How do you find out the optimal network fee for transaction?

[sbtctalk]

Is the BTC network under attack? I am asking this because transactions are taking very long to get one confirmation these 2 days. The speed of the transaction is also dependent on network fees and it varies.

Is there an optimal network fee or a website I could find reference to the latest network fee?

[Foxpup]

Is there an optimal network fee or a website I could find reference to the latest network fee?

bitcoinfees.21.co

[franky1]

https://bitcoinfees.21.co/
look for the line that is green, because all the yellow and orange lines are slower(less change of next block priority)
at time of posting its about 70-80sats per byte.

which you then have to work out the data size of your transaction(in bytes) to multiply and get a transaction fee amount for your transaction in particular

then add a few satoshi's ontop that total to give you a little extra chance that you are more priority than other people looking and trying the same thing.

[TraderETH]

I used bitcoin online wallet blocktrail today become BTC.COM, i knew fee for transaction from bitcoin wallet its self (BTC.com) there is notification about the fees before i make transaction sending bitcoin an i think it is optimal.

[yayayo]

Bitcoin network isn't under attack, but block size is too small compared to many transaction everyday and it's common problem for many of us.

No I don't think it's a common problem. It's mainly a problem for scrooges and people transacting minuscule amounts or very recent inputs. The block size is still big enough to allow for very fast confirmation of all regular use cases. I think it's a positive development that fees have risen somewhat, because it puts an end to transaction spam and has already led to several improvements at several services which used to run non-optimized transaction practices.

Eventually, the block size will be slowly increased alongside with the very important optimizations via segregated witness. In the meantime I hope some fee pressure is maintained, to raise awareness that Bitcoin network use means using a valuable resource that is not maintained by gods hand, but by hard working miners. After all, as block rewards will decrease with each halving, the day will come when transaction fees will be the main source of income for miners...

ya.ya.yo!

[traderethereum]

i only know on my mycelium wallet, there is an option for slow, slower, normal, fast transaction fee and i always choose normal for transaction and sometimes if i am in hurry, i choose fast transaction fee. but i don't how to find out the optimal network fee on market exchanger, because on every market exchanger have different fee.

[Kakmakr]

The transaction volumes are increasing over time, as seen here https://blockchain.info/charts/n-transactions-total?timespan=all so higher fees will have to be paid for priority transactions to be confirmed quicker, but if everyone is doing this, there will be no difference.

We have not seen any dramatic increase in transaction volumes in the last 30 days to suggest that we are under attack.
https://blockchain.info/charts/n-transactions-total?timespan=30days

*Not very accurate stats, but it gives you an idea. ^smile^

[Zionatin]

I have the Core Client. There is a recommended fee slide. You can set the fee to get confirmed in certain blocks.

[NorrisK]

Bitcoin network isn't under attack, but block size is too small compared to many transaction everyday and it's common problem for many of us.

No I don't think it's a common problem. It's mainly a problem for scrooges and people transacting minuscule amounts or very recent inputs. The block size is still big enough to allow for very fast confirmation of all regular use cases. I think it's a positive development that fees have risen somewhat, because it puts an end to transaction spam and has already led to several improvements at several services which used to run non-optimized transaction practices.

Eventually, the block size will be slowly increased alongside with the very important optimizations via segregated witness. In the meantime I hope some fee pressure is maintained, to raise awareness that Bitcoin network use means using a valuable resource that is not maintained by gods hand, but by hard working miners. After all, as block rewards will decrease with each halving, the day will come when transaction fees will be the main source of income for miners...

ya.ya.yo!

As much as I want to agree with you here, I had a very nasty experience recently where I was transacting 2 year old coins with the normal recommended fee. The coins remained unconfirmed for about 5 hours, which is way to much imo.

I agree on the rest of your post though, but at this moment the balance between confirmation speed and transaction fees is just off.

[mobnepal]

I am using blockchain web wallet and getting all my transaction confirmed within one block that is maximum within 30 minute. I don't change the recommended fee blockchain sets for my transaction, i don't know other wallet have this feature or not but i like this feature they have.

I find trying to figure out optimum fee which depend upon transaction to transaction is hard manually so better i go with the recommend fee wallet suggest.

[bryant.coleman]

In my opinion, the transaction fee must be independent of the file-size. Sometimes I am forced to pay as much as 5% or 10% for transmitting Bitcoins, as there is a lot of dust in my coin holdings. It must be similar to fiat transactions. For fiat, the bank charges the same fees whether you deposit the cash in denominations of €500 banknotes, or in €10 banknotes.

[JITENDERPAR3]

Is the BTC network under attack? I am asking this because transactions are taking very long to get one confirmation these 2 days. The speed of the transaction is also dependent on network fees and it varies.

