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Author Topic: Bitcoin Transaction Fees - Everything in one  (Read 1513 times)
hd49728
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June 11, 2019, 04:14:11 AM
Last edit: January 17, 2020, 03:40:57 AM by hd49728
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 #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.

There is a better site, https://jochen-hoenicke.de/queue/#1,8h (look at the third graph).
Thanks @o_e_l_e_o.
This a poor graph to use to visualize the mempool in the context of working out a fee. A better choice is the third graph on Johoe's site here (https://jochen-hoenicke.de/queue/#1,8h) entitled "Mempool Size in MB".

The reason for this is because the graph you linked to shows the number of unconfirmed transactions, whereas the graph I've linked to shows the size in MB of these unconfirmed transactions. Why is this important? I'll use two examples to illustrate my point. Lets say first of all that the mempool contains 10,000 transactions, but each transaction is less than 250 vbytes in size. This means the mempool is actually relatively empty at only 2.5 MB, and could completely empty in only 3 blocks. Conversely, lets now say the mempool contains only 1,000 transactions, but they are all huge consolidation transaction from various exchanges, and each one is 30,000 vbytes in size. Now the mempool is the fullest it has been in months at over 30 MB.

So using the graph you linked, if we see 1,000 or 10,000 transaction, we don't actually know how full the mempool is because we don't know the size of those transactions, which is what actually matters. Blocks are limited by size, not by number of transactions. A block could contain anywhere from 0 to over 4000 transactions.

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.

There is a site: whatthefee.io, that gives you a detailed table in which you can find pairs of fees and waiting-time to get confirmation. The site dynamically updates their information corresponding to the bitcoin's network status.


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
Make sure to avoid wasting BTC for too high fees – step by step guide (Electrum)


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.

Bitmex:
Bitmex just launched an analytical website, and one of the pages is dedicated to the fees:

Fee Estimation Dashboard



Credit: fillippone

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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


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June 14, 2019, 09:27:18 AM
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 #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?

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June 14, 2019, 09:46:20 AM
Last edit: August 21, 2019, 02:08:16 PM by mprep
 #4

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

https://coinb.in/#fees



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



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



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

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June 23, 2019, 09:25:52 AM
 #5

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.

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June 23, 2019, 01:30:17 PM
 #6

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

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June 25, 2019, 01:48:11 AM
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 #7

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

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June 25, 2019, 08:01:40 AM
 #8

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.

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June 26, 2019, 02:54:39 AM
 #9

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

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June 26, 2019, 07:43:33 AM
 #10

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.

The Fit to Talk English project is peaking at over 1,000 views in a four hour period - are you one of those guests.
If English is not your first language, then we can help you with your posting on Bitcoin Talk.
- PM me to join if you aren't a member. If you are a member, then we would love you to help other members.
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July 16, 2019, 03:52:38 AM
Last edit: August 25, 2019, 10:47:14 PM by mprep
 #11

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



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



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



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



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



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



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



Temporarily, transaction fees stood at 8 sat/byte. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs only 2080 satoshis, which is eight-fold increase from yesterday fees at 1 satoshi/ byte.
It is a good time to consolidate your bitcoin leftovers, and you have to wait for a while to see fees drop back to 1 satoshi / byte to consolidate your bitcoin leftovers.

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



Four-days in-a-row (despite some pumps of fees over time), you have good time to move your bitcoin with cheapest fees, when transaction fees fluctuated around 1 sat/byte. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs only 260 satoshis.
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

Note:
  • There were shortly pumps of transaction fees yesterday, but last 24-hour lowest fee is at 1 satoshi/ byte.
  • You don't need to wait to see esitmated fee drops to 1 satoshi/ byte to start moving your coins. You can move them anytime you want, with fee set at 1 satoshi/ byte, then wait patiently. When fee drops to 1 satoshi/ byte, your waiting transactions will be prioritized to get confirmations.
A little bit update on transaction fees:
Temporarily, Bitcoin transaction fees rose to 34 sat/byte. Fees for transaction with 1 input (148 bytes), 3 outputs (102 bytes) costs only 8840 satoshis, which is much higher than just early hours today.

Reminder:
@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.

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August 09, 2019, 06:42:06 AM
 #12

Hey hd49728 - maybe you can also post a reference link to LoyceV's - [AUG 2019] Fees are low, use this opportunity to Consolidate your small inputs!

