Understanding fees

[dandaka]

Hi, guys!

I can't understand, why I have such high minimal fee (0.53 USD on Electrum wallet) to transfer anything. I read this doc many times, but it doesn't help a lot

https://en.bitcoin.it/wiki/Transaction_fees

A transaction was safe to send without fees if these conditions were met:

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

I don't know the size of my transaction. And I guess this information is irrelevant, so now every transaction has some fees.

Here is my transaction, for example:

https://blockchain.info/tx/09f79b6070924b50697919863356ca937ff2967297669bd567e6d5329caa2566

Bitcoin.org says "Low processing fees". But now it looks like my local bank charges me from 0$ (from card to card in my bank) to 0.327$ (wire transfer) per transaction. Bitcoin charges 0.53$, which is bigger.

Please help me understand. Thank you!

[achow101]

The transaction size is determined by the number of inputs you are spending from and the number of outputs you are creating. If your then spends from a lot of inputs (e.g. you are working from a lot of payments from faucets) then your transaction will be quite large and thus so will your fee.

Also, some wallets have issues with fee estimation and can over estimate the fee by a lot. What wallet are you using?

[mrcash02]

That is the cost when using Bitcoins, the fees you pay go to the miners, they are earning those fees as a reward for their job. You can decrease the fees you pay, but the transaction will go slower and depending the amount you set, the transaction can never be completed.

I think in the future, when more people start using BTCs, an update will be needed to make the transactions go fast and at same time, the fee costs don't be so high.

[Pai Mei]

sometimes electrum overestimates the transaction fee, for example if your address has many transactions.

once they wanted to charge me over two 2mBTC as transaction fee

there are ways to manually select the fee, I think

[Xanidas]

sometimes, some wallets will ask for much larger fees than the usual 10k satoshi specially when there are lots of transactions waiting to get confirmed in the network. if you only pay 10k satoshi/KB of transaction size while there are lots of transaction waiting in the memory pool you will just have to wait for few hours before you get a confirmation so some wallets suggest higher fees

[400actforsale]

Earlier today I have included a 1k satoshi fee in my transaction of 34k satoshi from 2 faucet payouts, and the transaction don't confirm as of now (waited for about 8 hours). I can wait for that (that's why I paid that low fee) but a very long waiting time would be a consequence of paying low fees.

P.S. I had made a transaction paying zero fee, and I had to wait 7 days before the mempool deleted my transaction and I could send it again with a proper fee... Later another transaction I made with a 1 mBTC fee confirmed in the second block after the tx was made.

[Viviyang]

sometimes electrum overestimates the transaction fee, for example if your address has many transactions.

once they wanted to charge me over two 2mBTC as transaction fee

there are ways to manually select the fee, I think

Yes their is a option to do manually selection of fee,

go to tool menu, when you click below you will see preference menu click it and enter it , their below last you will see "Set Transaction Fees Manually" you just click in the box and above that first menu you can see the "Transaction per kb: in the box set the fees as per your view, i have set my fees as 0.0005 because this is minimum i am sending so that my transaction are getting confirmed soon.

I think this will help you

[WHH]

miners trying to get more richer especialy when prices go up sales and trading get more frequent and they will want to take advantage of that so you should select your own fee not by the wallet

[markyminer]

That is the cost when using Bitcoins, the fees you pay go to the miners, they are earning those fees as a reward for their job. You can decrease the fees you pay, but the transaction will go slower and depending the amount you set, the transaction can never be completed.

I think in the future, when more people start using BTCs, an update will be needed to make the transactions go fast and at same time, the fee costs don't be so high.

i think the exchanges are taking advantage  from the interest of the people that people are taking in bitcoin, because they are increasing the transaction free from time to time.

[hajimasan]

Hi, guys!

I can't understand, why I have such high minimal fee (0.53 USD on Electrum wallet) to transfer anything. I read this doc many times, but it doesn't help a lot

https://en.bitcoin.it/wiki/Transaction_fees

A transaction was safe to send without fees if these conditions were met:

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

I don't know the size of my transaction. And I guess this information is irrelevant, so now every transaction has some fees.

