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Author Topic: confused : transaction fee  (Read 34 times)
hugeblack
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December 17, 2017, 09:34:40 AM
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Sorry for my stupid question but I'm trying to fill a few gaps in my understanding of transaction fee.

1)[Example] User yahoo62278 send about 24k$ using  67.13$ fee and it Confirmed fast.
https://blockchain.info/tx/913998be982eb47cbd235b33efbf5b480b685df1577667dc33baf420ad250e85 while we need 14$ fee to send 100$
how he does this?.

2) if miners take all transaction fees, from where wallets earn?

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December 17, 2017, 09:42:55 AM
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.... send about 24k$ using  67.13$ fee
need 14$ fee to send 100$
none of these numbers make any sense. you must report fees in bitcoin per byte
the transaction that Yahoo sent was a big one (in bytes) so he had to pay a much higher fee. it was 886 bytes which is nearly 4 time bigger than normal transaction sizes (it is because he is paying multiple people.
and the fee he used is 390 satoshi/byte which is the amount you need to pay right now to get a high priority transaction. https://bitcoinfees.earn.com/ which is why the transaction was confirmed fast.

what you paid ($14) was probably the same amount meaning 390 s/b * 226 b = 88140 s ~= $14 or with today's rise it is $16

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2) if miners take all transaction fees, from where wallets earn?

what wallet is that?
wallets that you control the fees don't get anything. wallets like Electrum or Bitcoin core, Armory, ... you are doing everything.
wallets like Coinbase where you don't control the private keys are charging you the fees, sometimes even bigger than they actually pay.

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December 17, 2017, 10:03:06 AM
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The effective fee is determined not by the face value of coins nor transaction, but how much you pay in proportion to the size of your transaction, as Pursuer explains, expressed by "Fee per Byte". This is because blocks are limited in space and can only fit so many transactions. Miners naturally want to include the txs that have the highest effective fees, since they collect those fees.

Size of txs depends on the inputs and outputs, in general the more inputs, the bigger the size. The same with outputs, though they don't affect size as much as inputs - which is why it is always better to send to many as one transaction to save on size (and hence, fees). You can see that line in the blockchain explorer you showed, it was 390+sat/byte. If you use an estimator like https://bitcoinfees.earn.com, you can estimate quite accurately how much sat/byte is needed to confirm within the time you need.

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