Is there an optimal network fee or a website I could find reference to the latest network fee?

you are right it taking too long time . but i want tell you that yeasterday the block of transaction of blockchain was in problem technically . and taking long time . and there was some information about this at blod site of blockchain . And second thing to see transaction fee you don't need to wonder just see at blockchain .

[unamis76]

The speed of the transaction is also dependent on network fees and it varies.

Is there an optimal network fee or a website I could find reference to the latest network fee?

The transaction speed does not depend on network fees nor does it vary wildly.

Beyond the sites that were already linked, you can have more info on transaction fees here

[Velkro]

Is there an optimal network fee or a website I could find reference to the latest network fee?

It should be software problem not yours. That is really bad, when users need to find out and learn what fee is needed to his transaction actually went through in reasonable time.
We need more development i see :|

[Pursuer]

Is there an optimal network fee or a website I could find reference to the latest network fee?

It should be software problem not yours. That is really bad, when users need to find out and learn what fee is needed to his transaction actually went through in reasonable time.
We need more development i see :|

I am not using bitcoin core to say the following for sure but according to the release log of 0.12.0 here https://bitcoin.org/en/release/v0.12.0#wallet-transaction-fees
bitcoin core is using floating fees which is adjusted according to the history.

and since I am using Electrum I am sure that there is a feature for this to add a dynamic fee based on the changes in the mining scene and in order to get a high enough priority.

[sbtctalk]

The speed of the transaction is also dependent on network fees and it varies.

Is there an optimal network fee or a website I could find reference to the latest network fee?

The transaction speed does not depend on network fees nor does it vary wildly.

Beyond the sites that were already linked, you can have more info on transaction fees here

https://bitcoinfees.21.co/
look for the line that is green, because all the yellow and orange lines are slower(less change of next block priority)
at time of posting its about 70-80sats per byte.

which you then have to work out the data size of your transaction(in bytes) to multiply and get a transaction fee amount for your transaction in particular

then add a few satoshi's ontop that total to give you a little extra chance that you are more priority than other people looking and trying the same thing.

Thank you for the clear explanation and site references.

How is the size of transaction (in bytes) are calculated?

[davis196]

Is the BTC network under attack? I am asking this because transactions are taking very long to get one confirmation these 2 days. The speed of the transaction is also dependent on network fees and it varies.

Is there an optimal network fee or a website I could find reference to the latest network fee?

Cometimes confirmations are faster,other times it takes 1-2 days,this is normal.

I don`t know how you can calculate the optimal network fee.

The fees are still small,so why do you care.

[talkbitcoin]

The speed of the transaction is also dependent on network fees and it varies.

Is there an optimal network fee or a website I could find reference to the latest network fee?

The transaction speed does not depend on network fees nor does it vary wildly.

Beyond the sites that were already linked, you can have more info on transaction fees here

https://bitcoinfees.21.co/
look for the line that is green, because all the yellow and orange lines are slower(less change of next block priority)
at time of posting its about 70-80sats per byte.

which you then have to work out the data size of your transaction(in bytes) to multiply and get a transaction fee amount for your transaction in particular

then add a few satoshi's ontop that total to give you a little extra chance that you are more priority than other people looking and trying the same thing.

Thank you for the clear explanation and site references.

How is the size of transaction (in bytes) are calculated?

based on the number of inputs and outputs you have in your transaction and i think also there is additional size if you include a message with your tx but that is not the case with most users.

in other words if you have 10 UTXOs and want to spend them all your size will be big compared to when you have only 1

you don't have to worry about the size and fee though because wallets that i have seen so far you set the fee/kb number not fee alone so it calculates it for you.

[Kprawn]

In my opinion, the transaction fee must be independent of the file-size. Sometimes I am forced to pay as much as 5% or 10% for transmitting Bitcoins, as there is a lot of dust in my coin holdings. It must be similar to fiat transactions. For fiat, the bank charges the same fees whether you deposit the cash in denominations of €500 banknotes, or in €10 banknotes.

Not true for banks in my country... If you deposit your 3000 piggy bank coins, they charge you a higher transaction fee, even though the

sorting is done by a machine. You actually pay for the time they spend to complete your transaction. The processing needed to sort out all

the dust, should be charged more in my opinion, with Bitcoin... higher than the current minimum fee. 

[sbtctalk]

Is the BTC network under attack? I am asking this because transactions are taking very long to get one confirmation these 2 days. The speed of the transaction is also dependent on network fees and it varies.

Is there an optimal network fee or a website I could find reference to the latest network fee?

Cometimes confirmations are faster,other times it takes 1-2 days,this is normal.

I don`t know how you can calculate the optimal network fee.

The fees are still small,so why do you care.

I was thinking with a different paradigm that day: If I am keen in bitcoins, I should know more about its technological constraints, features and make use of it for my benefits.

If it cost me 925 satoshis to clear a transaction, why should I pay 2000 satoshis? The savings are not a lot - and it is insignificant, but if I were to automate payments, that may be a significant amount in a long run.