Bitcoin Forum
August 17, 2019, 11:53:00 PM *
News: Latest Bitcoin Core release: 0.18.0 [Torrent] (New!)
 
   Home   Help Search Login Register More  
Pages: [1] 2 »  All
  Print  
Author Topic: Bitcoin Transaction Fees - Everything in one  (Read 881 times)
hd49728
Full Member
***
Online Online

Activity: 364
Merit: 198


★Bitvest.io★ Play Plinko or Invest!


View Profile
June 11, 2019, 04:14:11 AM
Last edit: August 05, 2019, 02:09:31 AM by hd49728
Merited by TMAN (11), dbshck (8), suchmoon (4), DarkStar_ (4), bones261 (2), harizen (2), LoyceV (2), Mr. Big (2), Jet Cash (2), Halab (2), o_e_l_e_o (2), DdmrDdmr (2), OgNasty (1), STT (1), ETFbitcoin (1), BitMaxz (1), iasenko (1), dkbit98 (1), YourNeko (1)
 #1

Generally, bitcoin transaction fees depends on what's going on on bitcoin network. Whenever bitcoin network become more crowded and clogged up by more transactions waiting to be confirmed, transaction fees for miners will be boosted up. Fees will automatically become higher. However, transaction fees have its cycle, that highly correlated with bitcoin price.

If you are not hurry, and can wait 1 to 3 days to see your transactions finished, you can apply those tricks below.

Overview of network situation:
Please visit this page to check total unconfirmed transactions:
https://www.blockchain.com/btc/unconfirmed-transactions
To have better overview, you can get the chart of unconfirmed transactions there: https://www.blockchain.com/charts/mempool-count?timespan=60days
From the chart, it is clearly that we have been in good period to move bitcoins.

Check historical chart of transaction fees:
Please check it there: https://tradeblock.com/bitcoin/historical/1w-f-tfee_blk_avg-01051
1W fee-chart
1D fee-chart
Generally, as of writing, transaction fee has been on its upwards trend, as same as bitcoin. Fortunately, it is likely that fees have decreased dramatically since its latest peak around 4th - 5th June 2019 (you can see it in the 1D fee-chart.)

You can also check the average time to find blocks to get overview of network transactions: https://www.blockchain.com/btc/blocks

If you don't want to join fee wars and unknowingly help miners to increase transaction fees for their benefits, you should use this page to get recommend fees:
https://coinb.in/#fees
Quote
This page will give you a guide on the lowest fee to use to get your transaction included within the next few blocks. It works by predicting the size of a transaction and comparing it to another transaction in a recent block to determine an appropriate fee.
There are some options for you, and you should choose appropriate one for your interests
As of writing, and for few coming blocks, recommended fee is at 2260 satoshis for a transaction of 260 bytes (1 input - 148 bytes, and 3 outputs - 102 bytes)
Fees depend on other factors, like numbers of inputs and outputs (please see the image below for more details).

Other sites
There are other sites to check recommended fee:
https://btc.com/stats/unconfirmed-tx
You can see that if you choose fee < 20 Satoshis/vbyte, your transactions might have to wait more than 12 hours to get confirmations. That is a hint for you to consolidate your small bitcoin with cheap fees (that presented in LoyceV's topic).

https://bitcoinfees.earn.com/ (the site gives predictions on delay time with specific fees. It means you can know how many blocks and minutes your transactions will be waited to get confirmations at a specific fee.)

Time zones affect fees
Details below. In general, if you are not hurry, please choose the timezones at which fees usually are low to move your funds.
You can compare the data from this study with the data generated at Johoe's Mempool Statistics page: https://jochen-hoenicke.de/queue/#1,2w. Here's a random 2 week sample I took from last September (click for full size):
The dates along the bottom are at midnight (00:00) UTC. So you can see from this sample, there is a spike in fees on most days between around 10:00 and 18:00 (when Europe and then later America are awake), at which point they start reducing, and hit a low point around 01:00 - 04:00 UTC. This certainly ties in with the data from OP's study.

It's something I've casually noticed, but never given much though to. But considering it now, I wouldn't have expected such a constant and similar drop given that China has more people than Europe and North America combined.


