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Author Topic: how much transaction fee i need to pay per 1 kbyte?  (Read 1914 times)
freebitcoins4u
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July 12, 2017, 06:59:28 PM
 #1

hello,

the suggestion transaction fee at this site:
https://bitcoinfees.21.co/

is:

"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."

however the slider at my wallet is on a scale of BTC per KB. so for 226 bytes how much satoshi is in KB units?  on the fee slider i have range only from 1000 satoshi per KB till 50,000 satoshi per KB.

thanks.

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July 12, 2017, 07:13:15 PM
Last edit: July 13, 2017, 11:49:28 AM by OmegaStarScream
 #2

If you only read the next line on the site? they gave more details

Code:
Please note that many wallets use satoshis-per-kilobyte or bitcoins-per-kilobyte, so you may need to convert units.
See our instructions[1] for more details.

[1] https://support.21.co/bitcoin/transactions-and-fees/how-do-i-calculate-my-transaction-fee

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July 12, 2017, 10:07:54 PM
 #3

hello,
the suggestion transaction fee at this site:
https://bitcoinfees.21.co/

is:
"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."

however the slider at my wallet is on a scale of BTC per KB. so for 226 bytes how much satoshi is in KB units?  on the fee slider i have range only from 1000 satoshi per KB till 50,000 satoshi per KB.

thanks.

It's simple math. 1 kb = 1000 bytes. 280*1000= 280,000 satoshis/KB. If your wallet only supports a fee of 1 satoshis/byte to 50 satoshis/byte (converted), I would switch to a new wallet or update it (if there is a new version) to better represent today's fee pricing.

What wallet are you using?

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July 13, 2017, 03:53:09 PM
 #4

1kb = 1024 b, do the math or google for a website that can calculate it for you.




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July 13, 2017, 08:14:13 PM
 #5

but how to setup this fees in bitcoin core running on ubuntu..

should i add a line on config file?  how should i set up this? please advice...
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July 14, 2017, 06:58:52 AM
 #6

but how to setup this fees in bitcoin core running on ubuntu..

should i add a line on config file?  how should i set up this? please advice...

If by "setup" you mean changing them then you should go to the menu and go to the options, It should give you something like this:



I believe Ubuntu doesn't show menus, If that's the case, just maximize your wallet and It should appear on the top.

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July 14, 2017, 09:10:31 AM
 #7

but how to setup this fees in bitcoin core running on ubuntu..

should i add a line on config file?  how should i set up this? please advice...

If by "setup" you mean changing them then you should go to the menu and go to the options, It should give you something like this:



I believe Ubuntu doesn't show menus, If that's the case, just maximize your wallet and It should appear on the top.

what you say is for the GUI version brother.  In ubuntu i don't have GUI version. Moreover, i use rpc. Hence i require the command line to be added on teh bitcoin config file. Please guide me to implement it on the ubuntu server.
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July 14, 2017, 02:02:09 PM
 #8

what you say is for the GUI version brother.  In ubuntu i don't have GUI version. Moreover, i use rpc. Hence i require the command line to be added on teh bitcoin config file. Please guide me to implement it on the ubuntu server.
For Bitcoin Core, you should really try the dynamic fee. It has a fairly decent estimate of the fees/byte to include based on the mempool info. To enable this, you can include txconfirmtarget=X into the Bitcoin.conf, where X is a positive integer and the lesser it is, the more fee it will pay and the faster it would confirm. Else, you can put -txconfirmtarget=x into the command line.

If you really want to set your own TX fee, put paytxfee=XX into the Bitcoin.conf, where XX is the fee/KB. Eg 0.001BTC/KB will be paid for each transaction. Similarly, you can set -paytxfee=XX using your command line.

Take note that paytxfee will always override txconfirmtarget. You shouldn't put paytxfee if you want to use dynamic fee(txconfirmtarget).

