Can I lower bitcoin network fees?

[Angel_Isabella]

Now a days bitcoin fees is too high.

https://i.ibb.co/PYZNRNv/Screenshot.png

Can i set 10 satosi/byte?

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Update - 1

I have sent the btc and waiting for confirmation.

https://www.blockchain.com/btc/tx/d7a2a8abf4e6dfca72ab5bffa34b58d2db59150700eb99d9dbfe127fba8e9abe

---------------------------

Update - 2

The transaction confirmed

Thank You all for replying.

[Little Mouse]

You can even use 1 satoshi per byte but that may not confirm your transaction. If I'm correct 10 sat per byte is too low at the moment. Anyway, you can use any fee per byte if you want. It may only slower the confirmation.

[Lucius]

Theoretically, you can put a minimum fee of 1 sat/byte - the only problem is that you will then wait a very long time for your transaction to be confirmed. Currently, with 10 sat/byte the expected time for the first confirmation is about 7-8 blocks, if we take into account that on average about 10 minutes between blocks it is easy to calculate how long it will take for your transaction to be confirmation.

If you are not in a hurry, and you can wait, you are free to set that fee - and if you need a fast transaction, the situation is such that you can achieve it with 17-20 sat/byte at this moment.

Check the third graph (mempool size in MB), and point with your mouse at the end (you will get current data). Each block is about 1 MB and you can always see how much you have to pay to position your transaction relative to the current size mempool.

https://jochen-hoenicke.de/queue/#0,24h

[sheenshane]

Tend to agree with the comments above, there are some Bitcoin wallets that support customize transaction fees and it depends on the wallet that has that feature because there are some wallets that have fixed fees and you won't able to customize.  Even 1 sat/vB you can do this if you're not in hurry but I don't think the 1 sat/vB IF will not be rejected to the mempool network, if it is, it will automatically back into your wallet in approximately 7-14 days.

For the calculation of accurate fees, you might refer to this.

• https://bitcoinfees.net/
• https://mempool.emzy.de/

However, I may advise following the required fees in the network, IMO.  It becomes frustrated to wait days or weeks to be confirmed your transaction.

Maybe if you have bulk transactions and if you want to send it at once, you can try Lightning Network and Electrum wallet was supported this feature.

[Welsh]

Basically, as others have stated you include the fee based on the priority of the transaction. If you want to make a urgent transaction then you can increase the fee beyond the recommended value. If  you aren't in a particular rush for the transaction to be confirmed, you can lower the fee. Just remember, by lowering the fee you are reducing the chance that its included in the next block, and it could take a very long time if the fee is too low, or theoretically forever. Miners work on a incentive basis, so they include transactions which are higher incentive.

So, Bitcoin doesn't have too high fees per say, its just that paying around the average is recommended if you want that transaction to be sent, and confirmed within a acceptable time.

[mocacinno]

Just a quick tip for next time: switch wallets to a decent, non-custodial, desktop (or hardware, or paper or airgapped) wallet that supports rbf.

As far as i know, blockchain doesn't support rbf, by switching to a wallet that allows opt-in rbf, you could have made a 1 sat/byte transaction and bumped the fee in case it started taking to long to confirm... But this is just a tip for next time

[hosseinimr93]

Theoretically, you can put a minimum fee of 1 sat/byte......

The minimum transaction fee isn't 1 sat/byte. Transactions can be relayed even with lower fees. The minimum transaction fee is 1 sat/vbyte.

Assuming a transaction is made from a native segwit address and there are 1 input and 1 output, the transaction size would be about 225 bytes or 140 vbytes. If you set the fee for this transaction to 1 sat/vbyte, the fee paid at sat/byte would be about 0.6
Off-course, when the network is so congested, nodes don't accept transactions paying 1 sat/vbyte as fee and you need to pay higher fees, so your transaction is relayed.

[Angel_Isabella]

Guys I don't understand technical things....
I can wait 1-2 days for transaction to be confirmed.

https://mempool.space showing 13 sat/bytes need 30 minutes to get confirm...

I'm using https://www.blockchain.com wallet.

[Angel_Isabella]

Tend to agree with the comments above, there are some Bitcoin wallets that support customize transaction fees and it depends on the wallet that has that feature because there are some wallets that have fixed fees and you won't able to customize.  Even 1 sat/vB you can do this if you're not in hurry but I don't think the 1 sat/vB IF will not be rejected to the mempool network, if it is, it will automatically back into your wallet in approximately 7-14 days.

For the calculation of accurate fees, you might refer to this.

• https://bitcoinfees.net/
• https://mempool.emzy.de/

However, I may advise following the required fees in the network, IMO.  It becomes frustrated to wait days or weeks to be confirmed your transaction.

Maybe if you have bulk transactions and if you want to send it at once, you can try Lightning Network and Electrum wallet was supported this feature.

So i can set 10 sat/byte. If transaction not confirmed then it will return back to my wallet in 7 to 14 days. Then i can try with 10 sat/byte....
Is there any chance of stuck or not return?