In addition, applying guides of LoyceV to move your coins when network provides you great chance to move funds around with low fees.
[MAY 2019] Fees are low, use this opportunity to Consolidate your small inputs!
I added some images to visually describe how to enable manually editing fees feature and how to manually set fees:
Choosing the address you want to send your bitcoin from that, for example, I have an address that have 0.00125 BTC in total; I click on Max button (only do this if you have small amount of bitcoin in that address); then type fee (at 1 satoshi/ byte); I can see total available bitcoin to send after subtracting fees is at 0.0012489 BTC
Now, what if with the same address, same amount of bitcoin, how many bitcoin will be availble to send if I set fee at 100 satoshis/ byte. Only 0.00114 BTC will be left to send. Please look at it:

Blockchain explorers:
https://blockchair.com/ (does not support Segwit addresses)
The following explorers support Segwit addresses:
https://blockstream.info/
https://live.blockcypher.com/btc/
https://blockchair.com/

Other should-read sources:
https://bitcoin.org/en/you-need-to-know#instant
https://en.bitcoin.it/wiki/Confirmation

One of the craziest period of crypto market, with all time highs of bitcoin price and bitcoin transaction fees.
@gentlemand, that $500 million spike looks really weird (around 1/1/18)... Must have been when a lot of people pulled out as their money hasn't returned to this market yet (since we aren't at $20k).
It's more likely it was caused by the very high fees at that time, 800 sat/byte was "normal", resulting in $25 or more in fees for a small transaction, and many thousands of dollars for a transaction with a lot of inputs and outputs.

1566085980
Hero Member
*
Offline Offline

Posts: 1566085980

View Profile Personal Message (Offline)

Ignore
1566085980
Reply with quote  #2

1566085980
Report to moderator
1566085980
Hero Member
*
Offline Offline

Posts: 1566085980

View Profile Personal Message (Offline)

Ignore
1566085980
Reply with quote  #2

1566085980
Report to moderator
1566085980
Hero Member
*
Offline Offline

Posts: 1566085980

View Profile Personal Message (Offline)

Ignore
1566085980
Reply with quote  #2

1566085980
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1566085980
Hero Member
*
Offline Offline

Posts: 1566085980

View Profile Personal Message (Offline)

Ignore
1566085980
Reply with quote  #2

1566085980
Report to moderator
1566085980
Hero Member
*
Offline Offline

Posts: 1566085980

View Profile Personal Message (Offline)

Ignore
1566085980
Reply with quote  #2

1566085980
Report to moderator
hd49728
Full Member
***
Online Online

Activity: 364
Merit: 198


★Bitvest.io★ Play Plinko or Invest!


View Profile
June 12, 2019, 05:46:23 AM
Last edit: June 13, 2019, 02:36:46 AM by hd49728
 #2

Transaction fees increased last hours that displayed in the 6hour-chart. Transaction fees for 1 input (148 bytes) and 3 outputs (102 bytes) are 11440 satoshis, as of writing. It increase dramatically since yesterday fees, at 2600 satoshis (Check the OP to get it if you want). Average fees per byte as of writing and yesterday are 44 sat/ byte and 10 sat/byte, respectively. It means fees rose nearly 4.4 times recent hours.

Sources:
https://coinb.in/#fees
https://tradeblock.com/bitcoin/historical/1w-f-tfee_blk_avg-01051


naska21
Hero Member
*****
Offline Offline

Activity: 1134
Merit: 522



View Profile
June 14, 2019, 09:27:18 AM
Merited by Quickseller (1)
 #3


snip

Does  fee depend on type of addresses involved into transaction? Say if I was going to send  three  different trx  from "1", "3" and “bc1” types of addresses which one  would be preferable in the relevance of fee,  other things being equal?

