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Author Topic: What fee / byte (sat / byte)  (Read 113 times)
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November 25, 2019, 09:47:12 PM
 #1

What is a recommended fee / byte? I'm not in any hurry (it doesn't matter if it takes 1h or 12h)
Does it matter if I send 0.00001 btc or 1 btc?
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November 25, 2019, 10:08:16 PM
Merited by bitmover (1)
 #2

If you are not in a hurry then 1sat/byte should be enough.


Does it matter if I send 0.00001 btc or 1 btc?
No, what matters is the transaction size which depends basically on the number of inputs and outputs.

It is advised to use segwit addresses to reduce transactions fees.

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November 25, 2019, 10:10:41 PM
 #3

What is a recommended fee / byte? I'm not in any hurry (it doesn't matter if it takes 1h or 12h)
Does it matter if I send 0.00001 btc or 1 btc?
No it doesnt but depends on average transaction fee and queue size, it can be stuck forever (until it will be returned to you/dropped from queue because too low fee [48h around]).
So you only risk very long wait time to try again.
You can also use RBF (replace by fee) to increase fee if it will be stucked for too long.

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November 25, 2019, 11:08:06 PM
 #4

Thats why on the most exchanges the withdraw fee is high because they want that the Transactions ar going fast thru.

Less fee you use so longer the transaction will take , more fee so faster the transaction.

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November 25, 2019, 11:22:42 PM
Last edit: November 26, 2019, 01:57:45 AM by dkbit98
 #5

What is a recommended fee / byte? I'm not in any hurry (it doesn't matter if it takes 1h or 12h)
Does it matter if I send 0.00001 btc or 1 btc?



Best thing you can do is to check mempool before sending Bitcoin transaction.
It all depends on number of stack uncofirmed transactions and size of your transaction.
https://mempool.space/tv
https://jochen-hoenicke.de/queue/#0,24h

and you can use calculator to estimate fee in usd:
https://www.buybitcoinworldwide.com/fee-calculator/

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November 25, 2019, 11:59:01 PM
Last edit: November 26, 2019, 12:15:09 AM by BitMaxz
 #6

What is a recommended fee / byte? I'm not in any hurry (it doesn't matter if it takes 1h or 12h)
Does it matter if I send 0.00001 btc or 1 btc?
Are you going to apply this in your armory wallet? I just found your thread from here https://bitcointalk.org/index.php?topic=5204504

The recommended fee as of now is 32 satoshis/byte according to bitcoinfees.earn.com

Or try this one to calculate the recommended fee for your transaction https://coinb.in/#fees
You need to check your wallet if how many inputs it has and apply it on the tool above it will calculate the recommended fee for your transaction and put it in your transaction fee.

Sample you have 10 inputs from your wallet image below.



The estimated bytes is around 1480 for 10 inputs and 68 bytes for outputs
1480+68=1548 and then 1548x0.00000032=0.00049536

This is (0.00049536 fee) the total fee if you follow the recommended fee from bitcoinfees.earn.com but if you follow the coinb.in you will get 0.00001548 in total for 10 inputs and 2 outputs.

This is all estimated fee cost anytime the network changes if you follow the bitcoinfees my estimated for your transaction would be around 15minutes to 1hr.

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November 26, 2019, 01:34:57 AM
Last edit: November 26, 2019, 01:46:48 AM by 1miau
Merited by DdmrDdmr (1)
 #7

I've just sent a bunch of transactions yesterday using 1 sat/byte but today the mempool is not as empty as yesterday:


https://jochen-hoenicke.de/queue/#0,2d

If you aren't in a hurry, I guess 2 sat / byte are fine and will be confirmed later tonight.


I've noted some patterns to anticipate when the Mempool gets empty (second part): Make sure to avoid wasting BTC for too high fees – step by step guide (Electrum)

- After around 08:00 CET, the transaction volume tends to increase, around 23:00 the Mempool empties gradually (these times can vary, sometimes it’s starting earlier, sometimes later)
- Between 02:00 and 08:00 CET is the best time to send Bitcoin, when the Mempool is emptied regularly)
- Monday is often the busiest time
- During the weekend the Mempool is usually much emptier than during the week, even at rush hour

Keep in mind that these patterns may change at any time, especially when BTC is increasing in price, many users doing transactions, so the fees will most likely also increase.


