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Author Topic: Bitcoin core - Sending bitcoin with custom fee  (Read 57 times)
Kihulane
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January 08, 2018, 06:27:11 PM
 #1

Hey bitcoin community, i've got a question i'm struggeling with.

I am trying to send bitcoins with Bitcoin core wallet.

https://imgur.com/a/EMhSc

I want to put a custom fee to the transaction, but i keep getting this message:

https://imgur.com/3xqUl6y

What am i doing wrong? I want to send my transaction with my custom 3 block fee (0.00133224) (20dollars) not the 0.00025 fee it automatically gave me.

Help is much appreciated.

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buwaytress
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January 08, 2018, 07:19:09 PM
 #2

Not sure what the error you're getting is, but from the screenshots:

1. 294 sats/byte (or 294k sats/kb) is the recommended fee for 6-block confirmation. Bitcoin Core wallet's estimator has been known to be inaccurate. This fee according to https://bitcoinfees.earn.com/ has a 90% chance of confirming within next 47 blocks.

2. Your manual fee is even lower! Even at the smallest transaction, your 25k+ satoshi fee would only come to about 100 sats/byte, which at current mempool is virtually zero fee (indefinite confirmation).

If you want a 3-block confirmation time, use the estimator above. Currently this is over 511 sats/byte.

Like I said though, can't tell what error you are experiencing as your screenshots don't show any error message.

Kihulane
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January 08, 2018, 07:37:42 PM
 #3

You are saying that, if i want to send 200 euros worth of BTC, the recommended fee i need to pay is 44 dollars?
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January 09, 2018, 02:20:12 AM
 #4

It seems like you have failed to notice that the custom fee is measured in "BTC per kilobyte" (NOTE: in BTC, a kilobyte = 1000 bytes). It is a fee "rate" that you a choosing, NOT a fixed fee amount.

So, unless the data size of your transaction is exactly 1000 bytes, then the total fee amount you pay will NOT be the same as your specified BTC/kB rate. In your case, it would appear that your transaction data size is:

(0.00025312 BTC) / (0.00133225 BTC/kB) = 0.189 kB = 189 Bytes.



You are saying that, if i want to send 200 euros worth of BTC, the recommended fee i need to pay is 44 dollars?
No... the amount of BTC being transacted has NO effect on the fee... the data size of the transaction is what determines the fee. What we are saying is that if you want to send a transaction that is 189 bytes (0.189 kB), you currently need to pay 511 sats/byte... or 189 bytes * 511 sats/byte = 96579 sats = 0.00096759 BTC = ~$14.

You could be sending $1... or you could be sending $1,000,000.00... it doesn't matter... if the transaction DATA size = 189 bytes, you would need to pay the same fee.

Note, however, that if your transaction had a larger data size (ie. it was using more inputs and/or outputs), then the total fee paid would be higher.


Remember: Transaction DATA size * fee RATE = Total fee paid.

Kihulane
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January 09, 2018, 06:03:37 AM
 #5

Thank you for educating me on this, but i'm still stuck with this:

https://imgur.com/a/JlwiB

"Added as a transaction fee" amount is not the fee amount i put as the transaction fee.

https://imgur.com/a/NIqHK

This is the fee i want to pay.


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