Bitcoin - Sending Fee

[Reynaldo]

How can I calculate what's the needed fee for a high priority transaction? Let's put an example scenario:

I have to send 0.1 bitcoin to 15 people that would be 0.1*15 = 1.5 bitcoin and I would use armory multi send function.
How much fee is needed to send this transaction?

[Muhammed Zakir]

You will need to know the size of your transaction and coin age to calculate priority.

The size depends on the numbers of inputs and outputs and is roughly*:

148 * number_of_inputs + 34 * number_of_outputs + 10

0.0001BTC/1000 bytes is recomended fee to get high priority. Priority can also increase if age of your coin is old.

* Line from http://bitcoinfees.com.

P.S. See http://bitcoinfees.com.

[zaqpp2]

in fact you can use electrum wallet for get a fee 0.00001 btc. but it is very long deliveries. so use only a small fee to use if you're not in a hurry in the transaction

[twister]

Wouldn't it be great if there was an app which would tell you much fee is required for a transaction, like you enter the address you'll be sending from and the amount and it would calculate the fee and tell you the result.

I normally enter 0.0001 or 0.0002 for larger transactions and it works out fine.

[zaqpp2]

Wouldn't it be great if there was an app which would tell you much fee is required for a transaction, like you enter the address you'll be sending from and the amount and it would calculate the fee and tell you the result.

I normally enter 0.0001 or 0.0002 for larger transactions and it works out fine.

it's standard fee from bitcoin rules. great twister[/]

[Carlton Banks]

I believe Bitcoin Core has an RPC call for it's fee estimation logic, Armory could use it to provide this type of function. Not sure whether they already have it planned, or how soon it might happen.

[goatpig]

I believe Bitcoin Core has an RPC call for it's fee estimation logic, Armory could use it to provide this type of function. Not sure whether they already have it planned, or how soon it might happen.

That's done in 0.93.2, only with auto bitcoind though

[picobit]

Rule of thumb:

For normal transactions, 0.1 mBTC is more than enough to insure quick confirmation.  But not enough to ruin you.

For really large transactions (large as in many inputs and/or outputs, not many BTC):  Increase to 0.5 mBTC just to be safe.

For large amounts (several BTC) and "old" coins (inputs from last month or older), you rarely need a fee, but add 0.1 mBTC anyway since it is vanishing in this context, and since somebody could be running a "stress test" giving longer confirmation times.

Some wallets try to estimate a reasonable fee (breadwallet, for example).  I do not have good experience with that, sometimes they manage to use so small a fee that confirmation is unnecessarily slow.

TL;DR:  Pay 0.1 mBTC.  It is small enough to not matter to you, but large enough to matter to the network

[ujka]

Wouldn't it be great if there was an app which would tell you much fee is required for a transaction...

https://bitcoinfees.github.io/
http://bitcoinexchangerate.org/fees

[LazerPanther]

Wouldn't it be great if there was an app which would tell you much fee is required for a transaction...

https://bitcoinfees.github.io/
http://bitcoinexchangerate.org/fees

Thanks ujka, hadn't seen those websites before. Really helpful!