Bitcoin Forum
March 29, 2024, 11:57:41 PM *
News: Latest Bitcoin Core release: 26.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Bitcoin Transaction Size Calculators  (Read 230 times)
dkbit98 (OP)
Legendary
*
Offline Offline

Activity: 2184
Merit: 7023


SATOCHIP.io


View Profile WWW
February 06, 2021, 11:35:37 AM
Last edit: February 25, 2021, 02:20:32 PM by dkbit98
Merited by bitmover (3), hosseinimr93 (1)
 #1

I was looking to collect all tools that can calculate Bitcoin Transaction Size and help myself and people to save fees when sending their coins.
It is important to know number of Inputs (number of addresses you are sending from) it is usually one, and number of Outputs (number of receiving addresses) usually two and we are counting change address here.

Pay attention on following Bitcoin address formats:
- P2PKH (Legacy, starting with 1)
- P2SH (starting with 3)
- P2WPKH and P2WSH (Native Segwit, starting with bc1q)
- P2TR (Taproot, starting with bc1p)

I found several websites for this purpose:

1. Jameson Lopp website - Supporting all addresses and showing transaction size in raw bytes, virtual bytes and weight units

2. Bitcoin Ops - Similar like previous website

3. ByBitcoinWorldwide - Showing USD value and not supporting all address formats

4. Coinb.in - Not supporting all address formats

5. Bitcoindata.science - made by our bitcointalk member Bitmover

..JAMBLER.io..Create Your Bitcoin Mixing
Business Now for   F R E E 
▄█████████████████████████████
█████████████████████████
████▀████████████████████
███▀█████▄█▀███▀▀▀██████
██▀█████▄█▄██████████████
██▄▄████▀▄▄▄▀▀▀▀▀▄▄██████
█████▄▄▄██████████▀▄████
█████▀▄█▄██████▀█▄█████
███████▀▄█▀█▄██▀█▄███████
█████████▄█▀▄█▀▄█████████
█████████████████████████
█████████████████████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
      OUR      
PARTNERS

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
▄█████████████████████████████
████████▀▀█████▀▀████████
█████▀█████████████▀█████
████████████████████████
███████████████▄█████████
█████████████████████████
█████████████████████████
█████████████████████████
███████████████▀█████████
████████████████████████
█████▄█████████████▄█████
████████▄▄█████▄▄████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
   INVEST   
BITCOIN

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
1711756661
Hero Member
*
Offline Offline

Posts: 1711756661

View Profile Personal Message (Offline)

Ignore
1711756661
Reply with quote  #2

1711756661
Report to moderator
1711756661
Hero Member
*
Offline Offline

Posts: 1711756661

View Profile Personal Message (Offline)

Ignore
1711756661
Reply with quote  #2

1711756661
Report to moderator
1711756661
Hero Member
*
Offline Offline

Posts: 1711756661

View Profile Personal Message (Offline)

Ignore
1711756661
Reply with quote  #2

1711756661
Report to moderator
The forum was founded in 2009 by Satoshi and Sirius. It replaced a SourceForge forum.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
ranochigo
Legendary
*
Offline Offline

Activity: 2940
Merit: 4127



View Profile
February 06, 2021, 11:44:12 AM
Merited by bitmover (1)
 #2

P2SH does not have to be Segwit, nested Segwit is just a subset of P2SH. It is just an address that has special unlocking scripts, multisig time lock addresses are examples of them. That's also why Jlopp has a parameter for the number of signatures.

..JAMBLER.io..Create Your Bitcoin Mixing
Business Now for   F R E E 
▄█████████████████████████████
█████████████████████████
████▀████████████████████
███▀█████▄█▀███▀▀▀██████
██▀█████▄█▄██████████████
██▄▄████▀▄▄▄▀▀▀▀▀▄▄██████
█████▄▄▄██████████▀▄████
█████▀▄█▄██████▀█▄█████
███████▀▄█▀█▄██▀█▄███████
█████████▄█▀▄█▀▄█████████
█████████████████████████
█████████████████████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
      OUR      
PARTNERS

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
▄█████████████████████████████
████████▀▀█████▀▀████████
█████▀█████████████▀█████
████████████████████████
███████████████▄█████████
█████████████████████████
█████████████████████████
█████████████████████████
███████████████▀█████████
████████████████████████
█████▄█████████████▄█████
████████▄▄█████▄▄████████
▀█████████████████████████████
█████████████████████████████████████████████████
.
   INVEST   
BITCOIN

.
█████████████████████████████████████████████████
████▄
██
██
██
██
██
██
██
██
██
██
██
████▀
bitmover
Legendary
*
Offline Offline

Activity: 2254
Merit: 5838


bitcoindata.science


View Profile WWW
February 07, 2021, 03:04:11 AM
 #3

I was looking to collect all tools that can calculate Bitcoin Transaction Size and help myself and people to save fees when sending their coins.
It is important to know number of Inputs (number of addresses you are sending from) it is usually one, and number of Outputs (number of receiving addresses) usually two and we are counting change address here.


Thanks for sharing!

It is very important to understand how transaction size is calculated.

Specially the total number of inputs and outputs, which are very important and often ignored by new comers.


For example, with 1 input and 2 outputs, and 16 sat/byte you can make a transaction with less than 1 usd:


But when you raise the number of inputs to 10, we get nearly 5 usd! This show us how important it is consolidate our inputs when fees are low!