                       ░▒▒▒▒▒▒▒▒▒▒▒▒▒░░                                         
              ░░▒▓▓███▓▓░░████████████████▓░                                   
          ░▓▓▓▒██████████░ ███████████████████▒                                 
       ░▓██▒░  ███████████▓ ▒███████████████████▓▓▓▓▓████▓▓                     
  ▒▓▓▓██▒     ████████   ▒██░ ██████████▓▒░      █████████████████▓▓▒░         
 ▓█▒░░        ▒▒▓▓▓▓▓▓  ░▒███░ ▓▓▓▒░░   ░░▒▒▓▓███▓▓▓▓▓▓▒▒       ░▒▓███████▓▒░   
 █                                               ░▒▒▓▓██████████▓▒░░░▒▓██████▓█
 █▒  ▒▓▓▒░▒▓█▓▓▓▒▒▒▒░░                                    ░▒▓▓████████▓▓▒░   ▒█
 ░█ ▒████▓  ▒▒░▒▒▓▓▓▓██████████▓▓▓▒▒▒░                            ░▒      ░▓██ 
  ▒███▒▓▓██  ░              ▒░░█████▓▓▓▓██▓▓▒▒▒▒▓▓▓▓▓▒▒░░          ░░ ▓██████▓▓▒
    ▓█▓▓▒▓█▓ ▒              ▒▒▓███  ███████████▓▓█▓░░▒▒░░░  ▓███████▓████████ ▓█
     ░█  ▓██▓▒░░▒▓▓▓▓▓████████▓░   ████▒▒▓▓▓▓██████      ░ ████████▒█████▓▒  ▒█
      ▓▓▓▓████▓▒░░                ▒███ ░███▓█▓▓████░    ▓ ████████▓▓█▓▒    ▓▓▓ 
      ░▓█████▓▒▓██████▓▒░         ▒██▓ ██▒  ██▓▓████    ▒  ░            ▒██▒   
        ░▒         ░▒▓█████████▓▒  ██▒ █▓    ██▒█████    ▒▒▒░░░▒░░░█▓▒▓██▓     
                          ░▒▓█████████ ██    ▓█▒█████▓             ░▓██▓       
                                  ░▒▓█▓ ██ ░▒██░██████▓  ▒▒▒░   ▒▓███▒         
                                      █▓▒▓████░▓████▓ ▓▓▓██████████░           
                                       ▓█▓▓▓▓▓█████▓          ░▒▒               
                                         ▒▓▓██▓▒░                               
                                                                               
|
|

█████████████████████████
██ ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ ██
██ ███████████▀     ██ ██
██ ██████████▌   ▄▄▄██ ██
██ ██████████   ██████ ██
██ ███████          ██ ██
██ ███████▄▄▄   ▄▄▄▄██ ██
██ ██████████   ██████ ██
██ ██████████   ██████ ██
██ ██████████   ██████ ██
██▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄██
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀

█████████████████████████
██ ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ ██
██ █████████████▀█████ ██
██ ███ ▀█████▀      ▀█ ██
██ ███     ▀▀      ▐██ ██
██ ███▌            ███ ██
██ ████▌          ▄███ ██
██ ██████       ▄█████ ██
██ ████▄▄▄▄▄▄▄████████ ██
██ ███████████████████ ██
██▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄██
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀

█████████████████████████
██ ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ ██
██ ████████████▀▀▀████ ██
██ ████████▀▀     ████ ██
██ █████▀    ▄▀  ▐████ ██
██ ██▀     ▄▀    ▐████ ██
██ ████▄▄ █▀     █████ ██
██ ██████ ▄▄█   ▐█████ ██
██ ████████████ ██████ ██
██ ███████████████████ ██
██▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄██
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
|
Whitepaper
Ann Thread
Bounty Thread
hd49728
Full Member
***
Online Online

Activity: 364
Merit: 198


★Bitvest.io★ Play Plinko or Invest!


View Profile
June 14, 2019, 09:46:20 AM
 #4

Does  fee depend on type of addresses involved into transaction?
Sure. You can see differences.

https://coinb.in/#fees

hd49728
Full Member
***
Online Online

Activity: 364
Merit: 198


★Bitvest.io★ Play Plinko or Invest!


View Profile
June 15, 2019, 11:13:18 PM
Last edit: June 19, 2019, 02:34:05 AM by hd49728
 #5

Fees decreased to 1 sat/byte, temporarily. It's time to move coins with cheap fees, of course, if you don't have urgent need and don't hurry with your transactions. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs only 260 satoshis.  Wink

Sources:
https://tradeblock.com/bitcoin/historical/6h-f-tfee_blk_avg-01051
https://coinb.in/#fees

hd49728
Full Member
***
Online Online

Activity: 364
Merit: 198


★Bitvest.io★ Play Plinko or Invest!


View Profile
June 19, 2019, 02:36:34 AM
 #6

Fees decreased to 3 sat/byte, temporarily. It's time to move coins with cheap fees, of course, if you don't have urgent need and don't hurry with your transactions. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs only 780 satoshis.  Wink

Please check more there:
https://tradeblock.com/bitcoin/historical/6h-f-tfee_blk_avg-01051
https://coinb.in/#fees

hd49728
Full Member
***
Online Online

Activity: 364
Merit: 198


★Bitvest.io★ Play Plinko or Invest!


