Newbie Help With Transaction Fees

[Narcisse]

Im needing to transfer roughly $260-$270 and Im having a hard time with
transaction fees as theyve gone nutty over the past weeks. About how much
should I add to safely send without incredibly long delays. (Yes I know there
is an issue with delays at the moment but I want to safeguard my transaction
so it wont be held up for days)

Thank You for any help

[Jhanzo]

Use the recommended fees.  Do that and you'll never get incredibly long delays.
The fees depends on the size of your transaction in bytes, btw.

[achow101]

If your wallet supports dynamic fees, then you should use that. However, IIRC Electrum and Blockchain.info both have a limit on how high the dynamic fee can go, so if you are using one of those two, you will have to set the fee manually. They should have an option to set the fee rate (note that is a fee rate not a fixed fee. It is usually in the units BTC/kB). You can get the recommended fee rate from sites like http://bitcoinfees.21.co/ and https://bitcoinfees.github.io/#30m. They give the fee rate in satoshis/byte, so just divide the fee rate by 100000 and that will get you the fee rate in BTC/kB.

[Narcisse]

Thank you guys so much.

I was able to research the newest release of Electrum and it helps explain
everything you guys said. Thanks for pointing me in the right direction.

[Winner]

Thank you guys so much.

I was able to research the newest release of Electrum and it helps explain
everything you guys said. Thanks for pointing me in the right direction.

Hi Narcisse,

I am glad that you found an answer to your question.

The recommended fee sometimes doesn't complete the transaction fast enough. I usually put a lower amount because of that. I think most wallets and exchanges use a 0.0001 BTC fee and it works. I like that amount most because the amount is low and the transaction gets completed within an hour. 0.0005 BTC is a high transaction fee yet on a non-busy day it could complete within a minute or two.

Did the receiver get their money on-time? I know that there was a large amount of unconfirmed transactions that backed up the whole chain these past 30 days.

Slow Blockchain news article:

Code:

https://www.cryptocoinsnews.com/bitcoin-slows-crawl-transactions-backlog-reaches-quarter-billion-dollars/

[Narcisse]

Yes, it took a little while but went through without any issues.

[fitty]

Yes, it took a little while but went through without any issues.

I am glad it finally arrive to you. About transaction, the more fees you pay for that transaction, the faster it will be confirmed. And vice versa. Now large amount of BTC to be sent with small amount of fees will likely arrive slowly because of the large byte used and a small transaction fees. If you are transacting large amount of BTC i suggest you pay a little bit higher transactions to receive your BTC in a short period of time.

[OgNasty]

If you use this tool to accelerate your transactions you can get away with using a 0.0001BTC/KB fee.

https://www.viabtc.com/tools/txaccelerator/