transaction fee advice

[doom309]

hi coiners

i need to move a whopping 48 btc from a qt client on an old, fast dying, pc ...

the client is not synced, due to the problems within the pc, and is about 130 weeks behind the blockchain, however, im assured i can still transfer these coins to another, more modern, wallet i have, without issue

my concern, though, is with relation to the miner's fee, i dont want my 48 btc lost, or stuck in the blockchain, because miners arent incentivised to confirm my transaction, so to be sure this is not a problem how much fee should i pay when i send my coins

the old qt client does not work the correct fee out for me, or give any advice as to how much i should pay, so can anyone please give me some reliable advice on how much i should pay - in order to move 48 btc as quickly as possible

thanks ...

[poptok1]

https://bitcoinfees.21.co/
You can calculate is here.
50-55 satoshi per byte will be sufficient I think.
Site suggests to go with 60 but there will be no much difference in confirmation time.
Check the size of your TX and do a little math.

[RocketSingh]

so can anyone please give me some reliable advice on how much i should pay - in order to move 48 btc as quickly as possible

Tx fee does not depend on the amount being transferred. It depends on the size of your Tx, which is mainly defined by the no. of input and output of your Tx. Hence, if u can tell us the addresses from which u'll send and the addresses to which the fund will be sent, it would be easier to calculate the required fee at current network congestion level.

[cr1776]

...
i need to move a whopping 48 btc from a qt client on an old, fast dying, pc ...
...

Why not back up your wallet.dat and copy it to a new PC.   Then you don't need to pay anything and it is very quick.

(Regardless you should back it up if it is "fast dying")

[husel2000]

move the wallet.dat?

//Edit: Shit, to late.. sry

[LoyceV]

If you have 48 BTC in it, I assume you have a lot of backups already. If not, well, start making them NOW!

If you use 0.001 BTC as fee, that is quite generous already. Unless you have hundreds or more different input addresses.

Apart from making backups of the old wallet, make sure you have a (few) backup(s) of your NEW wallet too, including the address you're going to use to receive the transaction. Imagine transferring the money and right after you transfer it, your new PC has a disk crash. It's rare, but for 30k dollars I wouldn't want to risk it.

[Ned Kelly]

In addition to above advices. I would not be so worried about transaction sticking in the blockchain. You can always rebroadcast it later, with a higher fees.

[helloeverybody]

Depending on what the problem is that you say is wrong with the pc why cant you just transfer the whole hard drive to a new pc, This way your taking everything with you and all will be in tact, unless of course its the hard drive thats failing . As long as your backed up i suppose your all good as well.

[Reid]

Depending on what the problem is that you say is wrong with the pc why cant you just transfer the whole hard drive to a new pc, This way your taking everything with you and all will be in tact, unless of course its the hard drive thats failing . As long as your backed up i suppose your all good as well.

I browsed the answers and I find this is the best and easiest. I am more of technical in hardware than software and I am new in bitcoin. But PC related he didn't mention that it was the Hard Disk that was failing. It was the PC itself and there is a big chance the other parts are the ones infected.

Try the answer from helloeverybody first.

[Mark02]

Depending on what the problem is that you say is wrong with the pc why cant you just transfer the whole hard drive to a new pc, This way your taking everything with you and all will be in tact, unless of course its the hard drive thats failing . As long as your backed up i suppose your all good as well.

I browsed the answers and I find this is the best and easiest. I am more of technical in hardware than software and I am new in bitcoin. But PC related he didn't mention that it was the Hard Disk that was failing. It was the PC itself and there is a big chance the other parts are the ones infected.

Try the answer from helloeverybody first.

Im not good in terms of software discussion because my course is very far from this type of topic. But, since everyone here tells you to have a backup to your wallet (which is a MUST) having this kind of large quantity of bitcoin. I also suggest that if you want to have a fast transaction to transfer your fees. You can pay at least double or triple or even pay 5x the minimum fee of the blockhain so that they will prioritize your transaction. The reason why I didn't recommend the much larger amount that it will cost much, some patient is also needed considering that you are transferring large amount right?

If you want more details you are free to browse: http://blog.coinkite.com/post/129708232446/faster-bitcoin-transactions-miners-fee-done

(c) to the owner and author of the site

[ranochigo]

Depending on what the problem is that you say is wrong with the pc why cant you just transfer the whole hard drive to a new pc, This way your taking everything with you and all will be in tact, unless of course its the hard drive thats failing . As long as your backed up i suppose your all good as well.

Not many would be that technical to be able to remove a harddisk completely and have the knowledge/adapter to install the hard disk in the new computer. Backup all the information and the wallet.dat is enough, using an old Bitcoin client would probably not be the best idea.
Back it up first before doing anything and you would be fine even if it doesn't confirm. I would recommend placing the wallet.dat into another PC since the earlier Bitcoin Core version can potentially create invalid transactions. And yeah, you need Bitcoin Core to be fully synchronized.

