Bitcoin Forum
September 19, 2018, 12:20:44 AM *
News: ♦♦ Bitcoin Core users must update to 0.16.3 [Torrent]. More info.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Blockchain.info. How to calculate a fee?  (Read 78 times)
sipungora
Newbie
*
Offline Offline

Activity: 17
Merit: 0


View Profile
January 04, 2018, 03:12:07 PM
 #1

Hi,

Blockchain.info provides a possibility to adjust a fee. This seems super, but it is almost useless without knowledge about a size of a transaction.

I have serious reservations about default values provided by Blockchain.info.

Could someone please explain, how to calculate a fee more or less exactly to neither over- nor underpay?


1537316444
Hero Member
*
Offline Offline

Posts: 1537316444

View Profile Personal Message (Offline)

Ignore
1537316444
Reply with quote  #2

1537316444
Report to moderator
Einax Airdrops and Bounties made easy! List your ERC-20 token
FREE
ETH markets launching soon!
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1537316444
Hero Member
*
Offline Offline

Posts: 1537316444

View Profile Personal Message (Offline)

Ignore
1537316444
Reply with quote  #2

1537316444
Report to moderator
TechPriest
Sr. Member
****
Offline Offline

Activity: 353
Merit: 255



View Profile
January 04, 2018, 03:57:56 PM
 #2

Could someone please explain, how to calculate a fee more or less exactly to neither over- nor underpay?

Just see here https://bitcoinfees.earn.com/ . It show sat/byte. So, just check needed fee for you and then type into necessary field. That's all. System will make everything other by itself.

In science we trust!
bob123
Hero Member
*****
Offline Offline

Activity: 686
Merit: 561



View Profile WWW
January 04, 2018, 04:04:31 PM
 #3

This seems super, but it is almost useless without knowledge about a size of a transaction.
Could someone please explain, how to calculate a fee more or less exactly to neither over- nor underpay?

For a less exactly option you can use the service of estimatefee (https://estimatefee.com/).
Depending on the amount of inputs/outputs you will get an estimation of a required fee to get your TX confirmed within X blocks.

To calculate the size more accurately you need to know what kind of address you are spending from (Legacy / Segwit (and whether bech32 or P2WPKH, P2WPKH/P2SH)
and the amount of inputs / outputs your transaction is composed of. Afterwards you can use any service of your choice to look for an appropiate fee (e.g. estimatefee or https://bitcoinfees.earn.com/).

Usually most wallet providers let you to choose the fee in sat/B. Therefore you don't need to know the size of the TX to set an appropiate fee.
Just check the links out.


sipungora
Newbie
*
Offline Offline

Activity: 17
Merit: 0


View Profile
January 04, 2018, 04:45:56 PM
 #4

Could someone please explain, how to calculate a fee more or less exactly to neither over- nor underpay?

Just see here https://bitcoinfees.earn.com/ . It show sat/byte. So, just check needed fee for you and then type into necessary field. That's all. System will make everything other by itself.

To reasonably use this I need to know a size of a transaction. But I can get it only after I press the button "Send", so after a fee is already set and the transaction is out of my control.
sipungora
Newbie
*
Offline Offline

Activity: 17
Merit: 0


View Profile
January 04, 2018, 04:54:21 PM
 #5

This seems super, but it is almost useless without knowledge about a size of a transaction.
Could someone please explain, how to calculate a fee more or less exactly to neither over- nor underpay?

For a less exactly option you can use the service of estimatefee (https://estimatefee.com/).
Depending on the amount of inputs/outputs you will get an estimation of a required fee to get your TX confirmed within X blocks.

To calculate the size more accurately you need to know what kind of address you are spending from (Legacy / Segwit (and whether bech32 or P2WPKH, P2WPKH/P2SH)
and the amount of inputs / outputs your transaction is composed of. Afterwards you can use any service of your choice to look for an appropiate fee (e.g. estimatefee or https://bitcoinfees.earn.com/).

Usually most wallet providers let you to choose the fee in sat/B. Therefore you don't need to know the size of the TX to set an appropiate fee.
Just check the links out.



Thank you very much! But how could I know all of these? Or you mean I should start an investigation for every spending address?

What do you mean by the amount of in/outputs? Are these bitcoins or bytes?

The Blockchain.info doesn't provide such info.

Could you please provide an example?
bob123
Hero Member
*****
Offline Offline

Activity: 686
Merit: 561



View Profile WWW
January 04, 2018, 05:45:40 PM
 #6

Thank you very much! But how could I know all of these? Or you mean I should start an investigation for every spending address?

It depends on your wallet which addresses are generated.
Blockchain.info standard wallet generates P2PKH i think (Those starting with 1... ).


What do you mean by the amount of in/outputs? Are these bitcoins or bytes?

Whether bitcoins, nor bytes.
Its the amount of inputs your transactions consists of. You can read more here: https://en.bitcoin.it/wiki/Transaction#Input


The Blockchain.info doesn't provide such info.

To get the actual amount of inputs you need a wallet with more functionality. Electrum (https://electrum.org/#home) is suitable.


Could you please provide an example?

In your case (assuming P2PKH), the size of a transaction would roughly be:
Code:
#IN * 180 + #OUT * 34 + 10 +/- #IN
where: #IN = number of inputs, #OUT = number of outputs

With 1 input and 2 outputs your TX would be at about 257 to 259 bytes.

HCP
Hero Member
*****
Offline Offline

Activity: 728
Merit: 923

<insert witty quote here>


View Profile
January 04, 2018, 10:32:15 PM
 #7

To reasonably use this I need to know a size of a transaction. But I can get it only after I press the button "Send", so after a fee is already set and the transaction is out of my control.
No, you don't need to know the size of the transaction. B.info offers you the ability to specify the fee "rate" in sats/byte... as long as the rate you input is similar to the rates specified by either https://bitcoinfees.earn.com/ or https://btc.com/stats/unconfirmed-tx then, your transaction should not get stuck, as the total fee will be calculated correctly for your transaction size.


sipungora
Newbie
*
Offline Offline

Activity: 17
Merit: 0


View Profile
January 05, 2018, 01:37:00 AM
 #8

To reasonably use this I need to know a size of a transaction. But I can get it only after I press the button "Send", so after a fee is already set and the transaction is out of my control.
No, you don't need to know the size of the transaction. B.info offers you the ability to specify the fee "rate" in sats/byte... as long as the rate you input is similar to the rates specified by either https://bitcoinfees.earn.com/ or https://btc.com/stats/unconfirmed-tx then, your transaction should not get stuck, as the total fee will be calculated correctly for your transaction size.

https://i.imgur.com/qIqEy2m.png

Super! Thank you very much.
Kakmakr
Legendary
*
Offline Offline

Activity: 1414
Merit: 1124

★ ChipMixer | Bitcoin mixing service ★


View Profile
January 05, 2018, 11:52:56 AM
 #9

You should never just use the fees, recommended by Blockchain.info. I have noticed that the fees recommended by them are a lot higher than the actual fees that would be required to get your transaction confirmed.

Their fee estimation is a bit inflated, so it is recommended to configure your own. ^smile^ 

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!