current minimum practical tx fee

[laowai80]

So I've just sent a transaction with a 0.0001 BTC fee:

Now it says Estimated Confirmation Time    24 hours (queue position 2657)

Sent another one with a 0.0005 BTC, it was confirmed ok within minutes.

Anyone wants to experiment with 0.0002, 0.0003, 0.0004?

If 0.0005 is minimum practical right now, that works out to $0.54.
Please post your recent (last few days) experience.

[DeathAndTaxes]

Saying the fee amount alone is next to useless.  The fee is based on fee per kB.  Transaction are prioritized based on fee per kB.  You are buying space in a block.  So the amount of space you need is relevant.

I just sent a tx this morning with 0.1 mBTC per kB and it was included in the next block.

[laowai80]

Saying the fee amount alone is next to useless.  The fee is based on fee per kB.  Transaction are prioritized based on fee per kB.  You are buying space in a block.  So the amount of space you need is relevant.

I just sent a tx this morning with 0.1 mBTC per kB and it was included in the next block.

mkay, imagine a user has to know all those technical details, that's too much over the head.
Users need to know how much they should pay to be guaranteed fast transfer as per specifications.
I've just found out 0.0001 BTC just doesn't cut it. If others have a similar experience, they'd be paying 0.0005 BTC or use alt-coins where micro transactions are affordable, that's my point.

[DeathAndTaxes]

mkay, imagine a user has to know all those technical details, that's too much over the head.

Most clients will handle it for you.  You specify the fee per kB.

I've just found out 0.0001 BTC just doesn't cut it.

0.1 mBTC per kB?  Still even if it is you reach this conclusion based on a sample size of one.  I just reported I paid the same amount less a few hours ago and was included in the next block.  Think you might be jumping to conclusions?  Think there might be another reason your tx is delayed?  One day when going to work the highway got closed down.  It took me 3 and a half hours to get to work.  Should I use that single sample to estimate the average commute time?

If you post the tx id others can provide some insight so you know more.  If you don't want to that is fine but there are other reasons why your tx might be delayed.  Assuming you need to pay 5x what others are paying is kinda silly, unless you just like paying a lot more than needed in fees.

[laowai80]

mkay, imagine a user has to know all those technical details, that's too much over the head.

Most clients will handle it for you.  You specify the fee per kB.

I've just found out 0.0001 BTC just doesn't cut it.

Based on a sample size of one.  I just reported I paid the same amount less a few hours ago and was included in the next block.  Think you might be jumping to conclusions?  Think there might be another reason your tx is delayed?

If you post the tx id others can provide some insight so you know more.  If you don't want to that is fine but there are other reasons your tx might be delayed. Assuming you need to pay 5x what others are paying is kinda silly, unless you just like paying a lot more than needed in fees.

I use MultiBit, didn't find where the fee can be changed.
It just printed 0.0001 BTC on the send form without an option to change that.

I sent another one with a 0.0005 fee from an exchange.

Is it MultiBit's fault? It can't calculate the fee right?

[DeathAndTaxes]

Is it MultiBit's fault? It can't calculate the fee right?

I don't know.  Some more details would be helpful.  How large in size were both transactions?  How many inputs?  Are all the inputs confirmed?  Do the outputs violate any spam rules?

As stated if for privacy reasons you don't want to share the tx ids that is fine but you are trying to propose a conclusion based on very limited data and likely will reach the wrong conclusion.

[laowai80]

Is it MultiBit's fault? It can't calculate the fee right?

I don't know.  Some more details would be helpful.  How large in size were both transactions?  How many inputs?  Are all the inputs confirmed?  Do the outputs violate any spam rules?

As stated if for privacy reasons you don't want to share the tx ids that is fine but you are trying to propose a conclusion based on very limited data and likely will reach the wrong conclusion.

tx with 0.0001 is 227 bytes
tx with 0.0005 is 430 bytes

inputs are very different in size, but 2 of my txs were like 0.05 and 0.1 BTC.

[laowai80]

update, just got 1 confirmation on that 0.0001 tx fee, so it took less than an hour to be included in the block, that 'you have to wait for 24 hours' didn't turn out to be true, which is nice but in the future I know what to do to speed it up

[jellies]

the annoying part is that below about 30 minutes there is no paying for speed.

You can pay all you like, if there is a 20 minute delay before the next block worldwide you're all in the same boat, and your transaction fee is wasted.

Yesterday I did a transaction that qualified as 'free' and had to wait over 30 minutes for the first confirm. It sat unconfirmed for 30 minutes. If I had paid a huge fee, it would have taken the same time! Right?

The other annoying part is that fees do not increase speed of confirmations, and confirmations are a vital part of the transaction. With no confirms the money is effectively in limbo. Again, the fee doesn't help here. Right?

So paying a fee is basically just insurance against a greater than half hour first confirm time, which isn't really the kind of fee that it seems to be on the face of things.

[pening]

Saying the fee amount alone is next to useless.  The fee is based on fee per kB.  Transaction are prioritized based on fee per kB.  You are buying space in a block.  So the amount of space you need is relevant.

Interesting response.  I often see the claim that Bitcoin is free to transfer touted as one of the core advantages.  Now i see that not only is there a mandatory fee (i know there isn't, but there is for many clients, albeit tiny), but that transaction size has a bearing and has to be accounted.     This isn't in the manual.  That block size limit becomes a more significant issue.

[Mondy]

I think the fee depends on transaction size.
But for me 0.0001 always goes through quickly!

[laowai80]

I think the fee depends on transaction size.
But for me 0.0001 always goes through quickly!

well, lucky you, see above, I posted, the tx size was 227 bytes, it still took about an hour to get the first confirmation with a 0.0001 fee.

[DeathAndTaxes]

I think the fee depends on transaction size.
But for me 0.0001 always goes through quickly!

well, lucky you, see above, I posted, the tx size was 227 bytes, it still took about an hour to get the first confirmation with a 0.0001 fee.

How many blocks passed between when you sent the tx and it was included in a block.  Remember mining is an average of 10 minutes per block.  It may have been possible that just 1 or 2 (and your tx didn't get into that miner's work before it was found) blocks were found in that time period.

[laowai80]

How many blocks passed between when you sent the tx and it was included in a block.  Remember mining is an average of 10 minutes per block.  It may have been possible that just 1 or 2 (and your tx didn't get into that miner's work before it was found) blocks were found in that time period.

I am too tired to look it up now, but I see your point, thanx. It could be what you say it was, I sure hope so.

[waxwing]

How quickly the transaction gets confirmed depends on: how long the next block takes to be found, the size of the transaction, the "age" of the inputs (which means how far back in the blockchain they were mined) and the transaction fee. The relation between these is a bit complicated and certainly should be hidden from users.

The unfortunate current situation is that the bitcoin price has risen so rapidly that clients have not been updated to reflect it, so if you rely on defaults you may end up paying a somewhat unreasonable amount. As far as I'm aware, the devs are working on it very actively (would be nice for one of them to chime in).