[Shiroslullaby]

Transaction fees are still a mystery to me.
I have googled it, and never really found any good guide explaining a great way to determine how to set fees.
If anyone has some info on this, its greatly appreciated, actually.
It doesn't matter how much you send, the transaction fees depend more on the address you are sending to/ from?
(I'm looking at the site https://bitcoinfees.21.co/ mentioned above)

[ranochigo]

Transaction fees are still a mystery to me.
I have googled it, and never really found any good guide explaining a great way to determine how to set fees.
If anyone has some info on this, its greatly appreciated, actually.
It doesn't matter how much you send, the transaction fees depend more on the address you are sending to/ from?
(I'm looking at the site https://bitcoinfees.21.co/ mentioned above)

No. Transaction fees can be anywhere from 0 to 21 million, there is no limit. The size does depend on which kind of address you are sending from; uncompressed keys uses a few bytes more than compressed keys but they are the same. The "address" that is indicated in the transaction does not affect the size.

[doom309]

thanks for your answers, im not technical in any way, i wouldnt even know how to open a pc up let alone do things with drives etc ...

i did transfer the wallet.dat stuff to another computer, a laptop, so i guess that is a backup, ive never fully understood that either ...

im asking the original question because i did, about 3 weeks ago, manage to send the 48 btc out of its wallet (because a check of blockchain explorer showed it empty) but instead of the coins going to my nominated address, they got "held" in a newly generated address (generated, i guess, by my qt wallet) because my fee was too low, by mistake

it stayed put for about a week, and then i found it had been returned to my original qt address, hence im going to try again, but this time add more fee

also, it has occurred to me i mightve made the mistake of sending the full amount (of total coins) and then instructing the system to send the fee, which, now i realise, wouldnt work because those fee coins - i dont have them, ie ive spent all my coins in my transaction, with nothing there for the fee

so, if i dedut, as someone suggested, 0.00100000 from my total coins, and send that, THEN add 0.00100000 as the fee, should that work?

thanks

[ranochigo]

i did transfer the wallet.dat stuff to another computer, a laptop, so i guess that is a backup, ive never fully understood that either ...

It contains your private key so you would never lose your Bitcoins if it cannot get accepted and the hard disk dies.

im asking the original question because i did, about 3 weeks ago, manage to send the 48 btc out of its wallet (because a check of blockchain explorer showed it empty) but instead of the coins going to my nominated address, they got "held" in a newly generated address (generated, i guess, by my qt wallet) because my fee was too low, by mistake

Weird, that shouldn't happen under any circumstances. My guess is that it might have been a change address and you chose the wrong amount to send to the designated address. Was the transaction on the block explorers? What version are you using?

it stayed put for about a week, and then i found it had been returned to my original qt address, hence im going to try again, but this time add more fee

also, it has occurred to me i mightve made the mistake of sending the full amount (of total coins) and then instructing the system to send the fee, which, now i realise, wouldnt work because those fee coins - i dont have them, ie ive spent all my coins in my transaction, with nothing there for the fee

What was the fees? That is a possibility.

so, if i dedut, as someone suggested, 0.00100000 from my total coins, and send that, THEN add 0.00100000 as the fee, should that work?

thanks

It actually depends on the size of your transaction. Your size would definitely be bigger if there are more inputs/outputs. Why not try calculating the size by

134byte*/input+ 32byte*/output

You can then roughly get the transaction size. Next, multiply it by 70satoshis(0.00000070BTC) to use that as the transaction fee.

[LucioTan]

This is a Block chain Quick Bit, where we cover the basics of a topic, or product, to help you understand it better. This Quick Bit is intended to help you learn about bitcoin transaction fees. Bitcoin transaction fees are one of the many benefits for consumers and merchants to utilize bitcoin, and is an attractive aspect of the digital currency. Currently bitcoin transaction fees can average to around .04 cents USD (or 0.0001 BTC) per transaction. Bitcoin transactions are in place as an incentive to miners when validating bitcoin blocks. One of the reasons there is a fee is because the larger the transaction data size, the longer and more energy it will take miners to validate the data. Transactions with higher transaction fees tend to be validated faster in the block chain. Conversely, transactions with low or zero transaction fees tend to be validated more slowly, or eventually will get rejected. It is extremely important to note that a transaction may be safely sent without fees if these conditions are met

It is smaller than 1,000 bytes.
All outputs are 0.01 BTC or larger.
Its priority is large enough

based on what I read with the Quick Bit Website.. 

[Reid]

Depending on what the problem is that you say is wrong with the pc why cant you just transfer the whole hard drive to a new pc, This way your taking everything with you and all will be in tact, unless of course its the hard drive thats failing . As long as your backed up i suppose your all good as well.