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July 14, 2017, 07:00:27 PM
 #9

what you say is for the GUI version brother.  In ubuntu i don't have GUI version. Moreover, i use rpc. Hence i require the command line to be added on teh bitcoin config file. Please guide me to implement it on the ubuntu server.
For Bitcoin Core, you should really try the dynamic fee. It has a fairly decent estimate of the fees/byte to include based on the mempool info. To enable this, you can include txconfirmtarget=X into the Bitcoin.conf, where X is a positive integer and the lesser it is, the more fee it will pay and the faster it would confirm. Else, you can put -txconfirmtarget=x into the command line.

If you really want to set your own TX fee, put paytxfee=XX into the Bitcoin.conf, where XX is the fee/KB. Eg 0.001BTC/KB will be paid for each transaction. Similarly, you can set -paytxfee=XX using your command line.

Take note that paytxfee will always override txconfirmtarget. You shouldn't put paytxfee if you want to use dynamic fee(txconfirmtarget).

Thanks for your reply brother.  What reasonable value will you suggest for txconfirmtarget=X

I mean what number can i replace with X. 

What does -txconfirmtarget=X mean?  Why - added before txconfirmtarget=X

In case if i want to set up my own tx fee, normally how many KB would be required to process a transaction(approx)?  Can i set up paytxfee=0.00020000

If i setup the above value, will the transaction fee for each transaction will be 20,000 satoshis or less?

If i use dyanamic fee, what would be the approx fee per transaction? How do i check the approx fee per transaction
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July 15, 2017, 07:59:14 AM
 #10

Thanks for your reply brother.  What reasonable value will you suggest for txconfirmtarget=X

I mean what number can i replace with X.  
Pretty much any integer number >= 1. From the docs:
Quote
-txconfirmtarget=<n> If paytxfee is not set, include enough fee so transactions begin confirmation on average within n blocks (default: 6)


Quote
What does -txconfirmtarget=X mean?  Why - added before txconfirmtarget=X
Questions like this indicate that you're probably biting off more than you can chew... the "-" is a standard way of indicating a new commandline argument when you need to also specify options for those arguments... ie. myapplication.exe -arg1 option -arg2 -arg3 -arg4... have you read ANY of the documentation for the applications that you are trying to use to implement your system? Huh


Quote
In case if i want to set up my own tx fee, normally how many KB would be required to process a transaction(approx)?  Can i set up paytxfee=0.00020000
Transaction size in bytes can be roughly calculated using the following formula: (Number of Inputs * 148 bytes) + (Number of outputs * 34 bytes) + 10 bytes

You can pretty much use any fee you like. Although you should know that a lot of nodes will refuse to propagate your transaction if the fee rate is too low.


Quote
If i setup the above value, will the transaction fee for each transaction will be 20,000 satoshis or less?
It should be exactly 20000 satoshis in total.


Quote
If i use dyanamic fee, what would be the approx fee per transaction? How do i check the approx fee per transaction
How long is a piece of string? No one can answer this for the simple fact that "Dynamic" fees are dynamic... they go up and down to meet the current network conditions... Also, you need to stop considering the fee as a "total amount"... you need to be working on a BTC per kiloByte or a Satoshis per Byte. The total fee has no real affect on the confirmation speed. Miners look at the fee rate.

refer: https://bitcoinfees.21.co/ and https://support.21.co/bitcoin#transactions-and-fees for more info regarding fees

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July 15, 2017, 09:21:02 AM
 #11


Transaction size in bytes can be roughly calculated using the following formula: (Number of Inputs * 148 bytes) + (Number of outputs * 34 bytes) + 10 bytes

I did not know this before. Very, very useful. Shall use this method already bookmarked to test on my transactions for the next time. I am now just curious: why does the input size look 4 times the site of output? Should not the logic require them to be almost the same size? Or is a lot more data included in input?

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July 15, 2017, 09:36:33 AM
 #12

I did not know this before. Very, very useful. Shall use this method already bookmarked to test on my transactions for the next time.
Your client should be able to do this for you automatically.
I am now just curious: why does the input size look 4 times the site of output? Should not the logic require them to be almost the same size? Or is a lot more data included in input?
Yes. More data is included in the input than in the output.
For the input, it contains the following:
- hash of the transaction the input was contained in
- Index of the input in transaction
- Script length
- Script (Contains signatures, public key etc.)
- Sequence number

The output contains:
- Value of the output in satoshi
- Length of output script
-  Script (Contains the address).