[Upgrade00]

So i can set 10 sat/byte. If transaction not confirmed then it will return back to my wallet in 7 to 14 days. Then i can try with 10 sat/byte....

If you're not in a particular hurry as you say, you can use a low feerate and wait it out to get confirmed. The network changes often, so you may end up waiting longer than anticipated if there is a spike in unconfirmed transactions which would clog up the mempool or it remains unconfirmed till it's dropped.

Is there any chance of stuck or not return?

No, there's no chance of your transaction getting stuck or not returned if it does not get picked by any miner. Theoretically, it never left your address and the amounts you tried sendng would simply be reflected back to your wallet.

[tranthidung]

So i can set 10 sat/byte.

If you have not yet broadcast your transaction, now 10 sat/vbyte will help yours get the first confirmation in the next 1 block (around 10 minutes).

Check the mempool there: https://jochen-hoenicke.de/queue/#1,24h
See it with the third chart (bottom): hover the mouse to the end of chart (it presents the current time), and see total size of mempool for each fee rate range. You will see from tip of the mempool to 10 sat/vbyte, total size is 0.14 MB. With this site, one block will take a max of 1 MB from the tip.

In reality, you can set your fee at 8 sat/vbyte and get quick confirmation and if you can wait till late of Sunday, you can set the fee at 4 sat/vbyte.

Read more to understand weekend and working-hour effects

• See my summary post
• Try to move your bitcoin on Sundays, from 0 to 12 UTC in order to enjoy low transaction fees.

If transaction not confirmed then it will return back to my wallet in 7 to 14 days. Then i can try with 10 sat/byte....
Is there any chance of stuck or not return?

The default time that a node drop unconfirmed transaction from its mempool is 336 hours or 14 days but other nodes can add your waiting transaction to their mempools.

If you wait for long, and want to get confirmations, you can bump your fee. However, I have no idea that blockchain.com allows you to bump fee or not.

Read details
https://bitcoin.org/en/release/v0.20.0#tests-and-qa
https://github.com/bitcoin/bitcoin/pull/18172

[20kevin20]

Apart from the suggestions above, consider doing all your transactions from now on during the weekends. It's when the mempool usually clears up and lower sat/bytes (or per vbytes) get confirmed much, much easier. During times where the markets don't go crazy, even 1sat/byte fees get confirmed very quickly.

[Peanutswar]

As they said and of course I will tell this too you can have a 1sat/byte on your transaction but before this also you can check the mempool so you are aware of the number of unconfirmed transactions due to a large number of transactions there is a lower chance that your transactions will be processed immediately mostly those set the transaction fee into 50 sat/byte or lower does not hurry up to transfer their funds. But if you want 70-100 sat/byte is the recommended for me. It's all about depends on your patience to wait.

[Findingnemo]

Guys I don't understand technical things....
I can wait 1-2 days for transaction to be confirmed.

https://mempool.space showing 13 sat/bytes need 30 minutes to get confirm...

I'm using https://www.blockchain.com wallet.

13sat/byte for 30 minutes is just an assumption with the current network traffic in the meanwhile the fees can be pushed to 100 sat as well so don't consider your transaction will confirmed in the mentioned time period but most of the time if you set fee over 20sat then you have high chances that it will be confirmed even when the network is congested.

At the time I am writing this post, the fastest fee is 20 sat/byte.

[sheenshane]

Guys I don't understand technical things....
I can wait 1-2 days for transaction to be confirmed.

https://mempool.space showing 13 sat/bytes need 30 minutes to get confirm...

I'm using https://www.blockchain.com wallet.

If you can't wait for how many days for your transaction to be confirmed, use the two options on Blockchain.com.  From the Transaction Fee button, scroll down and you will see there are two options the Regular and  Priority fees.  I recommend Regular fees since it is confirmed only a few hours since you can't wait 1-2 days transaction.

But if you really want to save fees and willing to wait for how many days, even 13 sats fee per bytes.  Just click the Customize Fee on the screen and enter the desired amount of fee but a long time to wait.

Is there any chance of stuck or not return?

It was fully explained by @tranthidung above, there's no chance that your transaction will be stuck forever, it should be confirmed for days for the low fees.  Or else, it will be dropped by the network and return to the sender's address.

IMO, better to use open-source Bitcoin wallets, not a web wallet like Blockchain.com.

[Noctis Connor]

Now a days bitcoin fees is too high.



Can i set 10 satosi/byte?

It always depends on the transaction you're going to make since there are alot of transaction are being made daily ever since for example if you will transact around 0.5 half of your bitcoin the bytes are bit high same with the transaction fee and if your going to set it into that low the priority will be at the bottom so it means that you will gonna wait that long just to receive your bitcoin from it's destination but for me i always choose the regular fee's because i can just wait and if you're in rush then priority is a must. here are the sample : https://privacypros.io/tools/bitcoin-fee-estimator/ this you can learn from it.