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August 09, 2019, 07:22:10 AM
 #13

Hey hd49728 - maybe you can also post a reference link to LoyceV's - [AUG 2019] Fees are low, use this opportunity to Consolidate your small inputs!
You likely missed it. I posted it in OP, with first version of this thread, or in very first editing times. Tongue

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August 09, 2019, 07:38:33 AM
 #14

Hey hd49728 - maybe you can also post a reference link to LoyceV's - [AUG 2019] Fees are low, use this opportunity to Consolidate your small inputs!
You likely missed it. I posted it in OP, with first version of this thread, or in very first editing times. Tongue

Oh man, sorry about that....  I apologized.... Grin

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August 09, 2019, 07:56:36 AM
Last edit: August 21, 2019, 02:07:27 PM by mprep
 #15

Hey hd49728 - maybe you can also post a reference link to LoyceV's - [AUG 2019] Fees are low, use this opportunity to Consolidate your small inputs!
You likely missed it. I posted it in OP, with first version of this thread, or in very first editing times. Tongue

Oh man, sorry about that....  I apologized.... Grin
No problem, @Baofeng. I will edit OP later. Holding it, and move it to Reference list.
By the way, I checked and saw transaction fees temporarily fell to 1 Satoshi/ byte. Now, everyone, let's move your coins or consolidate them at cheap fees. Hurry up.



At the moment, transaction fees fell to 1 sat/byte. Fees for transaction with 1 input (148 bytes), 1 outputs (34 bytes) costs only 192 satoshis.
It is a best time to consolidate your bitcoin leftovers, but it doesn't last for too long (when bitcoin falls deeper, people will fall into panic sellings, and fees will rise again). Hurry up.


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



At the moment, transaction fees rose to 34 sat/byte. Fees for transaction with 1 input (148 bytes), 1 outputs (34 bytes) costs only 6528 satoshis.
It is surely not a best time to consolidate your bitcoin leftovers. Earlier today, I saw fees rocketed to 54 satoshis/ byte, just around 12 hours ago.

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



At the moment, despite the fact that people go crazy when bitcoin dumped deeply, bitcoin transaction fees fell to 1 sat/byte. Fees for transaction with 1 input (148 bytes), 1 outputs (34 bytes) costs only 192 satoshis.
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



By now, we have five continuous days (since August 15th), we have chance to move bitcoin at 1 sat/byte. Fees for transaction with 1 input (148 bytes), 1 outputs (34 bytes) costs only 192 satoshis.
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

.freebitcoin.       ▄▄▄█▀▀██▄▄▄
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August 20, 2019, 09:31:51 PM
Last edit: August 20, 2019, 10:57:54 PM by dkbit98
 #16

Thanks for providing all this great information.
Is there any website that is sending notifications or emails when bitcoin transaction fees are getting high?

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August 26, 2019, 05:40:10 AM
 #17

Nice, informative and well written thread.
I just saw this tweet and I think it could be a nice addition to your thread.



https://twitter.com/nic__carter/status/1165763937100599297

Sometimes it is nice to go back to the basics.

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August 30, 2019, 03:17:00 AM
 #18

As far as I know Bitcoin does apply in some cases such as lower fees Example Segwit other hands higher fee applicable.

Quote
Segwit Benefits
SegWit improves Bitcoin and fixes a number of bugs. The main features of Segwit are described in detail below.

Capacity Increase

Segwit doubled the capacity of the Bitcoin network.

A lot of people are claiming that SegWit did not increase the block size. It’s very easy to see that, yes, SegWit was a block size increase!

Here, for example, we can see a 2,177 KB (2.17 MB) Bitcoin block mined in January 2018.



I hope likely electrum is the best free desktop wallet probable easily handled.

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September 14, 2019, 01:38:54 AM
 #19

Bitcoin transation fee is really expensive and this usaually happens when the bitcoin network gets congested
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September 14, 2019, 11:39:03 AM
 #20

Bitcoin transation fee is really expensive and this usaually happens when the bitcoin network gets congested
What you said is about bitcoin network and bitcoin transaction fees back in 2017 and early of 2018. Nowadays, transaction fees are very cheap, and network operates smoothly. I have never seen network congestion for months, so really don't understand why you said like this.
Temporarily, fees stays at 1 satoshi/ byte, that is very cheap.
https://coinb.in/#fees

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