I browsed the answers and I find this is the best and easiest. I am more of technical in hardware than software and I am new in bitcoin. But PC related he didn't mention that it was the Hard Disk that was failing. It was the PC itself and there is a big chance the other parts are the ones infected.

Try the answer from helloeverybody first.

Im not good in terms of software discussion because my course is very far from this type of topic. But, since everyone here tells you to have a backup to your wallet (which is a MUST) having this kind of large quantity of bitcoin. I also suggest that if you want to have a fast transaction to transfer your fees. You can pay at least double or triple or even pay 5x the minimum fee of the blockhain so that they will prioritize your transaction. The reason why I didn't recommend the much larger amount that it will cost much, some patient is also needed considering that you are transferring large amount right?

If you want more details you are free to browse: http://blog.coinkite.com/post/129708232446/faster-bitcoin-transactions-miners-fee-done

(c) to the owner and author of the site

That is possible? Aint it like some kind of extortion? Paying more for your transaction to be faster? I dont know, havent tried that. But I do transact at lower fees but do it for so many times. That could work also.

[Mark02]

Depending on what the problem is that you say is wrong with the pc why cant you just transfer the whole hard drive to a new pc, This way your taking everything with you and all will be in tact, unless of course its the hard drive thats failing . As long as your backed up i suppose your all good as well.

I browsed the answers and I find this is the best and easiest. I am more of technical in hardware than software and I am new in bitcoin. But PC related he didn't mention that it was the Hard Disk that was failing. It was the PC itself and there is a big chance the other parts are the ones infected.

Try the answer from helloeverybody first.

Im not good in terms of software discussion because my course is very far from this type of topic. But, since everyone here tells you to have a backup to your wallet (which is a MUST) having this kind of large quantity of bitcoin. I also suggest that if you want to have a fast transaction to transfer your fees. You can pay at least double or triple or even pay 5x the minimum fee of the blockhain so that they will prioritize your transaction. The reason why I didn't recommend the much larger amount that it will cost much, some patient is also needed considering that you are transferring large amount right?

If you want more details you are free to browse: http://blog.coinkite.com/post/129708232446/faster-bitcoin-transactions-miners-fee-done

(c) to the owner and author of the site

That is possible? Aint it like some kind of extortion? Paying more for your transaction to be faster? I dont know, havent tried that. But I do transact at lower fees but do it for so many times. That could work also.

Of course many will disagree, but according to him, he wants to nake the transaction Faster right? So, the only means to make it happen is to increase the fee so that they will prioritize the transaction. But, for us who are only transacting small amount, we will just wait for the transaction to be confirmed and will not increase our fee that it may reduce our profit from our investment or something like that.

[Reid]

Depending on what the problem is that you say is wrong with the pc why cant you just transfer the whole hard drive to a new pc, This way your taking everything with you and all will be in tact, unless of course its the hard drive thats failing . As long as your backed up i suppose your all good as well.

I browsed the answers and I find this is the best and easiest. I am more of technical in hardware than software and I am new in bitcoin. But PC related he didn't mention that it was the Hard Disk that was failing. It was the PC itself and there is a big chance the other parts are the ones infected.

Try the answer from helloeverybody first.

Im not good in terms of software discussion because my course is very far from this type of topic. But, since everyone here tells you to have a backup to your wallet (which is a MUST) having this kind of large quantity of bitcoin. I also suggest that if you want to have a fast transaction to transfer your fees. You can pay at least double or triple or even pay 5x the minimum fee of the blockhain so that they will prioritize your transaction. The reason why I didn't recommend the much larger amount that it will cost much, some patient is also needed considering that you are transferring large amount right?

If you want more details you are free to browse: http://blog.coinkite.com/post/129708232446/faster-bitcoin-transactions-miners-fee-done

(c) to the owner and author of the site

That is possible? Aint it like some kind of extortion? Paying more for your transaction to be faster? I dont know, havent tried that. But I do transact at lower fees but do it for so many times. That could work also.

Of course many will disagree, but according to him, he wants to nake the transaction Faster right? So, the only means to make it happen is to increase the fee so that they will prioritize the transaction. But, for us who are only transacting small amount, we will just wait for the transaction to be confirmed and will not increase our fee that it may reduce our profit from our investment or something like that.

Okay. This could work for me if it is really urgent. But for now I dont see any cases of mine that needs urgency so I would rather prefer the longer but smaller fee. Maybe in the future this could help me if I got bored with the waiting period.

[jak3]

i just pay some satoshis like 4000-5000 satoshis for a transaction of 0.025btc acctully my mycelium wallet caluculate the fees it self when i choose the amount to send and when i set the lowest priority