Is a txin fees of 0.00055 low for amounts upto 1 BTC ?

[ajaxmoor]

I was doing a transaction of about 0.6 btc with a fees of 0.00055 btc. Is this considered a low fees for confirmations ? I am seeing a Medium priority on this. Curious to know whats the right fees to set up ?

[steven0021]

Sending high amount of btc doesn't mean high fee. The fee required depends on the size of transaction.
According to https://bitcoinfees.21.co/ the right (recommended) fee right now is 60 satoshi per byte.

Most wallets have a dynamic fee feature as of now. Use that if you don't want to set the fee per kb manually.

[MartinL]

I was doing a transaction of about 0.6 btc with a fees of 0.00055 btc. Is this considered a low fees for confirmations ? I am seeing a Medium priority on this. Curious to know whats the right fees to set up ?

Whether a transaction fee is sufficient depends on the size of the transaction in bytes–not its value in bitcoins–and the current state of the fee market. For example, right now 21.co recommends a fee rate of 60 satoshis per byte for a transaction to be confirmed as soon as possible.

[ajaxmoor]

Thank you for the replies, so what other reason would cause a transaction with which I believe to be proper fees to have a Medium priority transaction on the blockchain unlike the high priority which it usually is ?

[steven0021]

Thank you for the replies, so what other reason would cause a transaction with which I believe to be proper fees to have a Medium priority transaction on the blockchain unlike the high priority which it usually is ?

Post the txid so we can see what exactly caused it. Note that blockchain.info's estimation is often unreliable.

[MartinL]

Thank you for the replies, so what other reason would cause a transaction with which I believe to be proper fees to have a Medium priority transaction on the blockchain unlike the high priority which it usually is ?

Who says it has medium priority? If it's blockchain.info, keep in mind that they are notoriously bad at estimating when a transaction will be confirmed.

Besides an insufficient fee, another common reason for a transaction not being confirmed is an unconfirmed parent, i.e. when the transaction's inputs are not all confirmed.

[ajaxmoor]

Here is the transaction ID: https://blockchain.info/tx/6fa87000c0cbc7f93dbaa1bb797866a914913b1a4e795ac2e6bda7fa695d9dcd  already been about 30 or more minutes, and looks like it is indeed on the Medium priority list.

[steven0021]

Here is the transaction ID: https://blockchain.info/tx/6fa87000c0cbc7f93dbaa1bb797866a914913b1a4e795ac2e6bda7fa695d9dcd  already been about 30 or more minutes, and looks like it is indeed on the Medium priority list.

That transaction is 3291 bytes in size and the fee is 55673 satoshi. This means you're only paying 16.9 satoshi per byte (0.00017 per KB). It's not high enough.

[Aamir1]

I was doing a transaction of about 0.6 btc with a fees of 0.00055 btc. Is this considered a low fees for confirmations ? I am seeing a Medium priority on this. Curious to know whats the right fees to set up ?

I personally never faced any problem even by paying the minimum fees for a transaction which did not cause any delay for my transaction, i once transacted around 0.45 bitcoins with the minimum fees of 0.0001 or something and it went fine.

[ajaxmoor]

Here is the transaction ID: https://blockchain.info/tx/6fa87000c0cbc7f93dbaa1bb797866a914913b1a4e795ac2e6bda7fa695d9dcd  already been about 30 or more minutes, and looks like it is indeed on the Medium priority list.

That transaction is 3291 bytes in size and the fee is 55673 satoshi. This means you're only paying 16.9 satoshi per byte (0.00017 per KB). It's not high enough.

Thanks for clarifying that. I did increase the txin fees a few days back to the recommended values, not sure why a lesser amount got paid with this one.

I was doing a transaction of about 0.6 btc with a fees of 0.00055 btc. Is this considered a low fees for confirmations ? I am seeing a Medium priority on this. Curious to know whats the right fees to set up ?

I personally never faced any problem even by paying the minimum fees for a transaction which did not cause any delay for my transaction, i once transacted around 0.45 bitcoins with the minimum fees of 0.0001 or something and it went fine.

Yes, it sometimes doesn't affect it, but sometimes does.