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Author Topic: Minimum transaction fees for Bitcoin transaction  (Read 513 times)
coinsgod
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September 01, 2017, 10:26:45 AM
#1

What's the ninimum transaction fees for Bitcoin transaction to get confirmed? If I send at 20 satoshis/byte as a fee or 20,480 satoshis/kilobyte, will it get confirmed and roughly how long?

Coinomi's default is at 0.002BTC/kilobyte which seems extremely expensive. That would be 200,000 satoshis/kilobyte, correct?

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coinsgod
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September 01, 2017, 12:18:48 PM
#2

I decided to go with 0.0004/kilobyte and the fees ended up being 0.000256BTC and it got 4 confirmations within 15mins. Seems I've set the fees too high. Maybe I should aim for less than 10 satoshis/byte next time? Thoughts?

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salihno71
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September 01, 2017, 12:21:50 PM
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You can always check how much the fee should you set here:
https://bitcoinfees.21.co/

coinsgod
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September 01, 2017, 01:23:15 PM
#4

You can always check how much the fee should you set here:
https://bitcoinfees.21.co/
I took a look at that site before but those fees recommended are crazy. It says "The fastest and cheapest transaction fee is currently 360 satoshis/byte, shown in green at the top."

I put in 40 sathoshis/byte and got 4 confirmations in 15mins. I was in absolutely no rush and don't mind if it takes 3 hours to confirm. I'm wondering what fee I'd need to put in? maybe I should try 10 sathoshis/byte.

Or is my calculations wrong and it's not in fact 40 sathoshis/byte what I put in?

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salihno71
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September 01, 2017, 01:47:15 PM
#5

You can always check how much the fee should you set here:
https://bitcoinfees.21.co/
I took a look at that site before but those fees recommended are crazy. It says "The fastest and cheapest transaction fee is currently 360 satoshis/byte, shown in green at the top."

I put in 40 sathoshis/byte and got 4 confirmations in 15mins. I was in absolutely no rush and don't mind if it takes 3 hours to confirm. I'm wondering what fee I'd need to put in? maybe I should try 10 sathoshis/byte.

Or is my calculations wrong and it's not in fact 40 sathoshis/byte what I put in?

You did ok.

Fee size depends on how fast do you need the transaction confirmed. Recommendation is the amount you should put if you want to have your transaction included in the next block (usually at most 10 minutes). "Delay" column tells you approximately how long will you have to wait in blocks. It's also useful to check the current mempool size:

https://blockchain.info/charts/mempool-size?timespan=24h

If size is big, it takes longer to process and also fees are more expensive. If you already got 4 confirmations, don't worry, it will grow (probably already has). When you set the fee too low, it takes a long time to get the first confirmation. I did a transaction 12 days ago when mempool was 90 Megs and it took 6 hours to get a first confirmation with sufficient fees...

btcdevil
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September 01, 2017, 03:14:49 PM
#6

I use to put 0.0002 btc as fees in my electrum wallet and it gets confirmation withing 4 to 5 hours but now i have heard that even lower then that fees is getting fast confirmation as the network is fast now. But dont go for very low fees like 1 satoshi as this will not your transaction for very long time till it get cancelled by the network.

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September 01, 2017, 04:31:31 PM
#7

You can always check how much the fee should you set here:
https://bitcoinfees.21.co/
I took a look at that site before but those fees recommended are crazy. It says "The fastest and cheapest transaction fee is currently 360 satoshis/byte, shown in green at the top."
You need to look at the site more carefully.  The site is recommending the fees that you should send to have the transaction almost certainly confirmed in the next block.

If you look on the right, you can see that it shows how long the transaction is expected to take to confirm with different fees.  When sending fees of 1-30 satoshi/byte, it says that it could take between 2 and 26 blocks to confirm (five minutes to six hours).

Coinomi's default is at 0.002BTC/kilobyte which seems extremely expensive.
Wallets have been recommending very high fees recently because when the network was clogged a few months ago, there were problems with them paying too low fees.  Basically they're just being cautious, but it's perfectly fine to pay lower fees than they suggest.

coinsgod
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September 02, 2017, 09:52:39 AM
#8

I use to put 0.0002 btc as fees in my electrum wallet and it gets confirmation withing 4 to 5 hours but now i have heard that even lower then that fees is getting fast confirmation as the network is fast now. But dont go for very low fees like 1 satoshi as this will not your transaction for very long time till it get cancelled by the network.

Ok that's good to know. Next time I might go lower than yours and try a 0.0001 BTC/kilobyte as my 0.0004BTC/kilobyte got 4 confirmations in 15mins. Those greedy ass miners have been ripping us all off for far too long so might as well pay them as little as possible.

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Tarima24
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September 04, 2017, 06:49:29 AM
#9

transaction fee is getting high
 😐

(https://cartaxi.io)
coinsgod
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September 04, 2017, 09:14:36 AM
#10

I just lowered the transaction fees in half to 0.0002/kilobyte and within 2 minutes I already got 2 confirmations. Guess that I'm paying way too much, I might need to divide this by 4 and do it at 0.00005/kilobyte.

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anglais
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September 04, 2017, 09:51:14 AM
#11

Is there any chance of these fees dropping as the blockchain grows? Or are fees always going to rise?
HKGolden
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September 05, 2017, 06:12:38 AM
#12

You can try 0 transaction fee, however, what you need to do is 'wait', it will be done (or maybe not) more than 1 days.  Cheesy
iL_P4driNo
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September 05, 2017, 06:11:04 PM
#13

i prefer to increase fees and confirm my transaction in minutes than waiting sometimes 5 days.

Dlores
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September 05, 2017, 07:53:04 PM
#14

once i send without commission and have been waiting for 13 days, do not recommend  Smiley Smiley
Samarkand
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September 06, 2017, 05:23:36 PM
#15

once i send without commission and have been waiting for 13 days, do not recommend  Smiley Smiley

Do mining pools actually process zero-fee transactions? I thought that this was a
relict from the ancient past of Bitcoin.


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