[RickDeckard]

So i can set 10 sat/byte.

If you have not yet broadcast your transaction, now 10 sat/vbyte will help yours get the first confirmation in the next 1 block (around 10 minutes).

Check the mempool there: https://jochen-hoenicke.de/queue/#1,24h
See it with the third chart (bottom): hover the mouse to the end of chart (it presents the current time), and see total size of mempool for each fee rate range. You will see from tip of the mempool to 10 sat/vbyte, total size is 0.14 MB. With this site, one block will take a max of 1 MB from the tip.

In reality, you can set your fee at 8 sat/vbyte and get quick confirmation and if you can wait till late of Sunday, you can set the fee at 4 sat/vbyte.

Read more to understand weekend and working-hour effects

• See my summary post
• Try to move your bitcoin on Sundays, from 0 to 12 UTC in order to enjoy low transaction fees.

If transaction not confirmed then it will return back to my wallet in 7 to 14 days. Then i can try with 10 sat/byte....
Is there any chance of stuck or not return?

The default time that a node drop unconfirmed transaction from its mempool is 336 hours or 14 days but other nodes can add your waiting transaction to their mempools.

If you wait for long, and want to get confirmations, you can bump your fee. However, I have no idea that blockchain.com allows you to bump fee or not.

Read details
https://bitcoin.org/en/release/v0.20.0#tests-and-qa
https://github.com/bitcoin/bitcoin/pull/18172

While this graph holds important information regarding the mempool size and people familiarized with it may learn the status of the activity, I still remember the first time I saw this graph and literally didn't understood any of it. I felt quite overwhelmed with all the information. Nowadays, however, I can safely say that I feel way more comfortable in reading this kind of information.

Do you guys think that it would be wise to make a small information thread regarding how to read/interpret the information on graphs such as the one posted by tranthidung? It would take me some time to write it, but I would do it if it would help recent newcomers to the forum that may feel overwhelmed by the information ...

[virasog]

Guys I don't understand technical things....
I can wait 1-2 days for transaction to be confirmed.

https://mempool.space showing 13 sat/bytes need 30 minutes to get confirm...

I'm using https://www.blockchain.com wallet.

If you are sending money from your one wallet to another and/or you can wait for few days for the confirmation, you can use the low fee. It will save you on the fee but will take much longer time for confirmation.
Also note that even if mempool shows 13 sat/byte takes half an hour, it will usually take more time to confirm.

[tranthidung]

Do you guys think that it would be wise to make a small information thread regarding how to read/interpret the information on graphs such as the one posted by tranthidung?

I don't think it is necessary as the website already has its guide to read charts. You and some others jump to the site, see the charts and leave and don't mind to read the guide part. Maybe people leave it not only because they don't understand it but also because they don't have interests to save transaction fees. When they have such demands, they will find out resources to learn and apply.

A small advice is bookmark helpful pages that you see for later use.

There you go (the highlighted part is what I described above):

This page displays the number and size of the unconfirmed transactions, also known as the transactions in the mempool. It gives a real-time view and shows how the mempool evolves over the time. The transactions are colored by the amount of fee they pay per (virtual) byte. The data is generated from my full node and is updated every minute. Note that in decentralized cryptocurrencies there is no global transaction mempool; every node keeps its own set of unconfirmed transactions that it has seen. The mempool is also cleared when I reboot my node. The idea is based on the retired service bitcoinqueue.com.

The data is separated into different fee levels given in satoshi per bytes. The lowest colored stripe is for transactions that pay the lowest fee. Higher fee transactions are stacked on top of it. Since miners prefer high fee transactions, a new block usually only removes the top-most 1 MB worth of transactons from the queue. If a colored stripe persists over several hours without getting smaller, this means that transactions paying this amount of fee are not confirmed during this time, because there are higher paying transactions that take precedence. The bottom-most chart shows the same statistics but uses the total transaction size instead of the number of transactions as the y axis. If a stripe on the bottom chart is much bigger than on the top chart, the transactions are larger than the average.

You can click on some fee level in the legend to hide all fee levels below that level. This way you can better see how many transactions are competing with that fee level.

Note that sizes include the segwit discount, i.e., the graphs show virtual byte (weight divided by four). For segwit transactions, the real size of the transaction is a bit larger than the virtual size. So for the BTC and LTC chains, a block will always take at most 1 MB from the mempool, even if it is bigger than 1 MB, because the lower diagram already shows the size in vbyte (with the segwit discount included). The segwit discount is also included when computing the fee level for a transaction. In case a transaction pays exactly the fee that defines the boundary between stripes, it is included in the higher stripe. Free transactions are not included, even if they make it into the mempool.

[pakhitheboss]

It all depends how much time you can wait for your Bitcoins to credit the other wallet. Bitcoin fee is equal to time taken for 1 confirmation. I suggest you check mempool.space every time before you do a Bitcoin transaction. It provides the average fee and the time taken for 1 confirmation information.