Bitcoin Forum
December 16, 2017, 05:06:29 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Need help with transaction fee sizing for fast transfer! Thanks!  (Read 313 times)
ERocks
Newbie
*
Offline Offline

Activity: 4


View Profile
May 11, 2017, 09:24:49 PM
 #1

Hello,

Yesterday I posted about a delay in a transfer from Blockchain to Coinbase. I received several helpful answers and had some help is speeding up the process. I'm making another transfer today and wanted to seek some guidance in the fee sizing so I won't have the same problem. I'd like to have the funds transferred with the hour if possible.

http://bitcoinfees.21.co/ - this site came up a couple times as a recommendation yesterday, the only problem is I still have hard time making sense of it.

Today I will be sending $1590 USD worth of bitcoin, or 0.86456207 BTC. Looks like the size is 2437 bytes, or at least that's what it was for the transfer coming into my Blockchain wallet. I'd like to get to a place where I can do all of this independently, but for the sake of time I figured I would make another post on here. You all were so helpful yesterday. Thanks again!!

E
1513443989
Hero Member
*
Offline Offline

Posts: 1513443989

View Profile Personal Message (Offline)

Ignore
1513443989
Reply with quote  #2

1513443989
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1513443989
Hero Member
*
Offline Offline

Posts: 1513443989

View Profile Personal Message (Offline)

Ignore
1513443989
Reply with quote  #2

1513443989
Report to moderator
achow101
Staff
Legendary
*
Offline Offline

Activity: 1246


17kKQppUsngUiByDsce4JXoZEjjpvX9bpR


View Profile WWW
May 11, 2017, 09:31:42 PM
 #2

With a transaction of 2437 bytes and paying a fee rate of 280 satoshis/byte, you would need a fee of 682,360 satoshis, which is 0.00682360 BTC. You should either set your wallet's fee rate to 280 satoshis/byte or set the fee for the transaction itself to 0.00682360 BTC.

BurtW
Legendary
*
Offline Offline

Activity: 2114

All paid signature campaigns should be banned.


View Profile WWW
May 11, 2017, 09:53:08 PM
 #3

At http://bitcoinfees.21.co/ ignore the chart for now and go down to the first paragraph of text which looks like this:

Quote
Which fee should I use?

The fastest and cheapest transaction fee is currently 280 satoshis/byte, shown in green at the top.
For the median transaction size of 226 bytes, this results in a fee of 63,280 satoshis.

Please note that many wallets use satoshis-per-kilobyte or bitcoins-per-kilobyte, so you may need to convert units. See our instructions for more details.

The part you care about is the part that says "280 satoshis/byte", this will change over time so check it before you calculate the proper fee.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
HCP
Sr. Member
****
Online Online

Activity: 448

<insert witty quote here>


View Profile
May 12, 2017, 04:13:45 AM
 #4

Looks like the size is 2437 bytes, or at least that's what it was for the transfer coming into my Blockchain wallet.
E
Firstly, congrats on being a rare specimen that actually learns from previous issues! Good to see you're being proactive regarding your fees! Smiley

However, data size of the inbound transaction does not automatically translate 1:1 with data size of an outbound transaction. So even though your inbound transaction was 2437 bytes, it may be that all the coins were placed into one output.

So, when you go to spend that output, your data size will be significantly reduced... possibly as low as 1x Input 148 bytes + 1x Output 34 bytes + Fixed 10 bytes = 192 bytes, or maybe 226 bytes if there is a 2nd output for any change.

Without being able to see the original transaction, it is a little difficult to tell, but if the original 2437 byte transaction resulted in all the coins going into one address, chances are, your new transaction will only be around 192-226 bytes, so calculate your fee accordingly.

On a side note, does blockchain.info allow you to modify the fees? Most users seem to claim that the reason they sent transactions with low 50 sat/byte type fees is because "Blockchain.info doesn't allow me to set the fee" Huh


DannyHamilton
Legendary
*
Offline Offline

Activity: 2002



View Profile
May 12, 2017, 10:15:22 PM
 #5

Step 1.  Stop using blockchain.info.

That service has a poor reputation.  Buggy software, unhelpful customer service, inaccurate fee calculation, etc.

Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!