consume on the blockchain, abbreviated as sats/vByte. The total fee paid by your transaction will then be this rate multiplied by the size of your transaction.

If you wish to have your transaction confirmed immediately, your optimal fee rate may vary significantly. However, if you do not mind waiting, paying 2 sats/vByte will usually allow your transaction to be confirmed within a day or a week.

As far as I know, some wallets offer options whether it be a rushed transaction or a regular one, therefore giving us options to settle for a cheaper transaction fee and an expensive one if you prefer rushed, also, the wallet themselves or the exchange itself collects additional fees, I don't think the fee is fixed since the miner's fee and the exchange's fee adds up, but I think the transaction fee as of now is cheaper compared to other currencies like ETH.

If I'm not mistaken, it depends more on the company with which you decide to work.

Network fees on Ethereum (ETH) are currently very expensive. to send tokens alone requires around $60 for one transaction and this will of course change depending on the latest gas price.
The BSC, Polygon, Solana platforms use very cheap fees and are still very worth it to do some swaps.
ETH went really crazy when it hit thousands of dollars.

As far as I know it's not fixed but there is Kryptova https://kryptova.biz (https://kryptova.biz) which provide the lowest transaction free. You can check them out and also connect with them if you want.
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When we are talking about the Bitcoin transaction fee:

I would recommend you to use wallet like samourai generally I use this wallet to coordinate my fee and see how long I wanna wait for my transaction to get confirmed. What you can do is, you can check how many sats they are taking and if you are getting underhyped about why it's taking forever then you also have general tool to increase your transaction fee. Therefore you can always boost your transaction fee!!

The fee is not fixed. You have the ability to choose from a wide variety of options but ofc the delay would be based on your part as well.  :)


What do you mean ??
You mean the fee as decided by the miner ??
Seems a bit out of context tho.


Miners ofc can choose which transactions might be beneficial for them. Therefore they have the ability to choose their transaction fee.

Bitcoin is not a company and miners are not the employee. :)

Miners doesn't decide anything when it comes to fee because only the users who are creating the transaction can set any fee from 1sat/byte and mostly miners depends on the block rewards and if the network is clogged they will get extra bonus due to the people who will be willing to pay more for the fee.

it's fixed for some of specified transaction and it has the point to denote that this much of amount we transferred from this wallet to another wallet means the amount is fixed to this and it can be higher cost due to validation in fee that means incase some of the transaction done curse time is on at 2 to 5 hours of interval in between any transaction made the transaction fee will be high so transaction does not made with curse time

Transaction fees are currently getting more and more expensive, and our dream of being able to send bitcoins with cheap fees has disappeared, maybe because of the increasing volume of transactions so that the fees become more expensive, I got to know bitcoin in 2014, at that time there were many wallet providers such as coinbase and Xapo which does not charge a transaction fee.

https://cointelegraph.com/explained/transaction-fees-explained/amp

Transaction fees are fluctuate base on how busy a blockchain network is, and can also be flexible. A user who wants their payment to be confirmed urgently can choose to pay higher fee so miners are incentivized to put their transaction at the front of the queue. These charges are fixed on most crypto exchanges, but user may have the option to adjust fees when using certain wallets.