View Profile
June 23, 2019, 07:45:06 AM
 #7

Fees decreased to 2 sat/byte, temporarily. It's time to move coins with cheap fees, of course, if you don't have urgent need and don't hurry with your transactions. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs only 520 satoshis. It means the transaction of 260 bytes cost 520 satoshis as transaction fees  Wink

Please check more there:
https://tradeblock.com/bitcoin/historical/6h-f-tfee_blk_avg-01051
https://coinb.in/#fees

nakamura12
Full Member
***
Offline Offline

Activity: 546
Merit: 115


★777Coin.com★ Fun BTC Casino!


View Profile
June 23, 2019, 09:25:52 AM
 #8

Is the transaction confirmation is faster if you put your transaction fee higher even if it is 2sat/byte or 3sat/byte?. What is the difference between 2sat/byte and 3sat/byte?. I think the speed of both sat/byte is the same if you are planning to pay more transaction fees to make your transaction confirmed faster than nornal.

o_e_l_e_o
Hero Member
*****
Offline Offline

Activity: 658
Merit: 2504



View Profile
June 23, 2019, 01:30:17 PM
 #9

What is the difference between 2sat/byte and 3sat/byte?
It entirely depends on what the mempool is doing at the time. There are times where they would be no difference in speed of confirmation between 1 sat/byte and 100 sat/byte; if the mempool is empty, they will both make it in to the next block. But there are also times where 3 sat/byte is just enough to make it in to a block, while 2 sat/byte isn't, and the 2 sat/byte transaction ends up waiting hours or days to confirm.

In short, before making a transaction it's always best to visually see what the mempool is doing here: https://jochen-hoenicke.de/queue/#0,24h

hd49728
Full Member
***
Online Online

Activity: 364
Merit: 198


★Bitvest.io★ Play Plinko or Invest!


View Profile
June 25, 2019, 01:48:11 AM
Merited by bones261 (2)
 #10

It entirely depends on what the mempool is doing at the time. There are times where they would be no difference in speed of confirmation between 1 sat/byte and 100 sat/byte; if the mempool is empty, they will both make it in to the next block. But there are also times where 3 sat/byte is just enough to make it in to a block, while 2 sat/byte isn't, and the 2 sat/byte transaction ends up waiting hours or days to confirm.
Around two weeks ago, I made a transaction with 1 satoshi/ byte, that took around three or four days to get confirmations. I think it is good, in case I am not hurry, and just want to move my coins for later use, not instant usages. Even 10k satoshis worth lots of money if bitcoin hit $400,000. At this rate of Bitcoin, 10k satoshis worth $40.  Grin

Today, fee drops to 1 sat/ byte, it's time to move coins with cheap fees. Because fee bottoms out again, from its latest spike at 27 satoshis/ byte around 11 days ago.  Shocked
https://coinb.in/#fees
https://tradeblock.com/bitcoin/historical/1w-f-tfee_blk_avg-01051

o_e_l_e_o
Hero Member
*****
Offline Offline

Activity: 658
Merit: 2504



View Profile
June 25, 2019, 08:01:40 AM
 #11

Today, fee drops to 1 sat/ byte, it's time to move coins with cheap fees. Because fee bottoms out again, from its latest spike at 27 satoshis/ byte around 11 days ago.
It's spiked much higher than that much more recently. If you look at the third graph on Jochen's page here (https://jochen-hoenicke.de/queue/#1,4d), just 2 days ago you were looking at fees of around 100 sat/byte to get within a couple of megabytes of the tip.

As you say though, the mempool is currently clearing out to pretty much empty every few hours. Now is a good time to consolidate your coins.

hd49728
Full Member
***
Online Online

Activity: 364
Merit: 198


★Bitvest.io★ Play Plinko or Invest!


View Profile
June 26, 2019, 02:54:39 AM
 #12

It's spiked much higher than that much more recently. If you look at the third graph on Jochen's page here (https://jochen-hoenicke.de/queue/#1,4d), just 2 days ago you were looking at fees of around 100 sat/byte to get within a couple of megabytes of the tip.
Thank you for the info. I simply compared yesterday transaction fees with the figures 11 days ago, and missed its latest spike. Thank you for correcting me.
Today, the fee rises to 13 sat/ byte.
https://coinb.in/#fees

Jet Cash
Legendary
*
Offline Offline

Activity: 1344
Merit: 1711


Rubbish at predicting Bitcoin price movements.


View Profile WWW
June 26, 2019, 07:43:33 AM
 #13

I see that a few 0 fee transactions have been confirmed. I want to try this to move coins between my wallets, so confirmation times don't matter.

If Bitcoin didn't exist, bankers would have to invent it.
hd49728
Full Member
***
Online Online

Activity: 364
Merit: 198


★Bitvest.io★ Play Plinko or Invest!


