Bitcoin Forum

What is the best fee i should set so the transaction not take ages ?

i plan to send 1 btc to localbitcoins

From https://www.blocktrail.com/BTC, the optimal fee is ~0.00002BTC/KB. I would go for 0.0001BTC/KB for a higher probability of it getting included in the next transaction.

i always send with a 0.0001 fee and it always confirms within an hour or two.

Thanks for the quick replys

Just use the fee slider in bitcoin core, its the best prediction you can have.

i did not know that HardWare wallets had fee does multibitHD have i need to test brb into 10 mins

This website might help you to determine the current fee standard...

http://www.cointape.com/

You can set the fees yourself for faster confirmation or you can not set a fee and it would take a significantly longer time till your priority is high enough. For MultibitHD however, they do have a developers fee of 1000satoshi. For SPV Clients, it isn't possible to use client to predict the fee as of now.

I usually it at 0.0002-0.0003 per transaction but when I need to fasten things up as I need to transfer big amount I often set it to 0.001-0.002  :P

Me too, I always set a higher fee, it's still pennies any way. I just can't be bothered waiting & even worrying about seeing a confirmation.

Well maybe you are afraid that the transaction will get lost or not confirmed?
I am always happy with the transaction fee of 0.0001
For example now see this transaction it will confirmed very soon even though it is 134BTC: https://blockchain.info/tx/04d1d20ed92ac9360d27b97692ab2ae4422b89ca09cfd450ed85e706189d9ab5

Transaction volume does not directly reflect the need for a higher fee. The thing that affects the fee is the transaction size. Even if a transaction has 200+BTC in volume, the Transaction may just have 900bytes, thus you can even send it without a fee.

I know but when I send big amount of bitcoin I usually use high fee to guarantee that my transaction is included in the next block and to make myself few some what relieve ;D

Depending on how much you are going to send, id range from from about 0.00005 to 0.0003. 0.0003 if you're sending 10+ BTC, and 0.00005 if you are sending a few thousand satoshi.

What do you classify as "quickly"? 10 minutes? 1 hour? 1 day?

I never care about it; i always let the bitcoin core decide it for me, for example , sometimes the slider predicts 15k and sometimes 30k, the fee always varies.

From my point of view you should do the same, just dont care and use what the slider have in that momento, and dont worry about the time needed, it will never take ages, well sometimes you need to w8 a Little bit more, but normally you dont nee to w8 so long.

always 10k for me, the fee are so low, that it is not worth the effort to stay there and change all the time, there are however the automatic fee, you can use that with core

I would say 0.001.

That is what I have it set to.

The default fee only 10.000 satosi
but for high confirmation, you can use 100.000 satosi for fee

Bitcoin is lower fee if you compare with other processor payment

I would say that's quite high ;D It's usually 0.0001 but to guarantee it gets into the next block 0.001 it's fine too

0.001 is too high in all instances. 98% of my transactions I send with 0.0001 fee. During the stress tests I was sending with 0.0002 and never had any problems. So if you want, you bump it even to 0.0003, but 0.001 is way too high!

maybe ;D but yep like I said. Using 0.001 for my relief sake LOL. Anyway electrum is quite BS for its default fee per kb high as hell ;D

I wouldn't recommend such constant fee, it depends on transaction. Sometimes you can use 0.00001 fee but sometimes 0.0003 would be needed to it confirm in acceptable time.

I agree with you but sometime transaction confirmed within an hour or 2 is too long for some business

You really gotta have to be cheaping out to save 4 cents on a business transaction. 4 cents for anyone actually using Bitcoin is an incredibly cheap fee compared to other services. I'm guessing most people complaining are probably doing faucets.

Just received a 0.1 BTC transaction and just really can't stand staying up late and wait for the damn network to confirm because he sent it with 0.0003 BTC fee. That's why I usually do it 0.001 for big amount or the important one

Use CPFP to increase the priority for miners applying the patch if you want to. Just create a transaction with a higher fee from the output. How much is the transaction size? Transaction fees does not matter alot, the thing that matters the most is the BTC fees/kb. That's what the miners are looking at when deciding the priority.

This 0.001 is very high  0.0001 take time so I mostly go with 0.0002 and 0.0003 and its works for me very quickly

I use, and recommend to go at 0.00011 per kB. Its a tad higher than default so you have better odds of getting confirmed, i don't really like waiting long times for confirmations. Right now 0.00008 per Kb is being recommended as the cheapest that still get you confirmed.
But i don't like to change it all the time so instead i just leave it at slightly above average and only  change it to higher during spam attacks.

Cointape that was recommended many time already is a good source if you want the math to be done for you.

I put 0.00125 and it gets comfirmed really quick, 10 minutes or so for 1 comfirmation, 30 minutes for 3 comfirmation aproximately, maybe less time

The default differs between client to client. The minimum for a paid transaction fee is 5000 satoshi as it is the default relay fee as of Bitcoin Core 0.11.0.  During spam attacks, I used 0.0001BTC as a fee and I didn't find any problem getting it included in the block. If the spam attack uses lower fees such as 5000 satoshi, 0.0001BTC fee would be more than sufficient.

That's a tad too high. If a block doesn't get mined, you would have to wait longer till it gets mined to stand a chance to eg a confirmation. After the first confirmation, any other block after that will gain you another.

Hmm, well i guess, i've used Multibit, Multibit HD and Greenaddress, though Greenaddress also has a auto-calculate fee thing that is pretty nice. Since we're talking about Bitcoin core here then yeah true. 0.0001 just seem very standard so i mislabeled it as "default".

I think that 0.00008 per Kb is a little. Just sent one with that fee 2 days ago and it takes like 4 hours @@ that's horrible I have to say

i dont have a problem with the fee, 0.0001 fee is better for me right now,iam happy with that , like what all told its depend on how many input you have since the transaction fee is not depends on how much bitcoin you have but its about the inputs

with bitcoincore I think 0.0001 may be not really bad but the priority is quite low so it will get in a block in 4-5 blocks I think

Confirmation times does not change with different clients if you use the same fee and the TX is the same. The priority is quite high for anything above or on 0.0001BTC/KB and shouldn't take a few blocks later to confirm. 0.0001BTCKB/KB is nearly ten times of the current optimal fee.

I sometimes use electrum and use 0.0001 for fee usually end up that it takes 2-3 hours for a confirmation

It may be the difference in block frequency or size.

Block frequency is fine about 7-15 mins. Some block explorer shows that the fee is of low preference