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July 15, 2017, 11:16:19 AM
 #13

I did not know this before. Very, very useful. Shall use this method already bookmarked to test on my transactions for the next time.
Your client should be able to do this for you automatically.

Wait, you're saying the client can show you the tx size; can this be done before you make the transaction? I use Electrum for most of my transactions, but it's anyway of no concern since I adjust fees on per/byte and it calculates fees automatically. But I have recently startted to use counterparty (to see tokens on the Bitcoin blockchain) and while it also adjust fees automatically, I am unable to see the input/output size until after the spend is done.

Electrum makes it possible for me to choose which balances to use for my inputs, but not counterparty.

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July 15, 2017, 11:42:37 AM
 #14

I did not know this before. Very, very useful. Shall use this method already bookmarked to test on my transactions for the next time.
Your client should be able to do this for you automatically.

Wait, you're saying the client can show you the tx size; can this be done before you make the transaction? I use Electrum for most of my transactions, but it's anyway of no concern since I adjust fees on per/byte and it calculates fees automatically. But I have recently startted to use counterparty (to see tokens on the Bitcoin blockchain) and while it also adjust fees automatically, I am unable to see the input/output size until after the spend is done.

Electrum makes it possible for me to choose which balances to use for my inputs, but not counterparty.
I'm really not sure about how counterparty works. But for Electrum, your transaction size is being shown to you when you click the "preview" button.

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July 17, 2017, 06:39:56 AM
 #15

I'm really not sure about how counterparty works. But for Electrum, your transaction size is being shown to you when you click the "preview" button.

Well, what do you know. I still manage to learn something new every day... for some reason I never attempted to click the preview button before - thanks!

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July 26, 2017, 01:04:01 PM
 #16

Thanks for all the valuable inputs.. Now after august 1st, it is said that bitcoin will change as bitcoin cash. is it true? if yes, the fees structure will change right?  should i use the same commands on the config file or i should use different commands after august 1st?  Can i continue using the bitcoin core on my linux machine or i have to download the new software and install it after 1 august?
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July 26, 2017, 04:30:48 PM
 #17

Thanks for all the valuable inputs.. Now after august 1st, it is said that bitcoin will change as bitcoin cash. is it true? if yes, the fees structure will change right?  should i use the same commands on the config file or i should use different commands after august 1st?  Can i continue using the bitcoin core on my linux machine or i have to download the new software and install it after 1 august?
There may be a hard fork on august 1st, but that does not mean that Bitcoin is changing. What will happen is that there will be two coins, one will remain Bitcoin (the chain using the current rules) and the other one will become an altcoin, Bitcoin Cash (the chain with the different rules). Whatever happens to Bitcoin Cash will not effect Bitcoin and vice versa. You can continue to use Bitcoin as you would normally. The way that fees are calculated will be the same for both chains and the RPC commands and command line options for both chains will remain the same.

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July 26, 2017, 08:25:44 PM
 #18

Addressing the OP's original topic...  I've been spamming this url all over the place lately.  I'm not affiliated with the site in any way, but I use it to evaluate what fee to use and think it's great.

https://jochen-hoenicke.de/queue/#24h


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July 26, 2017, 10:18:16 PM
 #19

Thanks for all the valuable inputs.. Now after august 1st, it is said that bitcoin will change as bitcoin cash. is it true? if yes, the fees structure will change right?  should i use the same commands on the config file or i should use different commands after august 1st?  Can i continue using the bitcoin core on my linux machine or i have to download the new software and install it after 1 august?
There may be a hard fork on august 1st, but that does not mean that Bitcoin is changing. What will happen is that there will be two coins, one will remain Bitcoin (the chain using the current rules) and the other one will become an altcoin, Bitcoin Cash (the chain with the different rules). Whatever happens to Bitcoin Cash will not effect Bitcoin and vice versa. You can continue to use Bitcoin as you would normally. The way that fees are calculated will be the same for both chains and the RPC commands and command line options for both chains will remain the same.

thankyou again for the explanation
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