View Profile
July 16, 2019, 03:52:38 AM
Last edit: July 16, 2019, 05:01:07 AM by hd49728
 #14

Long time no bump for the thread. So, today I would like to bump it and give you some basics on bitcoin transaction fees.

Fees dramatically increased to 52 sat/byte, temporarily. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs only 13520 satoshis.
It is not a good time to consolidate your coins. Wink

Please check more there:
https://tradeblock.com/bitcoin/historical/6h-f-tfee_blk_avg-01051
https://coinb.in/#fees

hd49728
Full Member
***
Online Online

Activity: 364
Merit: 198


★Bitvest.io★ Play Plinko or Invest!


View Profile
July 22, 2019, 06:03:36 AM
 #15

Fees dramatically fell to 1 sat/byte, temporarily. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs only 260 satoshis.
It is a good time to consolidate your coins. Move them now if you want, and remember that cheap fee at 1 sat/ byte don't last for too long. Wink

Please check more there:
https://tradeblock.com/bitcoin/historical/6h-f-tfee_blk_avg-01051
https://coinb.in/#fees

hd49728
Full Member
***
Online Online

Activity: 364
Merit: 198


★Bitvest.io★ Play Plinko or Invest!


View Profile
July 23, 2019, 12:23:59 AM
 #16

Fees dramatically rose to 2 sat/byte, temporarily. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs only 520 satoshis, which is double than yesterday fee.
As I wrote yesterday, best time to consolidate your bitcoin leftovers don't last too long. time to consolidate your coins. Anyway, it is not too bad to move your bitcoin leftovers with 2 satoshis/ byte, but if you don't want to move them now with such fee, you can wait to see fees drop to 1 satoshi/ byte to do this. Or you can just do you transactions with fee set at 1 sat/byte, then wait hours (mostly days) to see it get confirmed.

Please check more there:
https://tradeblock.com/bitcoin/historical/6h-f-tfee_blk_avg-01051
https://coinb.in/#fees

hd49728
Full Member
***
Online Online

Activity: 364
Merit: 198


★Bitvest.io★ Play Plinko or Invest!


View Profile
July 24, 2019, 05:30:50 AM
 #17

Recently, fees dropped to 1 sat/byte. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs only 260 satoshis, which is double than yesterday fee.
It is a best time to consolidate your bitcoin leftovers, but it doesn't last for too long.

Please check more there:
https://tradeblock.com/bitcoin/historical/6h-f-tfee_blk_avg-01051
https://coinb.in/#fees

hd49728
Full Member
***
Online Online

Activity: 364
Merit: 198


★Bitvest.io★ Play Plinko or Invest!


View Profile
July 25, 2019, 02:13:20 PM
 #18

It is a best time to consolidate your bitcoin leftovers, but it doesn't last for too long.
As I said yesterday, cheap fee won't last for too long. Today, transaction fees increased dramatically.
Recently, fees increased to 60 sat/byte. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs 15600 satoshis.
It is obviously not a best time to consolidate your bitcoin leftovers, hence you have to wait some days or some weeks to be able to move your coins with transaction fees at 1 sat/byte.

Please check more there:
https://tradeblock.com/bitcoin/historical/6h-f-tfee_blk_avg-01051
https://coinb.in/#fees

hd49728
Full Member
***
Online Online

Activity: 364
Merit: 198


★Bitvest.io★ Play Plinko or Invest!


View Profile
July 26, 2019, 05:25:17 AM
 #19

After rocketed yesterday, recently, transaction fees plummeted to 1 sat/byte. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs only 260 satoshis, which is double than yesterday fee.
It is a best time to consolidate your bitcoin leftovers, but it doesn't last for too long. Hurry up.

Please check more there:
https://tradeblock.com/bitcoin/historical/6h-f-tfee_blk_avg-01051
https://coinb.in/#fees

hd49728
Full Member
***
Online Online

Activity: 364
Merit: 198


★Bitvest.io★ Play Plinko or Invest!


View Profile
July 27, 2019, 07:55:54 AM
 #20

Recent hours, it seems that transaction fees fluctuated around 1 sat/byte. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs only 260 satoshis, which is double than yesterday fee.
It is a best time to consolidate your bitcoin leftovers, but it doesn't last for too long. Hurry up.

Please check more there:
https://tradeblock.com/bitcoin/historical/6h-f-tfee_blk_avg-01051
https://coinb.in/#fees

Pages: [1] 2 »  All
  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!