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November 26, 2019, 01:58:12 PM
Last edit: November 26, 2019, 03:16:49 PM by BitcoinsGreat
 #8

If you are not in a hurry then 1sat/byte should be enough.

I also want to use 1sat/ byte for my transactions and want to save the default fee and save my satoshi. One day when bitcoin price will be very high these small satoshis used in fee will be lot in value.
One thing which i want to know is approx. how much time it will take for a single confirmation if we use 1sat/byte ?

 
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November 26, 2019, 02:02:40 PM
 #9


Does it matter if I send 0.00001 btc or 1 btc?

I see people posting mempool graph images but I have a feeling this user is trolling. Like 1btc for fees?

Seems like those threads where people used to complain why bitcoin fees are increasing and that they should use altcoins to prevent being "robbed". I know its a not reason to stop using bitcoin but it was there and being promoted by altcoins shills on many social media.

Considering the amount of responses in this thread I hope the OP if was looking for an answer would have got one, so I wont repeat anything. Roll Eyes

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November 26, 2019, 03:27:47 PM
 #10

If you aren't in a hurry and you still don't know how to use the Mempool in identifying an appropriate fee then I think using the dynamic fee option might be ideal for you most hardware wallets have it. But the fees suggested are also kinda high and the transaction time is also on the quicker side so if you are planning to cut out the cost and wait a little bit longer I suggest you just use the dynamic fees as a guide then decrease it to maybe half of its suggested value and you can still have a good and fast transaction.

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bitmover
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November 26, 2019, 03:45:06 PM
 #11

What is a recommended fee / byte? I'm not in any hurry (it doesn't matter if it takes 1h or 12h)
Does it matter if I send 0.00001 btc or 1 btc?
No it doesnt but depends on average transaction fee and queue size, it can be stuck forever (until it will be returned to you/dropped from queue because too low fee [48h around]).

I use mostly 1 sat byte fees, and it is always a surprise.
Sometimes I get confirmed in a few hours (2-3) and sometimes one day. I never waited 48h, but if that's not a problem for the pp, o ser no reason why not to use 1 sat/byte fee, which is the lowest fee possible

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November 26, 2019, 05:01:17 PM
 #12

The recommended fee as of now is 32 satoshis/byte according to bitcoinfees.earn.com
The fee suggested by bitcoinfees.earn.com should only be use if you absolutely need to be confirmed in the next block. It is presently recommending 38 sats/byte, which would put you less than 0.2 MB from the tip of the mempool. If you are happy to wait an hour or so, then you can save yourself money and use a much lower fee.

Or try this one to calculate the recommended fee for your transaction https://coinb.in/#fees
I like the fee suggested here much better. At present, it is 14 sats/byte. The sliders are useful for working out a transaction if you don't have access to your wallet, but if you do then they are superfluous - just copy the "sat/byte" number from the bottom of the blue box in to your wallet.

I see people posting mempool graph images but I have a feeling this user is trolling. Like 1btc for fees?
I'm pretty sure he means "Does the fee change depending on if my transaction is for 0.00001 BTC or 1 BTC?", to which the answer is no, provided both transactions are using the same number and type of inputs and outputs. The 0.00001 BTC transaction could be more expensive in terms of fees than the 1 BTC transaction if it is using several inputs versus a single input.



We should all also be talking about sats/vbyte rather than sats/byte, since the latter is not accurate for addresses which are not legacy.

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November 26, 2019, 06:39:42 PM
 #13

The question asked in the OP can be easily answered by a website like https://whatthefee.io/



Setting a fee never gives you the certainity of inclusion, but alwasy it's a balance of probability.
Remember the fees you pay are the market price fo the space in the block. HAving a segwit address greatly reduces the space usedm hence the fees. (that's also why we talk about sat/vbyte and not sat/byte).

So if you are not in a hurry, you can play a little bit: 1 sat/vbyte gives you 80% probability of inclusion in 24 hours or 5% in 8 hours. Just increasing to 6 gives you 95% probability in 16h or 20% in 3h.
It's up to you!

While you wait for your confirmation you can read about hte fees on this thread:  Bitcoin Transaction Fees - Everything in one


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