Source: https://bitcoindata.science/plot-your-transaction-in-mempool.html


It is also important to note that the segwit reduction grows exponentially when you increase input number. Note that you could sabe 51% when you have 10 inputs when using native segwit.

.
.BLACKJACK ♠ FUN.
█████████
██████████████
████████████
█████████████████
████████████████▄▄
░█████████████▀░▀▀
██████████████████
░██████████████
████████████████
░██████████████
████████████
███████████████░██
██████████
CRYPTO CASINO &
SPORTS BETTING
▄▄███████▄▄
▄███████████████▄
███████████████████
█████████████████████
███████████████████████
█████████████████████████
█████████████████████████
█████████████████████████
███████████████████████
█████████████████████
███████████████████
▀███████████████▀
█████████
.
dansus021
Copper Member
Hero Member
*****
Offline Offline

Activity: 1960
Merit: 875


Part of AOBT - English Translator to Indonesia


View Profile WWW
February 07, 2021, 03:16:16 AM
 #4

oh its similar with gas fee on ethereum but its usually calculated by the wallet buy you can still reduce it right

███████████████████████████
███████▄████████████▄██████
████████▄████████▄████████
███▀█████▀▄███▄▀█████▀███
█████▀█▀▄██▀▀▀██▄▀█▀█████
███████▄███████████▄███████
███████████████████████████
███████▀███████████▀███████
████▄██▄▀██▄▄▄██▀▄██▄████
████▄████▄▀███▀▄████▄████
██▄███▀▀█▀██████▀█▀███▄███
██▀█▀████████████████▀█▀███
███████████████████████████
.
.Duelbits.
..........UNLEASH..........
THE ULTIMATE
GAMING EXPERIENCE
DUELBITS
FANTASY
SPORTS
████▄▄█████▄▄
░▄████
███████████▄
▐███
███████████████▄
███
████████████████
███
████████████████▌
███
██████████████████
████████████████▀▀▀
███████████████▌
███████████████▌
████████████████
████████████████
████████████████
████▀▀███████▀▀
.
▬▬
VS
▬▬
████▄▄▄█████▄▄▄
░▄████████████████▄
▐██████████████████▄
████████████████████
████████████████████▌
█████████████████████
███████████████████
███████████████▌
███████████████▌
████████████████
████████████████
████████████████
████▀▀███████▀▀
/// PLAY FOR  FREE  ///
WIN FOR REAL
..PLAY NOW..
bitmover
Legendary
*
Offline Offline

Activity: 2254
Merit: 5838


bitcoindata.science


View Profile WWW
February 07, 2021, 01:13:22 PM
 #5

oh its similar with gas fee on ethereum but its usually calculated by the wallet buy you can still reduce it right

This is how it works:

Blocks have a limit block size, in bytes (it is actually virtual bytes, but lets keep things simple).

And each transaction has a different size. The more inputs/outputs you have, the bigger the transaction size will be.

You can set how much fee per byte you are going to pay (the fee rate), which is measure in sat/byte (satoshi per byte). Miners will put the transaction with higher fee rate in the block first. When the block is full, transaction which paid higher fee rate will be confirmed and those who paid less will stay in the mempool.

So, how do you reduce total fees???

You can reduce transaction size by using segwit or reducing inputs and outputs

And you can reduce the fee rate, which will reduce the total fees as well, but it will make your transaction get confirmed later on...

.
.BLACKJACK ♠ FUN.
█████████
██████████████
████████████
█████████████████
████████████████▄▄
░█████████████▀░▀▀
██████████████████
░██████████████
████████████████
░██████████████
████████████
███████████████░██
██████████
CRYPTO CASINO &
SPORTS BETTING
▄▄███████▄▄
▄███████████████▄
███████████████████
█████████████████████
███████████████████████
█████████████████████████
█████████████████████████
█████████████████████████
███████████████████████
█████████████████████
███████████████████
▀███████████████▀
█████████
.
tranthidung
Legendary
*
Offline Offline

Activity: 2226
Merit: 3933



View Profile WWW
February 07, 2021, 03:08:09 PM
 #6

So, how do you reduce total fees???

You can reduce transaction size by using segwit or reducing inputs and outputs

And you can reduce the fee rate, which will reduce the total fees as well, but it will make your transaction get confirmed later on...
It is more realistic to make preparation with input reduction. Do it by consolidate a few inputs into one when transaction fee on the network is cheap. Perfectly, consolidations would be made when fee rate is from 1 to 2 satoshi/vbyte. There are chances to do so in weekends, especially Sundays around 1 to 5 AM UTC (see details). You might have such chance almost one time every month, excludes very busy month of bitcoin network of course.

It is less realistic to reduce number of outputs.

▄▄███████▄▄
▄██████████████▄
▄██████████████████▄
▄████▀▀▀▀███▀▀▀▀█████▄
▄█████████████▄█▀████▄
███████████▄███████████
██████████▄█▀███████████
██████████▀████████████
▀█████▄█▀█████████████▀
▀████▄▄▄▄███▄▄▄▄████▀
▀██████████████████▀
▀███████████████▀
▀▀███████▀▀
.
 MΞTAWIN  THE FIRST WEB3 CASINO   
.
.. PLAY NOW ..
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!