Here is my transaction, for example:

https://blockchain.info/tx/09f79b6070924b50697919863356ca937ff2967297669bd567e6d5329caa2566

Bitcoin.org says "Low processing fees". But now it looks like my local bank charges me from 0$ (from card to card in my bank) to 0.327$ (wire transfer) per transaction. Bitcoin charges 0.53$, which is bigger.

Please help me understand. Thank you!

Its Not Possible to Know About Bitcoin Transaction Fees Because Bitcoin Transaction Fees Depends Upon Your Transaction Size and Bitcoin Transaction Network. If the Bitcoin Network is Strong and there is a New Block For your Transaction then Your transaction Fees will be Low.

[bryant.coleman]

I have never used Electrum, so don't know much about the transaction fee in that wallet. That said, if you want a lower tx fee, then consider using Blockchain.info. There is a custom option, where you can set the transaction fee manually. But remember that if you set the fee too low, then the time taken for confirmation may get extended.

[sportis]

I am using these two wallets currently. Electrum has the same feature too. Using Send tab under Amount there is Fee with slider. Sender can choose between next, two, five, ten and twenty-five blocks. There is a label too where there are the transaction fees according the sender choice. I believe that is more convenient than blockchain.info wallet

[mr.bitcoinerf11]

its depends on many factores
like how big is input is

[AdolfinWolf]

its depends on many factores
like how big is input is

I believe it doesn't matter how big your input is until  a certain amount of bytes (124)?
But to reach that you need to send abysmal amounts of bitcoin right?
 If i send 1$ or 10$ with the same fees, it is not going to be that 1$ is going to be that faster then the 10$ right? Or am i wrong? Could be, I'd like to know more about this..

[kolloh]

Transactions fees also vary based on how congested the network is. I like to use https://bitcoinfees.21.co/ to check what the best fee per byte is. This varies from day to day. Normally electrum is pretty good at estimating the fees with its dynamic fee slider though.

[ubitcoin]

The transaction size is determined by the number of inputs you are spending from and the number of outputs you are creating.

I have read this many times but no sources are giving more information beyond this point.
I mean to ask, we can estimate the size of a transaction manually ? What would be the size (for example) if a transaction has 10 input and 2 output.

I remember even wallets are not showing transaction's size. Only on explorer I do find my transaction's size.

[BigBoom3599]

The transaction size is determined by the number of inputs you are spending from and the number of outputs you are creating.

I have read this many times but no sources are giving more information beyond this point.
I mean to ask, we can estimate the size of a transaction manually ? What would be the size (for example) if a transaction has 10 input and 2 output.

I remember even wallets are not showing transaction's size. Only on explorer I do find my transaction's size.

Blockchain.info shows how big a transaction is, you can estimate the size of a transaction with this:

Code:

Amount of inputs * 148 + Amount of outputs * 34 + 10 = Tx Size

[xIIImaL]

Transactions fees also vary based on how congested the network is. I like to use https://bitcoinfees.21.co/ to check what the best fee per byte is. This varies from day to day. Normally electrum is pretty good at estimating the fees with its dynamic fee slider though.

Electrum would be fine to have a multiple addresses but if you fees wise electrum is not a fine one because you could notice more amount in your wallet which stucks in your wallet itself. I would suggest to go with coinbase web wallet to have low fees transaction.

[freemanjackal]

the fee is for miners, so your transaction can be processed quickly, some wallets recommend an ammount of fee so your transaction could be processed otherwise could stay stock and never receive a confirmation, by the end if you send a transaction without fee it will take much more time than if you set an ammount. But sometimes in my opinion the fees are too high, at least for me that the only that i had i spent it gambling, it wasn't too much, about 0,001.

[freemanjackal]

in this site http://coursera.org/ there are a lot of courses, there is one of cryptocurrency where it is explained that...