Bitcoin Transaction Fees - Everything in one

[fillippone]

A very nice website for checking bitcoin fees:
whatthefee.io



It give a probabilistic estimate of the block inclusion (expressed in time) given the fees paid.

Example:
Q:I want a 95% probability of inclusion in the next 3 blocks, which level shall I pay?
A:20.1 sat/b

I want to pay 1 sat/b, how long will it take to be included with 95% probability?
A: 8 hours

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[hd49728]

A very nice website for checking bitcoin fees:
whatthefee.io

It is a very cool site to check estimate fees and correspondent waiting time to get confirmation. Thanks for bringing it here.
I have a question, if you know it, please help:
That site only has an image that you posted above. I don't know that details are dynamically updated or it is a fixed one.
As of writing time, the transaction fee stays at 19 satoshis/ byte (according to https://coinb.in/#fees), but remember you can set your fee at 1 satoshi/ byte but you have to wait a bit longer for confirmations.
But people have to aware of potential issues if their transactions don't get confirmations, and they need to boost their transactions faster. The option Replace-By-Fee in your wallet should be chosen. Details in the above post.

[fillippone]

A very nice website for checking bitcoin fees:
whatthefee.io

It is a very cool site to check estimate fees and correspondent waiting time to get confirmation. Thanks for bringing it here.

Yes, It's a website I usually take advantage of, I find very intuitive. Sorry if I didn't bring it earlier, but I didn't notice it wasn't inlcuded.

I have a question, if you know it, please help:
That site only has an image that you posted above. I don't know that details are dynamically updated or it is a fixed one.

Of course if you click on the actual website the above image is continuosly updated. For example now the higher fees is around 30 sats/b.
I provided a static image because it was a simple reference here on the post.

[hd49728]

Of course if you click on the actual website the above image is continuosly updated. For example now the higher fees is around 30 sats/b.
I provided a static image because it was a simple reference here on the post.

I check the site again and see it. Thank you, again, for the very quick and detailed reply.
I also updated OP with that site and a short explanation.

[fillippone]

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

Fee Estimation Dashboard



There are a lot of additional table and informations you could include in your OP.
Hope it helps.

[naska21]

The recommended fee is temporarily at 1 satoshi / byte: https://coinb.in/#fees
Today you have good time to consolidate your coins, at 1 satoshi/byte but if you want to move your coins faster and with cheap fee, you can set the fee at 2 or 3 satoshis/ byte.

Bitcoiners  turned out to be snipers.

70% of Bitcoin spends use highest precision of 1 Sat

[hd49728]

Bitcoiners  turned out to be snipers.

70% of Bitcoin spends use highest precision of 1 Sat

It is more informative if we can retrieve details on the proportion among the rest 30% of higher fees (above 1 satoshi/byte transactions). How many (in proportion) of them come from non-custodial wallets.

[hd49728]

The recommended fee is temporarily at 1 satoshi / byte: https://coinb.in/#fees
Today you have good time to consolidate your coins, at 1 satoshi/byte but if you want to move your coins faster (don't want to wait for too long) and still with cheap fee, you can set the fee at 2 or 3 satoshis/ byte.

[fillippone]

I stumbled on this Mempool Observer: https://mempool.observer/#current-mempool

It has some nice visual tools on mempool analysis.
omething new and in development, worth keeping an eye on it.

[hd49728]

I stumbled on this Mempool Observer: https://mempool.observer/#current-mempool

It has some nice visual tools on mempool analysis.
omething new and in development, worth keeping an eye on it.

I appreciated your disclose to that site. I have to observe its developments, upgrades and compare its features with the https://jochen-hoenicke.de/queue/#1,8h. Let's see which features we can get from the new site, that is better than old site.

On the other hand, it is good to have one more site provides stats for mempool. Just in case one site is down, we will still have an alternative ready to use.

ATM, after the spike of bitcoin price and fee, now we can move or consolidate bitcoin at 1 satoshi/ byte, according to: https://coinb.in/#fees

[hd49728]

The bitcoin halving resulted in increases of transaction fees on bitcoin network. It is better than what occured in 2017 and early 2018 but the fee is still been high, even today. I have a small tip for you (especially for beginners) if you are not familiar with bitcoin transactions and how to choose the right time to move your coins, and to save fees.

Transaction fees often fall in weekends. You can get how it goes by looking at the 30days chart at https://jochen-hoenicke.de/queue/#1,30d

As of writing time of this post, the suggested fee to move your coins is at 106 satoshis/byte, according to https://coinb.in/#fees. Earlier today, the fee was at somewhere around 40 satoshis/byte.

In the wide view (30 days), you can see total unconfirmed transactions began to decrease. If you are not in hurry, I advice you to wait till next 2 weeks, for the next difficulty adjustment to have better transaction fees. There are always chances to move your coins at low fees but if you don't have time to look at the mempool's stats regularly, it is better to wait till next 2 weeks.

[fillippone]

Which da is the best to move your coins?
@tranthidung tried to answer this question with numbers in his thread:

Bitcoin transaction fees (in sats/kb). Sunday, Saturday are best to move BTC

He analysed historical data to give an objective answer to this question slicing the historical fee statistical distribution since bitcoin inception.
He also sliced every single day to discover the best timezone to have your transaction confirmed with as low fees as possible.

[hd49728]

After about one month of overloading waiting unconfirmed transactions, mempools were clear a first time just two days ago.

https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),3m,weight

If you miss that chance, you can wait for a next weekend to try your luck but fees won't be cheap forever or in all weekends. We might have another wave of Ordinal so whenever you see cheap transaction fee, you can consolidate your small inputs.

In addition, mempool.space has upgrades in their website graphics and more features. In the past, you can not hover mouse on the chart and see fee rate bands like with jochen-hoenicke.de chart.

If you don't want to miss cheap fee rate like a few days ago, you can subscribe the [Telegram Bot] Bitcoin Fees - fees and tx tracker to get its notifications.

This bot: @BitcoinFeesAlert_bot

[fillippone]

Nice, long overdue update on this thread.
I would like to see more updates on this, as Ordinlas are a game-changer in this industry.
Seeing the mempool clearing was a great relief, as it demonstrated Ordinals, in this current implementation at least, are nothing more than a fad.

[Coin63$]

I think the amount of bitcoin transaction free can change constantly.